Saturday, May 12, 2012

It's Called "Capital Flight"

You hipster 20 something Steve Job's worshiping DB's better start learning about economics.  Zuckerberg and his cohorts are laughing their asses off at you.

Is anybody else enjoying watching the country collapse as much as I am?


James Mark II said...

Gold, Silver. Beans. Bullets.

New Columbia Review said...

I am, I was the only one congratulating him on his Divorce from the IRS.

More Americans should renounce their citizenship...what good is being an American if you're gonna live like the Soviet Union?

Differ said...

I wonder if he has truly renounced his US citizenship or merely decided to live in Singapore as a Brazillian until he can become a citizen of Singapore.
Renouncing US citizenship is a pretty convoluted and laborious process and just saying you are no longer a US citizen and moving abroad doesn't make it so in the eyes of the US government in general and the IRS in particular.
Unless you follow the procedure which enacts an expatriation tax, you are still required to file an annual US tax return and failure to do so could get you arrested for tax evaision on any visit to the US!!!
I hope for his sake he has done it correctly.

Anonymous said...

With all this talk of America collapsing, will you move out of the US sometime in the future, Captain?

BigD said...

Just this week I was researching second passport options before this article came out. Since the US is the only country in the world besides Libya (?) which taxes its' citizens on worldwide income, the idea of renouncing your US citizenship and becoming a citizen of say Uruguay, Singapore, or Dominican Republic, sounds mighty tempting. If you could save 30% on taxes, plus 50% on cost of living, living in a more unspoiled place where the pretty and traditional women love white guys...well what's the debate again?

I mean hell, I could scrape up my cost of living with a bare minimum of work, and while away the rest of my days poolside, enjoying the decline via the Wall St. Journal.

But my point is that if financial nobodies like myself are considering these options, the US in trouble. Offshoring is not just for the big boys anymore.

I just don't see the motivation for young men to work to build America or fix it's problems. The previous generation was too selfish and laid down too many laws and restrictions. There is no room to move, no room to breathe. A wise and industrious young man would do better to seek his fortune overseas now. Pains me to say, cause I was pretty patriotic for a while there.

sth_txs said...

Its been going on for quiet a while now: