Posted on 05/11/2012 4:35:31 PM PDT by paudio
Saverin, who was immortalized in the film “The Social Network” as Zuckerberg’s 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 ...
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.
Guess why?
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.
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