TAXPAT : punishing people for leaving, instead of rewarding people for staying.

It’s official. Obama has achieved the ominous distinction of becoming the first U.S. president to have had more than 10,000 very wealthy taxpayers renounce their U.S. citizenship under his watch.
1. 10-year expatriation tax (1996) (H.R. 3103 – 104th)
2. American Jobs Creation Act (2004) (H.R. 4520 – 108th)
3. US Exit tax (2008)
Think about it. If each law they pass is progressively more punitive, what message is that sending? It’s telling the people at whom those laws are aimed (the rich), that you should get out, before it gets worse.
According to the combined “Quarterly Publication of Individuals, Who Have Chosen To Expatriate” reports published in the Federal Register, since Obama assumed office the exact number of so-called, “covered expatriates,” on September 30, 2014, was 10,413.
It is important to emphasize that these lists represent only wealthy expatriates. Under covered expatriate is is any expatriate who had a net worth of at least $2,000,000 (in current dollars) on the date of expatriation or had incurred a tax liability of net $157,000 per year (based on 2014 dollars and adjusted annually) in each of the 5 years prior to expatriation. The IRS reports that the top 1% of income earners pay income tax at an average rate of 23.5%. So using that tax rate, an individual with such a tax liability would have to earn in the vicinity of $668,000 per year or roughly double the income floor to be in the top 1% of income earners.
When the rich leave, it causes a disproportionate loss of tax revenue, that must be made up by those of us who remain. Since the rich are most often job creators, it also means that many of the jobs that they create will move offshore, as well. According to the latest IRS Collections Data, the top 1% of income earners pay 35.06% of all personal income tax collected in the USA. Based on that figure, if all of the top 1% of income earners were to leave the USA, the government would have to increase taxes on the rest of us by roughly 54%, just to stay even and that’s before considering the lost jobs that would go along with it. Look back up at the chart at the top of this page and consider that these numbers represent just those wealthy expats in the top 1%, who formally renounced. Then consider that many more, such as Tina Turner, lose their citizenship through “relinquishment,” which is not recorded on these lists. There are also others, who choose the "PT"  route, who just effectively drop off the financial radar of the USA, without renouncing. It’s only reasonable to assume that other forms of expatriation are increasing at rates similar to formal renunciations. So, at the rate formal renunciations of this income group are increasing, this could be just the beginnings of an economic disaster.
Expats don’t see themselves as fleeing the USA, but rather, as fleeing a government that has become hostile to the the principles upon which this nation was founded. They’re fleeing an IRS that makes up its own rules as it goes along. They’re fleeing a government that has forgotten due process. The only thing that will stop this flight of wealth is a return to a smaller, responsible, representative government that doesn’t punish success.
 http://fairtax.org/