is facebook founder a traitor?

The part that escapes any logic is why these jagaloons would penalize our citizens and allow foreign corporation and foreign sovereign funds to invest in US, buy real estate and engage in operations without requiring an equivalent set of rules. Oh yeah... superpac donations, lobbying and contributions. Maybe a bribe can make this go away too.

Our domestic corps can invest overseas and keep profits offshore and tax deferred forever... A real person can not and is essentially an indentured servant to the IRS of the USA?

The whole FATCA reporting requirements is going to kill opportunities for US citizens abroad. If any US citizen owns directly or indirectly 10% in any foreign venture the foreign venture is required to open their books to the IRS and file a tax report. Foreign Banks are turning away Americans... These banks get hit with 30 % fines for failing to report every US citizen account. Many of the reporting requirements conflict with the laws of the nations. ie. swiss banking secrecy has already been pierced.

Setting up shells and trusts and having a foreign attorney be the nominee won't work anymore as they too are required to disclose and report to our IRS.

Once FACTA goes live these foreign countries will enact reciprocal legislation and require our IRS, corps and banks to report all holdings of their citizens to their tax authorities with similar penalties.

Sheer Crazyiness...

Quote from logic_man:

This is probably unconstitutional as it smacks of being a bill of attainder. It isn't a crime to renounce your U.S. citizenship, yet that's how this "law" would treat such an action. In fact, I'd argue the same about the current exit tax, but it's already on the books and, as far as I know, hasn't been challenged as such.

That these two scumbags and the other scumbags who sign on to it would try to impose such a burden on productive people who've had their fill of the Schumers and Caseys of the world is no surprise, though. I'd expect nothing less from these scum. Gotta keep buying the votes with other people's money.
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Quote from PocketChange:

The part that escapes any logic is why these jagaloons would penalize our citizens and allow foreign corporation and foreign sovereign funds to invest in US, buy real estate and engage in operations without requiring an equivalent set of rules. Oh yeah... superpac donations, lobbying and contributions. Maybe a bribe can make this go away too.

Our domestic corps can invest overseas and keep profits offshore and tax deferred forever... A real person can not and is essentially an indentured servant to the IRS of the USA?

The whole FATCA reporting requirements is going to kill opportunities for US citizens abroad. If any US citizen owns directly or indirectly 10% in any foreign venture the foreign venture is required to open their books to the IRS and file a tax report. Foreign Banks are turning away Americans... These banks get hit with 30 % fines for failing to report every US citizen account. Many of the reporting requirements conflict with the laws of the nations. ie. swiss banking secrecy has already been pierced.

Setting up shells and trusts and having a foreign attorney be the nominee won't work anymore as they too are required to disclose and report to our IRS.

Once FACTA goes live these foreign countries will enact reciprocal legislation and require our IRS, corps and banks to report all holdings of their citizens to their tax authorities with similar penalties.

Sheer Crazyiness...
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Yes Swiss banking is kaput, same goes for Liechtenstein and all the teeny weeny countries who have been forced to comply by the USA and EU. I have heard from some wealth manager that the only banks who have told western tax authorities to fuck off when investigating offshore bank accounts are Chinese banks.
 
No he is not a traitor but rescinding ones citizenship for about 70 million dollars out of an expected wealth of 2.7 billion makes me think for how little money this guy stabbed classmates in the back and cheated them in order to get this venture up and running when he was back at Harvard. People who go through such process for so little to gain (relatively speaking) generally kill others for a couple cents. I hold the same view of Zuckerberg.



Quote from Free Thinker:

the us gave him the oppertunity to get rich and now that he is he pulls a stunt like this to evade taxes?


Eduardo Saverin, the billionaire co- founder of Facebook Inc. (FB), renounced his U.S. citizenship before an initial public offering that values the social network at as much as $96 billion, a move that may reduce his tax bill.
Renouncing your citizenship well in advance of an IPO is “a very smart idea,” from a tax standpoint, said Avi-Yonah. “Once it’s public you can’t fool around with the value.”

Saverin moved to the U.S. in 1992, and became a citizen in 1998,

http://www.bloomberg.com/news/2012-...erin-gives-up-u-s-citizenship-before-ipo.html
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Quote from amazingIndustry:

No he is not a traitor but rescinding ones citizenship for about 70 million dollars out of an expected wealth of 2.7 billion makes me think for how little money this guy stabbed classmates in the back and cheated them in order to get this venture up and running when he was back at Harvard. People who go through such process for so little to gain (relatively speaking) generally kill others for a couple cents. I hold the same view of Zuckerberg.
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I don't know the whole Facebook back story and I didn't watch the movie, but if they guy lives outside the US, and doesn't want to ever come back and live in the US, why should he be a tax slave too the IRS for the rest of his life?

I understand he is going to pay a huge exit tax to renounce. If I lived in Singapore and I was young and I had dozens of major investments going on outside of the US, why would I want to stay under a regime that believes it is entitled to tax me, at whatever rate they determine, for my business activities in Malaysia or Brazil or Timbuktu for the rest of my life?
 
http://abcnews.go.com/blogs/politic...-to-respond-to-facebooks-saverins-tax-scheme/

If his account is in USA, he will be taxed I guess before he takes out his money. maybe not.

if he tries to avoid the tax, extradite. lol. $67 million is enough to pursue this.

USA, and all other countries, need cash. If you have cash and they think you are not going to "play nice", well then you will lose.

Congress knows not many will support someone who leaves this country.

They say he will make 4 billion, and chose to make all this money in USA.
 
Quote from Mayhem:

I don't know the whole Facebook back story and I didn't watch the movie, but if they guy lives outside the US, and doesn't want to ever come back and live in the US, why should he be a tax slave too the IRS for the rest of his life?

I understand he is going to pay a huge exit tax to renounce. If I lived in Singapore and I was young and I had dozens of major investments going on outside of the US, why would I want to stay under a regime that believes it is entitled to tax me, at whatever rate they determine, for my business activities in Malaysia or Brazil or Timbuktu for the rest of my life?
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See, you are thinking like Saverin does. The people pissing and moaning are thinking like the proles they are. For them to even imagine having investments in multiple countries outside the US is a bridge too far, nevermind having them imagine having to pay a tax bill on account of those activities. Small minded people with limited horizons are genetically incapable of thinking outside their little box. When robots develop to a sufficient level to replace mid-level human knowledge workers, people like the guy who started this thread will be the first to be replaced. Saverin will probably be one of the guys financing the invention of the robot.
 
Quote from logic_man:

When robots develop to a sufficient level to replace mid-level human knowledge workers, people like the guy who started this thread will be the first to be replaced. Saverin will probably be one of the guys financing the invention of the robot.
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Good point. When the robots come there's going to be one massive spanner thrown towards our planet?

What's 50% MINIMUM of the population going to do when robots take over 50%-75% (maybe even more) of the jobs? Taxi drivers, train drivers, builders, road sweepers, waiters, cooks, gardners, road sweepers, manufacturing labour, shop workers, shelf stackers, miners, most airport staff, rig workers, army personal and so on.

Robots at first glance look great but the reality is they could well help destroy the world........
 
you can live in Singapore with full residence permit and work permit with a 1 million dollar investment. Same applies to Hong Kong. This whole game is all pure bs. This guy is the same cheat than Suck(er)-berg. That he gives up his citizenship per se is not a problem the timing is highly questionable. Lying in the press that its because he wants to live in Singapore is ludicrous. Its for taxes. Nothing else. Now why someone wants to avoid 70 million taxes with an estimated net worth of 2.7 billion is beyond my comprehension, GIVEN he enjoyed US patent laws, US copyright protection, US venture capital opportunities. He became US citizen to gain an advantage and now he gives it up again for his own selfish reasons. We are exactly where we are with Wall Street and corporate governance because of people like him. They abuse the system and when the environment does not suit them anymore they get the fuck out. Do you think this guy holds friendships in high esteem and respects handshake made deals if he treats a citizenship like this? I highly doubt it. Its the principle that gets me. Its not like he was a US citizen from birth and gave it up because he does not believe in the system anymore such as Jim Rogers. Two completely different cases, I highly respect Rogers for his decision and move to Singapore, BECAUSE it was out of principle not to save couple tax dollars.



Quote from Mayhem:

I don't know the whole Facebook back story and I didn't watch the movie, but if they guy lives outside the US, and doesn't want to ever come back and live in the US, why should he be a tax slave too the IRS for the rest of his life?

I understand he is going to pay a huge exit tax to renounce. If I lived in Singapore and I was young and I had dozens of major investments going on outside of the US, why would I want to stay under a regime that believes it is entitled to tax me, at whatever rate they determine, for my business activities in Malaysia or Brazil or Timbuktu for the rest of my life?
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He will be taxed 67 million not a penny more. Its because he rescinded it before the shares publicly trade.

Quote from BlueTurtle:

http://abcnews.go.com/blogs/politic...-to-respond-to-facebooks-saverins-tax-scheme/

If his account is in USA, he will be taxed I guess before he takes out his money. maybe not.

if he tries to avoid the tax, extradite. lol. $67 million is enough to pursue this.

USA, and all other countries, need cash. If you have cash and they think you are not going to "play nice", well then you will lose.

Congress knows not many will support someone who leaves this country.

They say he will make 4 billion, and chose to make all this money in USA.
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