Facebook co-founder joins the ranks fleeing America’s tax system. Bloomberg reports:
Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, according to government records.
Income-tax rates for top U.S. earners will rise to 39.6 percent from 35 percent next year, and rates on capital gains and dividends also are scheduled to rise unless Congress blocks the increases.
“It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, an attorney at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”
I can already hear Axelrod and Carney dismissing this as an anomaly and completely unrelated to their economic plan. Biden, like a good pet, will hustle out and shout that people are leaving because of Bush and about how he just talked last week to an old friend who said he wasn’t leaving. Good boy, Joe. (It’s fun just imagining the conversations they must have with Joe in the White House.)