Robert Reich has an interesting post up today on his blog entitled Why We Must Raise Taxes on the Rich. It is generally a collection of very sensible ideas focusing mainly on the fact that the rich have effectively dropped their tax burden over the past 30 years while the rest of us have taken on that burden. Everything seemed to make sense until I hit this paragraph:
And yes, some of the super rich will move their money to the Cayman Islands and other tax shelters. But paying taxes is a central obligation of citizenship, and those who take their money abroad in an effort to avoid paying American taxes should lose their American citizenship.
Wow. I personally would suggest that before we go stripping American’s of their citizenship we might try closing those tax loop-holes that allow them to squirrel away their earnings offshore in the first place. Strip them of their citizenship though? Sorry but that paragraph will most certainly drown out any sense that the rest of this post made, and sadly it made a lot.