Saturday, September 4, 2010

Getting Ahead of Obama's 2011 Tax Hikes and the Decline of the Empire

Ad man Jerry Della Femina is cashing out, ahead of expected tax hikes coming in 2011, and appears to be pretty much bolting the country.

His East Hampton estate is up for sale for $35 million. WSJ reports:
...after more than two decades here, the couple say they want to cash out, citing upcoming capital gains taxes and pessimism about the future of the American economy. "Basically, everything I own is up for sale," Mr. Della Femina said, including his restaurant and newspaper.

Instead, they say they're up for a new adventure summering somewhere like Tuscany or even Brazil. Mr. Della Femina said he's not worried about leaving the Hamptons. "We believe we bring the party with us," he said.
Della Femina isn't the only wealthy individual trying to get ahead of a possible collapse.

I know of hedge fund managers that are buying farms in South America. And one of Milken's cronies plans to ride out the storm from his perch in Beverly Hills. He has stocked up on food, can spot anyone headed his way for miles around. He has guns, power generators and a well on his property. He's ready.

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