Facebook co-founder renounces US Citizenship to avoid taxes after IPO
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Facebook co-founder renounces US Citizenship to avoid taxes after IPO
http://techcrunch.com/2012/05/11/edu...us-citizenshi/
What an a**hole
Eduardo Saverin, who is best known for co-founding Facebook with Mark Zuckerberg back in their college days at Harvard, has given up his United States citizenship....
The switch will almost certainly decrease the number of American taxes he owes on the $3.84 billion or so he is reportedly in line to make once Facebook goes public, which is widely expected to happen next week. As Bloomberg reported: “Renouncing your citizenship well in advance of an IPO is ‘a very smart idea’ from a tax standpoint, said [University of Michigan international tax law professor Reuven] Avi-Yonah.”
On the surface, this might seem like an opportunistic move. In many ways, Facebook’s story is the most modern example of the American dream gone right. Some would argue that those who have gotten rich from the company should pay some dues back into the system that enabled that success. As billionaire Mark Cuban has written on his blog, the “most patriotic thing you can do” is “bust your ass and get rich. Make a boatload of money. Pay your taxes.”
The switch will almost certainly decrease the number of American taxes he owes on the $3.84 billion or so he is reportedly in line to make once Facebook goes public, which is widely expected to happen next week. As Bloomberg reported: “Renouncing your citizenship well in advance of an IPO is ‘a very smart idea’ from a tax standpoint, said [University of Michigan international tax law professor Reuven] Avi-Yonah.”
On the surface, this might seem like an opportunistic move. In many ways, Facebook’s story is the most modern example of the American dream gone right. Some would argue that those who have gotten rich from the company should pay some dues back into the system that enabled that success. As billionaire Mark Cuban has written on his blog, the “most patriotic thing you can do” is “bust your ass and get rich. Make a boatload of money. Pay your taxes.”
What an a**hole
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We had a revolutionary war over a tax on stamps & whatnot. If you don't want to have your richest citizens leave due to high taxation, maybe
just maybe
don't rape them for being successful? Duh?
But then you will still find "economists" saying we should raise taxes to raise revenue, just as if nobody ever alters their behaviour to lower tax liability.
just maybe
don't rape them for being successful? Duh?
But then you will still find "economists" saying we should raise taxes to raise revenue, just as if nobody ever alters their behaviour to lower tax liability.
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We had a revolutionary war over a tax on stamps & whatnot. If you don't want to have your richest citizens leave due to high taxation, maybe
just maybe
don't rape them for being successful? Duh?
But then you will still find "economists" saying we should raise taxes to raise revenue, just as if nobody ever alters their behaviour to lower tax liability.
just maybe
don't rape them for being successful? Duh?
But then you will still find "economists" saying we should raise taxes to raise revenue, just as if nobody ever alters their behaviour to lower tax liability.
Exactly. Raising taxes is the only way the sociopaths that are running this country can see. If we were taxed at 100% it cannot pay off the debt. The same Empire building that sunk the Soviet Union is sinking the United States.
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Exactly. Raising taxes is the only way the sociopaths that are running this country can see. If we were taxed at 100% it cannot pay off the debt. The same Empire building that sunk the Soviet Union is sinking the United States.
I really, really agree!
Anyone would do the same if they made some record-setting profits.
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The US has had many wars agaisnt 'idiologies'. Communism might have been the first, that is why we went to Korea and Nam, and now war on 'terror' is why we went to Iraq and Afganistan.
I would do the same and say I woule be willing to come back and maybe give twice as much IF the govt slashed 50% of its spending. I don't think the guy is selfish or unpatriotic or against taxes, he probably knows that amount of tax money will end up hurting the govt much like giving a 15 year old kid 100k would hurt him more than help. They are too stupid and irriesponsible to know what to do with the money so it needs to be limited so they can learn how to limit spending and be responsible, THEN they can get more money maybee.