According to a recent study, two-thirds of Americans feel the United States is on the wrong track. The average top tax rate in the United States would reach 57.4% under President Biden’s “Build Back Better” proposal, the highest rate in the Organization for Economic Cooperation and Development (OECD). Personal income above 50% would be subject to maximum tax rates in all 50 states plus Washington, D.C.
According to the reports, Today’s Big Government experiment will not end well for the United States. Entrepreneurs, investors, and other wealthy Americans, on the other hand, will be forced to reevaluate their role in the world. From Croatia to the Caribbean, digital nomads from all walks of life are swapping one lifestyle for another. It has been observed that a 300 percent surge in wealthy Americans seeking better tax conditions as an offshore consultant.
But the questions that arise are why a New York entrepreneur should stay in a city where crime is on the rise, and drug injection sites are legal? Why put up with Washington, D.C.’s continually changing COVID-19 policies when other governments may be more transparent? Why continue with 50% tax rates when Asian, European, and South American countries have superior tax climates?
There are dozens of places, and it’s soothing to be able to get away from the extreme left’s hold when traveling. “Wokeism” does not exist in several Eastern European nations. In many Latin American nations, people may live more cheaply while still maintaining their independence from the government. The same can be said for other Asian countries, which continue to place a premium on entrepreneurship and upward mobility. Americans must question themselves, “Are they being treated fairly here?” Is there a better place for them to live?