COMMENT: The American exodus | Opinion
With President Joe Biden’s approval rating down to 36%, he is now more unpopular than his two predecessors ever were.
But beyond politics, the very idea of ââAmerica is losing its luster. Almost two-thirds of Americans (and rising) think their country is headed in the right direction. For decades, it was assumed that America was the perfect place to be an entrepreneur. The American economy was synonymous with the American dream. Not anymore: upward mobility is perhaps more alive in Canada than in America.
Indeed, upward mobility has been demotivated, while climbers are punished for daring to succeed. Government benefits are plentiful, while “taxing the rich” is the simplest refrain in politics. Under Biden’s “Build Back Better” plan, the highest average personal income tax rate would reach 57.4% in the United States – the highest rate in the Organization for Cooperation and Development. economic development (OECD). The 50 states, plus Washington, DC, would impose the highest tax rates on personal income exceeding 50%.
Today’s experience in Big Government will not end well for the United States. But it will force entrepreneurs, investors and other wealthy Americans to reconsider their place in the world and re-evaluate their options – and that’s a good thing. Countries should compete for residents. If people are not treated well in a country, why shouldn’t they go where they are better treated?
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People who have the means end up going where they are best treated, and Americans are reaping the rewards of globalization more than ever. From Croatia to the Caribbean, digital nomads from all socio-economic backgrounds are leaving a lifestyle for the better.
As an offshore consultant who guides clients to where they are best treated, I regularly advise high net worth individuals on second citizenship and residences. And, in recent months, I’ve seen a 300% increase in the number of wealthy Americans seeking a better tax climate and a better future. They are fed up with 50 percent tax rates.
While tax policy is a major complaint, there are other gripes. One is the âawakenedâ culture, which tightens the parameters of free speech and forces people to submit through political correctness. In a world of seemingly endless cancellations and artificial excuses, the First Amendment is under attack from all quarters, while its public defenders are dwindling.
Put it all together, and the result is a less attractive America to those with options. Patriotism and personal allegiance aside, why should a New York entrepreneur stay in a city where crime and legal drug injection sites are on the rise? Why support ever-changing COVID-19 policies in Washington, DC when foreign governments can be more transparent? Why stick to 50% tax rates when tax climates are better in dozens of countries in Asia, Europe and South America?
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I have lived in dozens of countries around the world, and it is reassuring to escape the grip of the radical left abroad. In some Eastern European countries, âwokeismâ does not even exist. Politics is not a fact of everyday life. People treat each other like human beings, not Twitter bots.
This is not to be alarmist for alarmism. But Americans have to ask, and they are, am I being treated well here? Can I live better elsewhere?
With each passing day, more and more Americans are rethinking the meaning of the word “home.” The current exodus to Florida is a perfect example. If people can move from New York to the Sunshine State for a better tax climate and a better future, why can’t they also move overseas?
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They can, and they are. The American exodus is here to stay and is growing day by day.
Andrew Henderson is the founder of Nomad Capitalist, an international offshore consultancy firm.