Eduardo Saverin

[Sharpienads]

Sen. Schumer (Douchebag NY) has proposed legislation to attempt to levy a 30% tax on people who renounce their US citizenship. Schumer thinks that making the United States more like a banana republic is the answer to the idea that United States citizenship has lost its appeal to people like Saverin - rather than figuring out what it would take to restore the attraction of US citizenship.

That's because Chucky Schmucky Schumer is a communist and thinks that "Confiscation of all property of emigrants and rebels" is a good idea.

[hobowh]

Europeans have Monaco.
Others can just get a residency (green card) at some other country.

We are screwed. Even if we get a residency (green card) and live somewhere else, I believe we are not immune to US tax law.

Depends on the source of the income. If you live and work outside the US for more than a year with no US income then no you are not liable for US taxes as a citizen. But you would owe the new country. I find it humorous that this is his excuse when corps and the rich pay less as a % of their income than the rest of us. Oh and just because he is not a citizen does not remove him from coverage by the tax code he may actually owe more dependant in the treaty with the country he is now in.

[Irving]

What's the big deal?

[jhood001]

Oh and just because he is not a citizen does not remove him from coverage by the tax code he may actually owe more dependant in the treaty with the country he is now in.

Captain Stingy A-Hole chose Singapore. Zero capital gains tax. You can bet that tool is going to spend the maximum amount of time he can each year back here in the US, too.

[HBARleatherneck]

delete

[Sharpienads]

If the guy thinks he can make a better life for himself somewhere else, I say go for it. He said he's not doing it to avoid taxes, and will pay any taxes he owes. I don't see what the big deal is. He's not obligated to live here. Instead of trying to punish him, our government should realize that this guy and others like him will probably be millionaires and billionaires no matter where they live, and should try to figure out ways to attract people like him and create an environment where they want to live and work here in the US.

[spqrzilla]

I find it humorous that this is his excuse when corps and the rich pay less as a % of their income than the rest of us.

Corporations pay a corporate income tax rate, the US' corporate tax rate is among the higher in the world. When corporations then pay that after-tax profit to their shareholders, the shareholders are then taxed at individual tax rates for that same profit. That means that the corporation's profit is taxed twice. The only exception to this is the Subchapter S corp, limited to small corporations with only a handful of shareholders, where the profit it taxed once, at individual rates.

"Rich" individuals do not pay less as a percentage of their income than "the rest of us". IRS data shows that quite clearly. Some number of "rich" may pay at a lower rate because their income is dominated by capital gains, which are taxed at a lower rate for two reasons: to encourage capital investment and the growth attendant, and because a capital gain - which must be from an investment held more than a year - is not inflation adjusted. The lower capital gains rates are available to anyone not just the "rich".

[Waywardson174]

Corporations pay a corporate income tax rate, the US' corporate tax rate is among the higher in the world. When corporations then pay that after-tax profit to their shareholders, the shareholders are then taxed at individual tax rates for that same profit. That means that the corporation's profit is taxed twice. The only exception to this is the Subchapter S corp, limited to small corporations with only a handful of shareholders, where the profit it taxed once, at individual rates.

"Rich" individuals do not pay less as a percentage of their income than "the rest of us". IRS data shows that quite clearly. Some number of "rich" may pay at a lower rate because their income is dominated by capital gains, which are taxed at a lower rate for two reasons: to encourage capital investment and the growth attendant, and because a capital gain - which must be from an investment held more than a year - is not inflation adjusted. The lower capital gains rates are available to anyone not just the "rich".

And . . . 51% of American make a net profit off the US government, meaning their direct benefits exceed the taxes they pay. The top 10% of income earners pay 70% of total taxes (my source, because someone will ask). In case you are wondering, once your household income exceeds $112,000, you are in that group. Hardly millionaires. The top 1% starts at $343,000.

And capital gains taxes are simply ridiculous. For all of you who chose gold for wealth protection, by converting your gold back to cash, you owe 15% on any inflationary protection you realized. That's not income, thats simply an increase on market value. We have the 2nd highest corporate income tax rate and one of the highest capital gains taxes in the world. Refarkingdiculous.

Anyone who has ever asked "Who is John Galt?" now knows, Eduardo Saverin.

[spqrzilla]

Waywardson, I use the same source - the Tax Foundation - whose data comes from the IRS. Table 8 at your link illustrates my point: effective tax rates of the "rich" are greater than the effective rates of the lower categories.

Table 6 is, I think, the more illuminating and is what you are refering to when you describe the share of total income taxes. Contrasted to Table 5 which is each category's share of income, you see that the "rich" pay more in proportion to their share of income than "the rest of us".

[Byte Stryke]

squirrel!


I think the problem here is not that people are tired of financial slavery... but that we have allowed ourselves to become slaves of the political elite.

he wants to leave, let him.
No Different that any other foreign businessman.
He hasn't lived here in three years.