Posted on 05/11/2012 10:55:49 AM PDT by C19fan
Eduardo Saverin, the Facebook co-founder immortalized by his falling out with Mark Zuckerberg in the movie The Social Network, has renounced his U.S. citizenship ahead of the companys IPO.
Saverin, 30, may have made the move for tax reasons, hoping to avoid the highest rates before Facebook goes public. Although born and raised in Brazil, before moving to the United States in 1992, he now lives abroad in Singapore. According to a spokeswoman, Saverin actually renounced his citizenship last September, but the information didnt become public until Bloomberg reported that the IRS released his name on April 30.
(Excerpt) Read more at forbes.com ...
He has sold some of his shares privately and invested in several startups, all overseas. Not bad for a young guy with a bachelors degree.
Anyway, the US used to be the place to invest.
The US jobs that were never created by him or the next Bill Gates or Steve Jobs will never show up in any government statistic.
But never fear, our government will make sure the rich pay their fair share.
I have not lived there, but am quite familiar with their tax structure. Yes, they do have some high taxes as you mention, but his concern is with the income tax - they top out at 20%, vs our 37.5 - and capital gains tax, of which they have none.
I doubt he cares how much a car costs there.
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