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Sayonara USA?

The number of expatriates of the United States increased six fold from 2008 through 2011.  In 2008, only 231 individuals renounced their U.S. citizenship; in 2011, the same statistic measured 1,781 individuals.  Many would argue that this is partially due to the tax atmosphere here in the states.
For example, Eduardo Saverin, co-founder of Facebook, renounced his U.S. citizenship shortly before Facebook’s initial public offering two months ago.  Granted, Saverin was born in Brazil but had been a U.S. citizen since 1998 and decided to move to Singapore, not his homeland of Brazil.  Interestingly, Singapore does not have a capital gain tax.  The estimated tax that would have been due on Saverin’s shares of Facebook topped $67 million.

Partially in response to Saverin’s decision, several Senators introduced a bill titled the Ex-PATRIOT Act which imposes a prospective 30 percent capital gain tax on wealthy expatriates and otherwise bars the individual from ever reentering the United States.

The question becomes: will tax policies that are particularly punitive for wealthy individuals and families scare off the very families they are designed to tax?

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The information in this material is only as current as the date indicted, and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements.

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Payne Wealth Partners, Inc.
Keystone Financial Consulting
601 N Cross Pointe Blvd
Evansville, IN 47715
Phone: 812-477-6221
Toll Free: 888-477-6221
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