Skip to comments.Facebook's Eduardo Saverin gives up citizenship
Posted on 05/11/2012 4:35:31 PM PDT by paudio
Saverin, who was immortalized in the film The Social Network as Zuckerbergs contentious former friend and business partner, has a 4% stake in the company, according to the Who Owns Facebook? website. His stake could be worth nearly $4 billion after the IPO.
It's definitely savvy tax planning, said Edward D. Kleinbard, a professor of law at USC who specializes in federal tax policy and international taxation. He can argue that the value of the Facebook shares in September, when he gave up his citizenship, were significantly less than the value that will be set at the IPO next week.
(Excerpt) Read more at latimes.com ...
OWS should have a field day with this. I would submit that my US citizenship is more valuable to me than money.
Not to me. I’d vacate faster than you can say “confiscatory tax rates!”
My cursory search failed to find anything to suggest that Saverin worshiped Obama and his edict that all pay their “fair share.” No doubt he is one them “do as I say, not as I do,” “I am special and you’re not” liberals.
Its still going to cost him. The IRS takes a chunk for leaving.
Baraq says we're no better than anyone else, and he's working hard to make it that way.
Same here. I’d rather be dirt poor Among Americans than filthy rich among foreigners.
he already left before he received the stock, so irs can’t tax him
who are the investors in facebook. They’re so stupid. They’re buying a stock at the very top while the owners are cashing out
Ha, then you’re pretty stupid imho. You could help America, not by going down with the ship, but by protecting your wealth so that one day you could reinvest your capital back in America.
The stock is not traded until their IPO next Friday, the current inside owners cannot sell until after the 6 month lock up period is over.
IIRC, he was born in Brazil, retains its citizenship, had been dual with US, and now lives in Singapore. This may just be the very reason, tho, that the Founders insisted our POTUS be ‘natural born,’ i.e., someone so ingrained in the USA that he wouldn’t leave for financial gain.
5-10 years ago I wouldn’t have considered giving up my natural born citizenship - the thought never would have occurred. Today I’m not so sure. If O is reelected in November, it might just become downright attractive.
Liberals are destroying the country and you want to go down with them. You help America by staying alive with include anyway you can to help preserve your wealth to help rebuild America again. You’re not standing by your country by dying and contributing nothing
Whatever it takes to convince yourself that you aren’t the coward. Be my guest.
taxes in singapore are 10% for everyone. there might even be a cap
so yea... MUCH more attractive.
if the US was trying to attract the job creators (ie: people with investment dollars).. they wouldn’t make it detrimental to invest here.
since they’ve been pushing everything out of the country, why wouldn’t someone either with wealth or with the means to make it... go to another country to do their work?
especially if that business is internet based
Most definitely. Besides, Saverin is a rock star in Singapore. In the US, not so much...
I read an article last week that the rules have become so “Draconian” (that’s the word used) for Americans in foreign banks that overseas banks not only are not accepting American accounts, they are starting to close established ones.
This is just the beginning of a flood, as if the politicians care. Atlas is shrugging.
He has no intention of “building America again” although he does have a clear intention to love his money. He loves his money more than the loves America. When the Chinese take over his new residency, that money will mean less and his lost freedom will mean more.
Article. Notice how halfway down they talk about sentiment in Singapore, where this guy is.
This is the dark side of America showing itself again. Mainly because “we” can, and most of “us” aren’t affected.
There’s some suggestion that Facebook stock will be another Groupon.
Hell I’m dirt poor now. I intend to make the marxists fight for every inch and it will be a whole hell of a lot cheaper for me than it will be for them.
The United States of America is the only one of the 200+ nations on this planet to include the following anti-competitive elements in its tax system:
1. Since Japan reduced its corporate income tax rate effective April 1, the USA has the highest corporate income tax rate in the world,
2. The USA has a non-territorial income tax system, meaning that it insists on taxing its corporations and individuals on their world wide income (subject to an individual exclusion of about $80k)
3. With the most complex income tax system in the world (both individual and corporate), our tax compliance costs are enormous. This constitutes a hidden additional tax
4. The US is the only one of 34 OECD nations with no border adjustment element in its tax system. That means we have no means of taxing most imports (since NAFTA and other trade agreements have greatly reduced tariffs over the past decade or two) and no means of relieveing our producers of their tax burden on their exported goods.
The combination of #1 and #2 above is particularly toxic. In tandem, they create the situation in which our corporations pay taxes in the jurisdiction they are earned in, then turn around and pay an additional amount (because our tax rates are ALWAYS higher) to the U. S. government.
All together, it is hard to believe that ours is not the worst tax system on the planet from the standpoint of global competitiveness. That’s right - worse than Namibia, Belize, Bangladesh, Laos, Iceland and any other country you can name. At a time when globalization is THE megatrend shaping the future of the world, and when the global competition for jobs, capital and markets are increasing rapidly, we stand pat with this tax system.
However, there is one thing that our tax system excels at - it is terrific at siphoning money out of the big money special interests and getting it into the hands of lobbyists and the campaign coffers of career politicians.
Thanks, I didn’t know that about him.
At the rate this country is going the Feds in the future won’t permit Americans to travel abroad except with very limited permission slips. Kind like the old Soviet Union!
“I intend to make the marxists fight for every inch..”
I’m with you brother (or sister). If Zero tries to crown himself king after the election, we’ll be around.
I remember when people migrated TO the United States for more Freedom.
There is the IRS and the Socialist American government on the one hand. And there is America the Country on the other hand. They are not the same thing, and you cannot love both.
I can’t blame anyone for trying to avoid taxes any way they can. I do despise liberals who do it.
We can now update the game Where’s Waldo...to There’s Eduardo. And there’s Eduardo’s money!
In a word, YES!
He was born in Brazil.
Foreigners have virtually no capital gains tax in the U.S. and Singapore doesn’t tax income earned abroad (like every nation on Earth except the U.S.)
If he renounced over a year ago and filed the paperwork with the IRS he probably won’t pay a dime.
No they're not.
Singapore has a graduated rates starting at 2% and topping out at 20%. They have 8 different rates based income level. There is no cap.
The bigger advantage for Saverin is they have no taxes on capital gains or overseas income.