Building a Financial Fence

Much has been said about building a fence to keep people out of the United States.  However, the government has also built a fence to keep people in.  Not literally, they do not care if you leave - as long as you keep paying taxes here.  This summer Congress passed a new law which levies a 45% tax against Americans and resident aliens to renounce their citizenship or return their green card.  It is one thing to make sure that people pay taxes on what they earn.  It is another to take nearly half their assets if they want to leave the country. 

Perhaps rather than trying to steal people's property if they want to leave we should structure our economy and tax law so successful people do not want to leave.  The concept of private property was a cornerstone of the founding of this country.  How far we have strayed.

 

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