http://www.forbes.com/sites/johntam...acebooks-eduardo-saverin-is-an-american-hero/ So, do the patriotic right wingers here applaud Saverin?
I believe he still has to pay income tax on the vast majority of money he gets from FB. He only saves money if the FB IPO is a lot bigger than the valuation of his stock at the time he renounced citizenship. That probably will be the case, but you never know.
From what I know of Singapore is that they are very good at getting money. The Lee family is going to get their cut of that Facebook money. Also I was just thinking the other night that Singapore has national service so it would be pretty funny if Eduardo Saverin ended up having to do two years in the Singapore military. I figure though he will probably buy his way out of it.
No, we wouldn't want to have capital restrictions or labour protections in the fear of insulating the global financial elite from their outrageous selfishness. It's still not enough. America has homeless veterans on the streets. Then it has people who would leave the country on a marginal tax rate difference. Yeah, I really see who the country should cater to.
If you need his wealth to help homeless vets, why advocate a system that drives his wealth out of the country? Resentment and contempt for the golden goose is counterproductive (unless you think you can shame it).
The golden goose in this case wasn't even a golden job-making goose, he just happened to be riding coats on Zuckerberg's idea, so good riddance. Let's just say that devotion to the country is not being rewarded. I wouldn't actually mind if it wasn't for the fact that "national pride" is the bread and butter used to subjugate most of the working class into, let's say, risking their lives for the country in Afghanistan. A social democratic society would actually appeal to the rich if they are actually employing people because it implies a higher degree of return on human investment (which is why Sweden hosts some of the largest companies in the world, and has a well-functioning economy). It might phase out those people who are riding on family fortunes or long ago accumulated capital, but those people are not worth keeping around for any job-creation magic, and you can't stop their mobility unless you want to offer the lowest capital gains tax rate in the world, which would be stupid on so many levels, I cannot possibly fathom discussing why (though we could start with the fact that people like Saverin are very rare, and work from there).
Eventually, there needs to be a realization that with dangerously increased mobility of capital, and the ability to directionally speculate in almost any direction, there is a need for a much more strengthened international financial architecture. Until then, shaming the rich who want to depart for "greener pastures" will have to suffice. It works for the poor, the single mothers on workfare, and the immigrants who just want a chance. What's good for the gander, is also good for the goose.
If you don't tax the wealth, you can't help those homeless vets. Why do you advocate a system that helps the wealthy at the expense of everyone else?
Balderdash. Spiderman totally was a cofounder of Facebook! <iframe width="480" height="360" src="http://www.youtube.com/embed/7ssh0Zyf9XY#t=2m05s" frameborder="0" allowfullscreen></iframe> And he supplied much-needed chess/babe algorithms, to boot. We have lost an American hero. We now have a national chess/babe algorithm gap, and of all places, it's with Singapore.
I'm going to agree to a certain extent with Commodore that the US does have a problem regarding taxation for expats leading many to renounce their US Citizenship. Here is an article about it http://www.dailymail.co.uk/news/art...enouncing-citizenship-avoid-paying-taxes.html Also the US system of taxation does cause many problems given how complicated it is. From my understanding of Singapore is that individual and corporate taxes are low, along with not having a capital gains tax which is why Eduardo is doing this before the Facebook IPO, but has a sales tax, stamp tax, CPF (similar to SSI) and far fewer loopholes. So they are still able to efficiently collect taxes and fund a social services more generously than the US. As far as Eduardo Saverin specifically the Singaporean government keeps fairly tight control of who can become a Singaporean (poor Sri Lankans, Thais, and Filipinos don't even bother trying to apply) so I suspect that some deal has been worked out that will get Singapore some of that money.
What a bizarre article about the evils of an income tax and the glory of consumption taxes. It had nothing to do with Saverin, except as a hook since he's kind of in the news right now. So a wealthy guy, who isn't from the US, and doesn't live in the US chooses to give up his US citizenship so he doesn't pay US tax. And this is reason to blow up the US tax system and replace it with one in which he wouldn't pay US tax since, not being present in the US, he's not buying stuff in the US. OK.
Sounds like we just need to close a loophole. Whenever a citizen renounces his citizenship, take all his stuff.
You're less able to fund government programs & services that benefit the poor, provide for national defense, build infrastructure, oversee the financial system, etc.
