Ok. Here is where I am so angry at what the Congress, the IRS, Obama and Tim Geitner have done to me that I claim that you US persons are dumb and getting dumber by the minute. An article in the Washington Times yesterday claims that the mental midgets running Washington are implementing regulations that will cause the flight of $14 trillion of foreign investment capital out of the US. This will cause the loss of as many as 10,000,000 jobs. Read it and weep. Here is a salient excerpt:
Sen. Carl Levin, Michigan Democrat, and the other economic-know-nothings who proposed these measures claim – without any basis in fact – that the United States is losing $100 billion annually because of foreign account tax avoidance or evasion. Private foreign investment in the U.S. is about $14 trillion. So $100 billion is less than 1 percent of the private foreign investment, yet the mental midgets in Congress and the administration are willing to risk trillions of dollars in job-creating foreign investment in exchange for a phony $100 billion. Well over 10 million American jobs are at risk because of this foolishness.
Phil Hodgen reports on the backlog of people who want to renounce their US citizenship. The US citizens living abroad now find that US citizenship is a liability not an asset and want out. We want our Declaration of Independence.