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Renouncing Citizenship Over Taxation

Started by guido911, May 17, 2012, 07:57:16 PM

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guido911

May 17, 2012, 07:57:16 PM
With the Facebook IPO tomorrow and one of its "founders" ditching the U.S. for Singapore, I figure its time to dust off the "unpatriotic" Americans that don't want to pay taxes issue once again...

QuoteSo the question is: What does Saverin owe the United States?

Is it reprehensible for him to drop his citizenship before paying his "fair" share to the government that made all this possible? Edward Kleinbard, a professor at the USC Gould School of Law, was quoted as saying: "For Eduardo Saverin to expatriate struck me as perfectly lawful and, at the same time, profoundly ungrateful." Mark Cuban, owner of the Dallas Maveriks tweeted, "This pisses me off." Similar reactions can be found across the Web.

The entire episode irks me, too. Yes, because Saverin seems like a selfish ingrate, but also for entirely different reasons.

If high taxation chases successful people out of the country, that's the country's fault. Daniel Mitchell at the Cato Institute likens this to a "fiscal version of blaming the victim." Obviously, attaching the word "victim" to a billionaire in an age of class warfare is not going to do much to bolster Saverin's case, but human beings will act in their own self interest. Surely, with every person, there are a host of reasons for making these kinds of decisions – who knows, maybe Saverin hates eating American cuisine or the weather – but once the tax code pushes people away rather than entice them to come, something is wrong.

http://www.humanevents.com/article.php?id=51536
Someone get Hoss a pacifier.

Teatownclown

#1
May 17, 2012, 08:14:15 PM
wait one minute....lots of people don't pay taxes..... ::) That FB founder left long ago...

We're stuck with big deficits...and these evaders are not the villains.




Red Arrow

#2
May 17, 2012, 08:38:36 PM
Quote from: Teatownclown on May 17, 2012, 08:14:15 PM
wait one minute....lots of people don't pay taxes..... ::) That FB founder left long ago...
We're stuck with big deficits...and these evaders are not the villains.

That's right.  The rich guys paying 15% instead of 0% are the villains.   Make 'em pay up.
 

nathanm

#3
May 17, 2012, 10:19:44 PM
Quote from: Red Arrow on May 17, 2012, 08:38:36 PM
That's right.  The rich guys paying 15% instead of 0% are the villains.   Make 'em pay up.

One could argue that this is illustrative of why it's not the best idea in the world to have a tax rate of zero on investment income foreigners make in the US.
"Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration" --Abraham Lincoln

Red Arrow

#4
May 17, 2012, 11:10:30 PM
Quote from: nathanm on May 17, 2012, 10:19:44 PM
One could argue that this is illustrative of why it's not the best idea in the world to have a tax rate of zero on investment income foreigners make in the US.

One could also argue that low tax rates for foreign investment make it possible.  Whether or not that is good may depend on if you are a domestic investor.

There are other people that pay zero income tax too.  I think every adult with any U.S. income should pay at least $1.00 in US Federal Income Tax to remind them that they are part of this game too.
 

nathanm

#5
May 18, 2012, 12:43:08 AM
Quote from: Red Arrow on May 17, 2012, 11:10:30 PM
There are other people that pay zero income tax too.  I think every adult with any U.S. income should pay at least $1.00 in US Federal Income Tax to remind them that they are part of this game too.

Most do, they just get it back at the end of the year if they're poor enough.
"Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration" --Abraham Lincoln

swake

#6
May 18, 2012, 09:08:20 AM
One could also argue that he's a Brazilian that has lived in Singapore for years

Gaspar

#7
May 18, 2012, 09:48:12 AM
Stupid story. Saverin renounced his citizenship back in September of 2011.  The Douchebag twins Chuck Schumer and Bob Casey simply want to use this as a political pom-pom.

I don't know of anyone that thinks a law punishing ex-pats and foreign interests who invest in this country is a good idea.  I doubt even Schumer & Casey think it's a good idea, they just want some attention, and picking on successful people is always their way to say "look at us, we're trying to sock it to those rich bastards!"

They must have the stupidest constituents in the country.  Saverin is one of a small handful of people that has launched hundreds of companies, created thousands of millionaires, created hundreds of thousands of good paying jobs, and generated more tax revenue through those endeavors than anyone could be reasonably calculate.  Let him live on the moon if he wants, but for God sake thank him and those like him for taking risks, investing in this country, and creating prosperity for thousands of Americans.  Chuck Schumer and Bob Casey are the epitome of everything that is wrong with the liberal mindset!  
When attacked by a mob of clowns, always go for the juggler.

Conan71

#8
May 18, 2012, 10:43:56 AM
Quote from: Gaspar on May 18, 2012, 09:48:12 AM
Stupid story. Saverin renounced his citizenship back in September of 2011.  The Douchebag twins Chuck Schumer and Bob Casey simply want to use this as a political pom-pom.

I don't know of anyone that thinks a law punishing ex-pats and foreign interests who invest in this country is a good idea.  I doubt even Schumer & Casey think it's a good idea, they just want some attention, and picking on successful people is always their way to say "look at us, we're trying to sock it to those rich bastards!"

They must have the stupidest constituents in the country.  Saverin is one of a small handful of people that has launched hundreds of companies, created thousands of millionaires, created hundreds of thousands of good paying jobs, and generated more tax revenue through those endeavors than anyone could be reasonably calculate.  Let him live on the moon if he wants, but for God sake thank him and those like him for taking risks, investing in this country, and creating prosperity for thousands of Americans.  Chuck Schumer and Bob Casey are the epitome of everything that is wrong with the liberal mindset!  

Can't do that.  Job creators are evil-doers.  They don't pay enough in taxes, and **GASP**  they actually have to fire those who are unproductive and layoff people when slow economic times indicate.  Bastards!
"It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first" -Ronald Reagan

Gaspar

#9
May 18, 2012, 10:45:22 AM
Quote from: Conan71 on May 18, 2012, 10:43:56 AM
Can't do that.  Job creators are evil-doers.  They don't pay enough in taxes, and **GASP**  they actually have to fire those who are unproductive and layoff people when slow economic times indicate.  Bastards!

Well then, good riddens to the scum!  Lets kick em all out!
When attacked by a mob of clowns, always go for the juggler.

Teatownclown

#10
May 18, 2012, 10:51:44 AM
Maybe it's post tax season, but lately I have noticed a sharp drop off in business around town with the exception of the Malls on the weekends.


This is usually a very slow time of year. Last night, Mayfest was kinda dead.


Hope it picks up for the week end. Can't wait for it to move down to Brady where it all belongs.


The middle class is being thinned out and you can tell by just looking around. The %1 events are still rockin'....


Who is creating jobs in TeaTown? It's not the bankruptcy courts....

Conan71

#11
May 18, 2012, 10:56:47 AM
Quote from: Teatownclown on May 18, 2012, 10:51:44 AM
Maybe it's post tax season, but lately I have noticed a sharp drop off in business around town with the exception of the Malls on the weekends.


This is usually a very slow time of year. Last night, Mayfest was kinda dead.


Hope it picks up for the week end. Can't wait for it to move down to Brady where it all belongs.


The middle class is being thinned out and you can tell by just looking around. The %1 events are still rockin'....


Who is creating jobs in TeaTown? It's not the bankruptcy courts....

Is Thursday ever really that busy during Mayfest?  I think the BD Arts Festival has siphoned off people who used to go to Mayfest just for something to do.  The BDAF has a far more organic and home-grown feel to me.
"It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first" -Ronald Reagan

AquaMan

#12
May 18, 2012, 11:18:50 AM
Quote from: Conan71 on May 18, 2012, 10:56:47 AM
Is Thursday ever really that busy during Mayfest?  I think the BD Arts Festival has siphoned off people who used to go to Mayfest just for something to do.  The BDAF has a far more organic and home-grown feel to me.

Organic=hippie.

I like them both but I have more fun at the BD just looking at the non conformings.
onward...through the fog

DolfanBob

#13
May 18, 2012, 11:31:59 AM
He turned the "American Dream" into the "Singapore Fling"
Changing opinions one mistake at a time.

nathanm

#14
May 18, 2012, 11:36:51 AM
I'll just leave this here:

"Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration" --Abraham Lincoln
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