People are moving out of France due to ridiculous and draqconian tax rates. The following is a quote from Phil Mickelson relating to his taxes:
“PHIL MICKELSON: Yeah. I’ll probably go into it more next year or next week. But if you add up, if you add up all the federal and you look at the disability and the unemployment and the Social Security and the state, my tax rate’s 62, 63 percent. So I’ve got to make some decisions on what I’m going to do.”
So, for our the US’s most successful people, tax rates can exceed 60%. And what is their response? They look to minimize that rate, as it is absurd. How will they do it? They will move states and countries. They will restructure investments. They will give up owing to the unfairness of it all. They will move to Russia if they can get citizenship (Putin would sign the citizenship papers for well-know US citizens in a heartbeat – what a coup that would be for him). They will move to places offering residency based on investment.
Whatever it is they do, it will have a detrimental effect on the US.