Money Minute: More Americans Renounce Citizenship; Fire at Tesla


Lots of people still want to come to the U.S., but there are plenty who are leaving, too. That's one of the top money stories we're tracking in today's Money Minute.

More people than ever before have renounced their U.S. citizenship, apparently to avoid high taxes on income and estates. The Wall Street Journal reports 2,369 people gave up their citizenship or their green cards in the first nine months of this year.

The Dow Industrials (^DJI) gained 71 points yesterday, the S&P 500 (^GPSC) rose 14 -- both ending at record highs -- and the Nasdaq (^IXIC) rallied 45 points. It closed at its highest level since before the tech bubble burst 13 years ago.

But tech stocks could come under pressure today following a disappointing earnings report from the bellwether company, Cisco Systems (CSCO). The world's biggest supplier of critical Internet equipment reported revenue that fell short of expectations, hurt by the government shutdown last month. Even worse, the company says sales in the current quarter will drop by as much as 10 percent.

Two big retailers could also face a backlash on disappointing quarterly numbers. Both Walmart (WMT) and Kohl's (KSS) are being hurt by the weak economy and tough competition.
AP Photo/Paul SakumaThe Tesla Factory in Fremont, Calif.

First there were a series of fires in luxury Tesla (TSLA) cars; now a fire at the plant that builds them. The company says three workers at the Freemont, Calif., facility were hurt.

Boeing's (BA) machinist union rejected an 8-year labor deal that would have let them build the company's newest passenger jet at facilities in Washington state -- but also would have terminated their pension fund and raised healthcare costs. As a result, Boeing could build the 777X at a non-union plant, perhaps overseas.

And with Thanksgiving just two weeks away, a major piece of its history goes on the auction block on Friday. George Washington made it a national holiday and his original proclamation is up for sale at Christie's. It says the bidding could reach $12 million.

-Produced by Drew Trachtenberg

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Talk is cheap.

November 15 2013 at 3:04 PM Report abuse rate up rate down Reply

What could be funnier than watching dumbest 1%ers express their shock that fellow citizens might dare protect themselves from the vicious attacks of government goons

November 14 2013 at 6:59 PM Report abuse rate up rate down Reply

That's the first I heard that the union at Boeing in Washington rejected the deal. Rather than going overseas, it is more likely now that the longer version of the 777 may be built in North Charleston SC. Boeing has bought a lot of land and are aggressively expanding.

November 14 2013 at 4:46 PM Report abuse rate up rate down Reply

kick them out of the country! If you want to live here and make your living here then pay taxes like the rest of us OR GET OUT AND STAY OUT

November 14 2013 at 4:16 PM Report abuse rate up rate down Reply

To bad for them. All are cheep, wealthy people that just can not see their hard erned money (yea screw the little people) going to waste. I hope most if not all find that their new place called home (yea, many still live here in the USA) just as confortable as living the American dream but ot having to pay for it. Total same and total loosers too.

November 14 2013 at 3:37 PM Report abuse rate up rate down Reply

Herein lies the problem: With the Repubs in power the wealthy needed
not to fear having to pay Their FAIR share of taxes. Now it has become
obvious that the repub power base is diminishing rapidly the rats are
jumping ship. Buhbyee!!!

November 14 2013 at 3:35 PM Report abuse rate up rate down Reply
3 replies to navy85736usnret's comment

Ask other companies or OSHA how many badly hurt or killed in Industrial injuries. When it was NUMMI someone got killed I believe in stamping.

November 14 2013 at 3:21 PM Report abuse rate up rate down Reply
1 reply to imeldapallen's comment

what you talking about???

November 14 2013 at 3:38 PM Report abuse rate up rate down Reply

To those that are getting out all I can say is good riddance. America does not need people that are so greedy. Hopefully wherever they end up they lose everything.

November 14 2013 at 3:06 PM Report abuse rate up rate down Reply

Good riddance, let the door hit you on the way out, don't allow them back in

November 14 2013 at 3:05 PM Report abuse +1 rate up rate down Reply

I'm curious. I wish there had been a list so we could see which millionaires/billionaires care so much more about money than their country or any sense of honor. If they pay a bit more in taxes, they give up another nice car or another vacation home. They'd rather pay nothing and see their fellow (well, now ex-fellow I suppose) citizens pay more, which will make them give up food, Dr's visits, medication, shoes for the kid, etc.
So very admirable these people. I sure hope karma is real.

November 14 2013 at 2:55 PM Report abuse +1 rate up rate down Reply
1 reply to bookworm's comment

The singer Tina Turner was one.

November 14 2013 at 2:59 PM Report abuse rate up rate down Reply