Are More Americans Reaching Their Breaking Point?

Last week was notable for the actions of two prominent Americans, pro golfer Phil Mickelson and pop star Tina Turner, both demonstrating that Americans may soon reach a breaking point.

For Mickelson it was Proposition 30 in California, which considerably raises state income taxes on certain people. The real salt in the wound though is the fact that it will be applied retroactively.

Going back in time to retroactively tax people is just one of the dubious ways desperate governments seek to finance their proliferate spending. Expect more schemes like this.

Then we have Tina Turner, who ditched her US passport (even though she didn't have to) and became Swiss. For Turner, it would seem the benefits of being American did not outweigh the vast costs and total loss of privacy.

While the US government continues down its destructive path, the Chilean government is making it astonishingly easier to open a business. Chile recently passed a law that allows people to incorporate companies online, in just one day, and for free.

Why can't the US Congress pass laws like this?!

Instead the US Congress gives the American people FATCA, the (so-called) Patriot Act, SOPA, warrantless wiretapping, indefinite detention, domestic drone surveillance, undeclared wars, debt and spending without limit, government mandated healthcare, and ever-increasing taxes and regulations in all realms of life.

Is it any wonder that Americans are increasingly talking about and taking action to diversify away from the risk the government poses to their prosperity?

 

Sincerely,

 

 

 

 

Nick Giambruno

Nick Giambruno

Nick is Doug Casey’s globetrotting companion and is the Senior Editor of Casey Research’s International Man. He writes about economics, offshore banking, second passports, value investing in crisis markets, geopolitics, and surviving a financial collapse, among other topics. He is a CFA charterholder. In short, Nick’s work helps people make the most of their personal freedom and financial opportunity around the world. To get his free video crash course, click here.

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