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

dsiomtw said:
Seriously. You don't think there's anything wrong with him becoming a US citizen in 1998, making 3.5 billion dollars over the next 14 or so years, and then giving up his citizenship just before he's about to cash in to try to avoid paying taxes on that money? Seriously?? Seriously????
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Please explain to me how you, or any other US citizen of your choice has more right to HIS money than he himself.

You are acting as if he lived in the US for free, got free education and then someone handed him over a business worth billions (for free as well of course).
 
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Meatytreats said:
He's not trying to take his money out without paying taxes... He simply renounced his citizenship before the IPO. It is TOTALLY legal for him to do so.
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Yes he is dude... that's the whole point. He's renouncing his U.S. citizenship so that he can reduce his capital gains tax. It's a tax loophole.

And these dumbfucks that refuse to address the real issue, would rather alienate smart entrepreneurs... people that create jobs and spend big bucks... then fix the fucking tax system.

Give people a reason to stay... dont force them away with a totally corrupt and broken system.
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I agree, i'm sure there are a lot of changes to the tax system that would encourage people to create jobs and invest. Having said that, it really doesn't apply in this case. Eduardo has been in Singapore for 3 years now. I'm pretty sure he's done with the U.S. I think he couldn't stand how he was portrayed in the Social Network.
 
Falian said:
Yes he is dude... that's the whole point. He's renouncing his U.S. citizenship so that he can reduce his capital gains tax. It's a tax loophole.
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I didn't read the story cuz I kinda don't care, but I'm pretty sure he had to pay capital gains taxes on what he had at the time he renounced right? That was almost a year ago, so now if he sells some of his Facebook stock a year after he renounced his citizenship you think that's a loophole? Or am I missing something?
 
Unarmed Gunman said:
I didn't read the story cuz I kinda don't care, but I'm pretty sure he had to pay capital gains taxes on what he had at the time he renounced right? That was almost a year ago, so now if he sells some of his Facebook stock a year after he renounced his citizenship you think that's a loophole? Or am I missing something?
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That may be the case. The IRS enforces an exit tax where you may pay taxes on capital gains as if you had sold all your holdings on the day you renounce. The interesting part is what was the valuation of his shares at the time he renounced? They weren't public so maybe they were valued much lower than what they will go public at, and he may haved saved a ton in capital gains taxes.
 
Falian said:
Yes he is dude... that's the whole point. He's renouncing his U.S. citizenship so that he can reduce his capital gains tax. It's a tax loophole.
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How the fuck is taking full advantage of your LEGAL rights, whether by loophole or not, "trying to take his money out without paying taxes"...

He has no obligation or fiduciary duty to pay more than his LEGAL share!
 
geomark said:
The interesting part is what was the valuation of his shares at the time he renounced? They weren't public so maybe they were valued much lower than what they will go public at, and he may haved saved a ton in capital gains taxes.
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Exactly... that is the sole reason he did it...

Now this wont happen, but what if Facebook IPO flopped and he ended up with less then what his evaluation was last year. You think Uncle Sam is gonna give him a rebate? Fuck no!
 
dcodex said:
Yeah, they don't care about the "OTHER" reasons why the guy wants to leave the country. Greedy fucktards.
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Singapore is a police state. No-one goes there for the "freedom". You only go there for money. And I guess some people want to trade freedom for money - their choice! But a bit sad to pretend it's anything but what it is.
 
Rather telling that someone prefers the Singapore police state over the US police state. It is, you know, and getting worse each year.
 
dsiomtw said:
Look at Saverin, his lifestyle and how he acts. All this money and tax talk aside, I'm not surprised he'd pick somewhere like Singapore over the US ...
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Jim Rogers lives in Singapore too. Many expat American billionaires live in Singapore because it has low corporate taxes, it's clean, the banks are sound and the government respects wealth.

I'll repeat the question you dodged in the other thread.

"Have you ever been outside the US for more than a week?"
 
teatree said:
Singapore is a police state. No-one goes there for the "freedom". You only go there for money. And I guess some people want to trade freedom for money - their choice! But a bit sad to pretend it's anything but what it is.
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Oh so are you supposed to get away smacking somebody on the street at Singapore?
 
^^^

Take a look at Is Singapore a police state?

They control the internet through their "Sedition Act". It's nice if you can pass some business to the controlling families - but in dollar terms that costs just as much as paying tax! But because it's "voluntary" I guess it doesn't count in the official tax figures.
 
guerilla said:
Jim Rogers lives in Singapore too. Many expat American billionaires live in Singapore because it has low corporate taxes, it's clean, the banks are sound and the government respects wealth.

I'll repeat the question you dodged in the other thread.

"Have you ever been outside the US for more than a week?"
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I haven't dodged any questions, I already said I'd bet that I've spent at least twice as much time out of the US as lukep has. I travel extensively, and have for a long time.

You guys are the ones dodging the questions. Read my earlier "challenge" posted twice ... and respond if you can.
 
HOT!

eduardo-saverin-290x290.jpg
 
How much lobbying does $64 million buy you in the US? It's probably cheaper for Saverin to bribe/lobby for a special law for him than pay taxes. Hell, with $4 billion he could hire a nice size small army.
 
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