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05/13/12 4:58 AM
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05/13/12 6:10 AM
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05/13/12 5:07 PM
X529 wrote:Look, if eduardo wants to renounce his US citizenship and blow Dodge that's his personal decision. Did I not call him an ingrate ? What are you proposing we do about these people ? Pass a law that confiscates 50% of their total net worth for surrendering their US passport ? Would that even be legal ? I'm not a big fan of immigration anyway. I think there was a time when people came here to become an American but it's become a magnet for a large number of people who have no loyalty and the oath of citizenship is just a bunch of words they speak verbatim and then, it's game on. I have one in my own Family unfortunately. If I had my way, she would be on the next Aeroflot fight back to Siberia and on the do not fly list.
05/13/12 7:29 PM
llilly wrote:Philanthropy doesn't mean the money finds its way to the people that need it most.
What I find amusing is the number of people that aren't super rich that continue to advocate for them. They aren't doing the same for you.
05/15/12 8:02 PM
Saverin, who stands to make billions from his 4 percent share in
Facebook, hastily moved here at the age of 13 when his name turned up on
a list of potential kidnap victims targeted by criminal gangs in
Brazil. His father was a wealthy businessman, with a high profile in
their home country, and so his family relocated to Miami to protect the
youngster. Eduardo thrived in his new country, eventually attending
Harvard University, where he had a stroke of life-changing luck when he
was assigned future Facebook CEO Mark Zuckerberg as a roommate. Their
subsequent struggle over the company has been immortalized in the
blockbuster Academy Award–winning film, The Social Network,
which portrayed Eduardo as an outsider within the close-knit circle of
friends, who eventually only won his stake in the company through a
lawsuit based on an early investment in the company.
Writer Farhad Manjoo does an excellent job at pandodaily
identifying all the ways that young Eduardo’s years in the United
States played a role in the financial bonanza he’s about to experience.
Starting with the obvious protection from kidnapping that wealthy
people generally enjoy here in the United States all the way through the
reasonably functional US court system that awarded him the shares that
are about to make him a billionarie,
this country played a critical role in this young man’s life. In
return, Saverin has decided to relocate to Singapore, where he’ll pay no
capital gains taxes on any Facebook shares he sells in the future. In
fact, he’ll only pay an “exit tax,” which will be determined by his own
team’s estimated value of his net worth at the time he renounced his
citizenship. This little move could cost the US Treasury as much as $600
million dollars. That’s a novel way to thank your adopted country.
05/16/12 12:05 PM
05/16/12 9:21 PM
05/17/12 5:39 AM
Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.
In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering
of stock, which will debut this week. The move was likely a financial
one, as he owns an estimated 4 percent of Facebook and stands to make $4
billion when the company goes public. Saverin would reap the benefit of
tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.
At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa.,
will unveil the "Ex-PATRIOT" - "Expatriation Prevention by Abolishing
Tax-Related Incentives for Offshore Tenancy" - Act to respond directly
to Saverin's move, which they dub a "scheme" that would "help him duck
up to $67 million in taxes."
The senators will call Saverin's move an "outrage" and will outline
their plan to re-impose taxes on expatriates like Saverin even after
they flee the United States and take up residence in a foreign country.
Their proposal would also impose a mandatory 30 percent tax on the
capital gains of anybody who renounces their U.S. citizenship.
The plan would bar individuals like Saverin from ever reentering the United States again.
"Eduardo recently found it more practical to become a resident of
Singapore since he plans to live there for an indefinite period of
time," Tom Goodman, Saverin's spokesman, told Bloomberg News in an
Last year 1,700 people renounced their U.S. citizenship.
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