December 5 2012

More American Tax Refugees

Vicki E. Alger

It has been widely reported that some 8,000 Americans are expected to renounce their citizenship this year, more than twice as many who did so last year, at least in part because of impending tax increases, diminished opportunity, and overall dissatisfaction with American policy of late.

More recently Investor’s Business Daily reported that post-election American businesses are mirroring that trend:

It's emblematic of the reality that President Obama's fiscal spending, high regulation — at last count 6,000 proposed regulations in the last year and tax hikes are driving free citizens and free enterprise out.

Businesses across industry sectors are laying off workers in the days and weeks following the election, says IBD. Some 6 million layoffs are expected according the National Manufacturers Association forecasts. Another 4,000 layoffs have been announced over at Pepsi, while Boeing has said it plans to lay off 10 percent of its white collar work force, amounting to thousands of jobs. Then there are thousands more anticipated layoffs across the mining and medical industries. “And what about the hipster companies thought to be in favor with the Obama administration?” According to  IBD:

Groupon is laying off 600. New Energy is letting go of 40 in Indiana. Career Education is letting 900 walk and closing 23 campuses. Exide Technologies, a recycler, announced Thursday it will pink slip 150 in Pennsylvania. Research In Motion will give 200 in Texas their walking papers. …

The reality is, the re-election of Obama means a punitive environment for the private sector that hasn't been addressed. Obama's pretty words aside, it's no surprise that so many are just leaving — voting with their feet in more ways than one.

Comments
blog comments powered by Disqus