One of the cofounders of Facebook is renouncing his US citizenship because of high tax rates. With the tax rate rising to 40% from 33% this year, capital gains taxes rising, and foreign banks being required to report the funds of American citizens beginning Jan 1, he stands to lose nearly $2 billion in taxes this year alone.
His is a common story: An immigrant who came to the country, made his money and then left. Simple math says that for every immigrant who becomes a billionaire, hundreds of thousands, perhaps millions, remain poor and on government benefits.
The Laffer curve is being proven correct, as thousands of billionaires leave this country, taking their capital with them. We in the United States are destined to be living in a third world country by the end of the century, perhaps even by 2030.