Saverin of FACEBOOK renounces US citizenship to avoid TAXES

puremagic
puremagic Posts: 1,907
edited May 2012 in A Moving Train
That's right, FACEBOOK, CEO, Eduardo Saverin gave up his US citizenship to avoid paying capital gain taxes, he's now a citizen of Malasia living in Singapore.

http://www.washingtonpost.com/business/ ... story.html
SIN EATERS--We take the moral excrement we find in this equation and we bury it down deep inside of us so that the rest of our case can stay pure. That is the job. We are morally indefensible and absolutely necessary.
Post edited by Unknown User on
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Comments

  • know1
    know1 Posts: 6,801
    Good for him. I applaud people who make the difficult decision to relocate themselves somewhere else in the world to avoid situations that they are against.
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 24,874
    i hope the same standards are applied to him as other immigrants when he enters and leaves this country. if not then he is one of those "illegals" that everyone has such a problem with.
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."
  • mikepegg44
    mikepegg44 Posts: 3,353
    gimmesometruth27 wrote:
    i hope the same standards are applied to him as other immigrants when he enters and leaves this country. if not then he is one of those "illegals" that everyone has such a problem with.


    huh?
    that’s right! Can’t we all just get together and focus on our real enemies: monogamous gays and stem cells… - Ned Flanders
    It is terrifying when you are too stupid to know who is dumb
    - Joe Rogan
  • inlet13
    inlet13 Posts: 1,979
    I, for one, am completely shocked that mobile individuals when presented with two locations of choice decide to locate in an area with lower taxes. It's crazy, right? :roll:


    Tax the rich! Let Singapore have them. :fp:

    I'm sure this guy won't start or foster any other companies. :think:
    Here's a new demo called "in the fire":

    <object height="81" width="100%"> <param name="movie" value="https://player.soundcloud.com/player.swf?url=http://api.soundcloud.com/tracks/28998869&quot;&gt;&lt;/param&gt; <param name="allowscriptaccess" value="always"></param> <embed allowscriptaccess="always" height="81" src="https://player.soundcloud.com/player.swf?url=http://api.soundcloud.com/tracks/28998869&quot; type="application/x-shockwave-flash" width="100%"></embed> </object> <span><a href=" - In the Fire (demo)</a> by <a href="
  • Jason P
    Jason P Posts: 19,394
    It appears he had 67 million reasons to make this move. I don't blame him.
    Be Excellent To Each Other
    Party On, Dudes!
  • usamamasan1
    usamamasan1 Posts: 4,695
    inlet13 wrote:
    I, for one, am completely shocked that mobile individuals when presented with two locations of choice decide to locate in an area with lower taxes. It's crazy, right? :roll:


    Tax the rich! Let Singapore have them. :fp:

    I'm sure this guy won't start or foster any other companies. :think:


    California
  • MotoDC
    MotoDC Posts: 947
    gimmesometruth27 wrote:
    i hope the same standards are applied to him as other immigrants when he enters and leaves this country. if not then he is one of those "illegals" that everyone has such a problem with.
    Snarky! :lol:

    I'm sure he has visas/passports/whatever aplenty that will give him all the physical access he needs to the US legally.
  • justam
    justam Posts: 21,415
    Money is one thing. A home is another.

    I'm surprised he'd give up his home and citizenship just for money. :geek:
    &&&&&&&&&&&&&&
  • know1
    know1 Posts: 6,801
    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.
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • Jason P
    Jason P Posts: 19,394
    justam wrote:
    Money is one thing. A home is another.

    I'm surprised he'd give up his home and citizenship just for money. :geek:
    He is originally from Brazil. He got his US citizenship in the last decade or so.
    Be Excellent To Each Other
    Party On, Dudes!
  • justam
    justam Posts: 21,415
    Jason P wrote:
    justam wrote:
    Money is one thing. A home is another.

    I'm surprised he'd give up his home and citizenship just for money. :geek:
    He is originally from Brazil. He got his US citizenship in the last decade or so.

    I didn't know that.
    If that's the case, then it isn't surprising he'd do this. :geek:
    &&&&&&&&&&&&&&
  • Jason P
    Jason P Posts: 19,394
    I know there is great discontent on how some U.S. companies use loopholes to avoid taxes. If the loopholes are closed, will similar results occur?
    Be Excellent To Each Other
    Party On, Dudes!
  • Jason P
    Jason P Posts: 19,394
    Can a person born in the U.S. just renounce their citizenship? I imagine it would be more difficult.
    Be Excellent To Each Other
    Party On, Dudes!
  • Drowned Out
    Drowned Out Posts: 6,056
    know1 wrote:
    Good for him. I applaud people who make the difficult decision to relocate themselves somewhere else in the world to avoid situations that they are against.
    Sweet, Im sure a lot of Mexicans will be happy to hear of your change of heart ;)
    I'm guessing this logic only applies to those rich enough to wait for legal access to the destination country.


    Personally, I'm glad there are people who would rather try to change situations they're 'against', rather than run from them and let someone else deal with it. Isn't that what patriotism should be all about?
  • know1
    know1 Posts: 6,801
    Drowned Out wrote:
    know1 wrote:
    Good for him. I applaud people who make the difficult decision to relocate themselves somewhere else in the world to avoid situations that they are against.
    Sweet, Im sure a lot of Mexicans will be happy to hear of your change of heart ;)
    I'm guessing this logic only applies to those rich enough to wait for legal access to the destination country.


    Personally, I'm glad there are people who would rather try to change situations they're 'against', rather than run from them and let someone else deal with it. Isn't that what patriotism should be all about?

    What "change of heart" are you talking about?

    I have ALWAYS said that I think our borders should be wide open and we should allow anyone willing to come here to better their situation easy, uncomplicated access and citizenship.

    Don't assume that, because I have some strong conservative views on SOME issues, that I automatically want to keep and kick so-called "illegals" out of this country?
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • Drowned Out
    Drowned Out Posts: 6,056
    know1 wrote:

    What "change of heart" are you talking about?

    I have ALWAYS said that I think our borders should be wide open and we should allow anyone willing to come here to better their situation easy, uncomplicated access and citizenship.

    Don't assume that, because I have some strong conservative views on SOME issues, that I automatically want to keep and kick so-called "illegals" out of this country?
    I actually did assume that :? .....and confused you with another poster on this topic (won't name names)...
    My mistake, sorry man. Glad to hear I was wrong.
  • know1
    know1 Posts: 6,801
    Drowned Out wrote:
    know1 wrote:

    What "change of heart" are you talking about?

    I have ALWAYS said that I think our borders should be wide open and we should allow anyone willing to come here to better their situation easy, uncomplicated access and citizenship.

    Don't assume that, because I have some strong conservative views on SOME issues, that I automatically want to keep and kick so-called "illegals" out of this country?
    I actually did assume that :? .....confused you with another poster on this topic (won't name names)...
    My mistake, sorry man. Glad to hear I was wrong.

    No worries.

    I think countries should be welcoming and make themselves as attractive as they can to immigration. To some degree, I also think of the concept of a country or nationality as a bit outdated.

    To me, it's more that there are geographic regions that have different governing laws and conditions. We should be able to relatively easily go to live where we wish and where the ideology and laws most closely match what we desire.

    I applaud Saverin's example and it's also why I'm supportive when companies or businesses want to move jobs to places more favorable to them. You can't make things rough on people or business and just expect they'll stay where they are out of some blind loyalty or patriotism.
    The only people we should try to get even with...
    ...are those who've helped us.

    Right 'round the corner could be bigger than ourselves.
  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 24,874
    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.
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."
  • Jason P
    Jason P Posts: 19,394
    Maybe if they (congress) didn't spend more then they have, this wouldn't be a huge concern. What he is avoiding in taxes probably could just pay for the wings on a F-22.
    Be Excellent To Each Other
    Party On, Dudes!
  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 24,874
    Jason P wrote:
    Maybe if they (congress) didn't spend more then they have, this wouldn't be a huge concern. What he is avoiding in taxes probably could just pay for the wings on a F-22.
    either that of fix the oxygen issue that has grounded the f-22 fleet...
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."

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