Skip to comments.Facebook Billionaire Gives Up Citizenship to Escape Bad American Tax Policy
Posted on 05/12/2012 6:07:21 AM PDT by Kaslin
It is very sad that Americas tax system is so onerous that some rich people feel they have no choice but to give up U.S. citizenship in order to protect their family finances.
Ive written about this issue before, particularly in the context of Obamas class-warfare policies leading to an increase in the number of Americans voting with their feet for places with less punitive tax regimes.
We now have a very high-profile tax expatriate. One of the founders of Facebook is escaping for Singapore. Here are some relevant passages in a Bloomberg article.
(Excerpt) Read more at finance.townhall.com ...
‘Brain drain’ used to be something that affected other countries, and skilled, accomplished people migrated to America as a haven.
I'm dizzy from all this spinning.
Left wing anti-American Commie freaks THREATEN to leave when they don’t like the results of an election.
Capitalists don’t threaten when domestic enemies steal their country from them.
FUBO, and the media sycophants you rode in on!
See post above this one. I too noticed no prominent Hollyweird names.
This guy is no different than the Mexican Cowards leaving Mexico. Instead of staying home and working to correct their sordid political system, Mexicans just choose to bail out to come here. He is the same.
Anyone who leaves the country and renounce citizenship is a rotten coward.
True Americans would stay and fight than turn tail and run.
We are better off with these sort of currs.
Eduardo Saverin is an immigrant from Brazil.
Wealthy family, prep school, magna cum laude Harvard grad.
You know darn well that if bothered to vote in 2008 it was for Obama.
“True Americans would stay and fight than turn tail and run.”
They tried. Disease and the Union army killed most them and the survivors were penned into reservations. Then the people who turned tail and ran from Europe, Afica and Asia could run the show.
ANYONE who gives up their American citizenship this easily was never really an American! This happens when you let the dims make citizenship easier to obtain the a nobel peace prize so they can steal elections. Good riddance and don't let him back in!
Collectivism/socialism doesn't care about what's really true and will try to shake any opposition every which way but loose. Socialism itself is a departure from truth and reality. Socialism says, "My mind is made up, don't confuse me with the facts."
And from some of the comments on this thread, neither does nativism.
I would rather not bring any Civil War grudges into this.
The fight is in the here and now. The coming war makes the Civil War looks like a pillow fight.
Time for all true Americans to stand together and put behind us past wrongs or else we will be doomed.
Be you Johhny Reb or a Blue coat, the fight is with Obama and his blackshirts.
If we dont pull together then we can discuss history while eating pumpkin soup in a Obama Gulag.
Like Obama, he wasn’t born in this country, ergo, not a true American.
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. Thats 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.
A lot of “conservatives” don’t understand the economic rule of self interest. In that sense they’re in the same camp as the socialists.
I put quotation marks around the word “conservative” because like Milton Friedman, if I understand the English language, conservatism means keeping the status quo, continuing in the same direction. Liberalism, on the other hand, means freedom loving. In that sense, I’m not a conservative, but a liberal.
If I may ask, where did your ancestors come from?