Saverin of FACEBOOK renounces US citizenship to avoid TAXES

Smellyman

know1 wrote:

This is one example of what happens when you just keep piling on taxes, regulations and penalties for making a lot of money. You drive the successful, talented people (or at least the people with a lot of resources) to other places where the grass is greener.

amen. That's why there are so few rich people in the US......

mikepegg44

gimmesometruth27 wrote:

death and taxes my friends, death and taxes...

Senators to Unveil the 'Ex-Patriot Act' to Respond to Facebook's Saverin's Tax 'Scheme'

http://news.yahoo.com/senators-unveil-e ... itics.html

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

In September 2011, Saverinrelinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.

At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the "Ex-PATRIOT" - "Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy" - Act to respond directly to Saverin's move, which they dub a "scheme" that would "help him duck up to $67 million in taxes."

The senators will call Saverin's move an "outrage" and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

"Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time," Tom Goodman, Saverin's spokesman, told Bloomberg News in an email.

Last year 1,700 people renounced their U.S. citizenship.

why don't they just tax everyone in the world for not coming here and spending money...how about we tax everyone that reads a book that takes place in the US...don't like people getting around your dumb ass tax laws...you can always make another one...I love our government...

Jason P

I noticed Senator Casey is up for re-election this year ... maybe Saverin can "invest" some of his savings by screwing with this guy.