Notable & Quotable
Wednesday, June 18, 2014 1:00 PM
Doug Brandow writes at cato.org:
The U.S. government is driving some of its most productive citizens abroad. The only beneficiaries are countries such as Singapore and Switzerland, which offer sanctuary to Americans fleeing avaricious Uncle Sam.
Three years ago Eduardo Saverin, one of Facebook's founders, joined 1780 other Americans in renouncing their citizenship. Heading overseas allowed him to reduce the federal government's take when his company went public.
Just 231 people gave up their citizenship in 2008. Last year the number was 2999. The first three months of 2014 was 1001, up from 679 for the first quarter of last year.
Tax flight is not an option for most people. However, the rich have more choices internationally. And they increasingly are telling Uncle Sam goodbye.