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Tax-Arbitrage Of The Year - Facebook Founder Renounces US Citizenship
We can only guess at his reasons. Perhaps it is the cost of real estate in Palo Alto, the price of Starbucks in Silicon Valley, or the lack of Bugatti dealerships but Eduardo Saverin - co-founder of Facebook - just renounced his US citizenship. Via Bloomberg,
- FACEBOOK CO-FOUNDER SAVERIN GIVES UP U.S. CITIZENSHIP PRE-IPO
- FACEBOOK CO-FOUNDER SAVERIN PLANS TO INVEST IN BRAZIL COMPANIES
Or maybe the always pioneering entrepreneurs from Facebook just gave us a preview of US tax policy, or rather the popular response to it, in 2013. Like!
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Hmm, taxes make people leave? Weird.
Fucking genius! On to Switzerland (Citizenship, while banking in Cayman, and living in U.S. - hence he can still drive his Tesla to FB campus)
That, for the un-initiated, is a complex web of post WWII Nazi Money going home to roost, Jewish to boot, how strange.
Rat, sinking ship? And way back then, who was Enemy and who was friend?
Co-Flounder is more like it.
Saverin is Savourin his profeets...
ori
sifting-the-sands-of
Doesnt take a visionary to know what America's future is!
Three Flags Bitchez!
Actually it seems like it does.
US educated, US created, US technology, cashing out in the US equity markets.
But thanks for playing.
Citizenship: Brazil
Resident: Sigapore
Money: Everywhere!
If we just raise taxes on the EVIL RICH, and raise the Capital Gains tax, people won't leave anymore!
HOPEY CHANGEY, SUCKAZ!
I bought TWWI on wednesday and made 100% profit in about a hour. Stock Legends has another big alert coming this weekend for monday. http://stocklegends.com
Wow...two lattes.
He's renouncing his U.S. citizenship after after our FB citizens and markets helped him make bazillions?
Well I'll be Facefucked.
Yes.. But the question is whether the US government will accept his renouncement... My guess is no considering the size of potential tax income they will be extracting from him shortly....
Remember, you might be a US citizen, but you are first a slave to the ever wonderful US Treasury Department... And yes, they will find you... Ask anyone who gave money to the swiss...
It is true that there are recorded cases of the govt denying applications to renounce citizenship (as odd as that might sound).
The system is self-destructing, they are attempting to keep as many slaves as possible from fleeing to safety (because after-all they need someone to fleece for the next banker bailout that we are slightly over-due for.).
Just like they did in 1933 when they stole everyones gold at 20$ an oz and then pegged the price post theft to 35$ an Oz, anyone who managed to renounce citizenship avoid taxes, and save their money (in gold) would of become potentially very wealthy by simply combating the government-bank sponsored fraud of the time.
1933 = Banker Bailout
1970s ~ 1980s = Banker Bailout
2007~2013 = Banker Bailout
Every-time a bubble popls (usually a credit bubble) the govt steps in and bails them out by stealing the wealth, purchasing power and sometimes even the DEPOSITS of the governments and banks creditors (you and me).
When you deposit cash in your bank, its not even yours anymore, go read bank of Americas terms and conditions for opening an account, it puts you in the position of debtor to the bank even though a deposit is a loan from you to the bank.
They can actually deny giving you your money in those terms and conditions that you didn't read.
It's all UCC based law, go read the side of your freaking deposit slips.... you know the fine micro print.
1933 = Banker Bailout
Nicht !!!
i doubt they accept it without a huge tax hit. Facebook could only have been create in the USA -- so he can go fuck himself. PAY the taxes and then fuck off....
WRONG ... ever heard of Marc Rich? Left the country and never paid his taxes ... oh, but the wife made a very conveniently timely donation to the Bill Clinton library. WINNING!
They already accepted his renounciation, he is on the list just published April 30th.
https://www.federalregister.gov/articles/2012/04/30/2012-10274/quarterly...
isn't he still a brazilan citizen?
Next on his "to do" list........
Eduardo Saverin was born in São Paulo, Brazil, to a wealthy Jewish Brazilian family, and was raised in Miami, Florida.
While an undergraduate at Harvard, Saverin took advantage of Brazil's lax insider trading regulations and made $300,000 via strategic investments in the oil industry.
He also renounced his U.S. Citizenship in September 2011.
The Brazilian-born resident of Singapore. It may help him cut the tax bill stemming from his Facebook stake, and avoid capital gains taxes on his future investments. Singapore doesn’t have a capital gains tax.
Exit Tax
Saverin won’t escape all U.S. taxes. Americans who give up their citizenship owe what is effectively an exit tax on the capital gains from their stock holdings, even if they don’t sell the shares, said Reuven S. Avi-Yonah, director of the international tax program at the University of Michigan’s law school. For tax purposes, the IRS treats the stock as if it has been sold.
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’s estimated gain, and subsequent tax bill, would be based on an appraisal by his tax advisors.
They could have valued his Facebook stake at less than it will be worth once shares trade publicly, reducing his liability. For tax purposes, Saverin can argue that the value of his stake should be discounted because of the potential difficulty of selling the shares while the company remains private.
There should have been enough shares traded on Second Market to give a good starting point. given the size of his holdings, a full sale would be at a lower price.
Does he even have a secretary that pays taxes?
He's Paris Hilton with a limp dick.
Likely, many latin american conutries have dual citizenship. The U.S. can't stop him..If they try, FB servers can be moved out and the company can incorporate elseware...Bad for California if that occurs...They are banking on FB IPO to fix their budget...
Hope he doesn't have a Fisker, they tend to burn the house down. The Flaming Fisker!! LOL!!
Maybe he knows whats coming to the US this summer.
Maybe he wants to settle down with his memes in Monaco.
Hear he is a big jet setter these days ..
perhaps indictments make them leave. Talk about your basic prepper.
Yeah, odd right ? It's like this experiment people have to witness every time because the previous obvious conclusions never seem to stick.
So what fucking nation is he a citizen of?
And why wasn't that in mentioned?
teh google says...
http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-giv...
Roland99
Thanks. I found this following the Google
I did not know BIGOV posted a quarterly list of expatriates.
https://www.federalregister.gov/articles/2012/04/30/2012-10274/quarterly...
Quarterly Publication of Individuals, Who Have Chosen To ExpatriateThis notice is provided in accordance with IRC section 6039G of the Health Insurance Portability and Accountability Act (HIPPA) of 1996, as amended. This listing contains the name of each individual losing United States citizenship (within the meaning of section 877(a) or 877A) with respect to whom the Secretary received information during the quarter ending March 31, 2012. For purposes of this listing, long-term residents, as defined in section 877(e)(2), are treated as if they were citizens of the United States who lost citizenship.
Brazil...Now thats somewere I always wanted to tan, I mean go
Help me !!! I cant stop this shit
cheesewizz
At least your not a Brazil nut.
Giving up one's citizenship is the only way to get an offshore account nowadays with Fatca legislation kicking in in 2013.
Kenneth Dart of Dart Industries tried that to leave him free of styrofoam-based lawsuits that will dwarf asbestos claims. He bollixed up a bunch of South American debt settlements with the major banks like Citicorp. A real prince of crapitalism who'd just as soon skip the table before the bill came due.
They'll let Edouardo free of taxes for a very stiff price just for the example. Dumb move, smart guy.
"Off Shore"...its not just for companies anymore.
If I had millions of dollars I'd do the same. Especially if I was about to get millions of dollars.
Given the binary nature of our probably outcomes 1) The easiest way to ensure you'll never be a millionaire is to stay here. or 2) We will all be millionaires.... when a loaf of bread cost $500,000.
Is it Thai Stick Friday for you or are you trying to use the keyboard with mittens on?
Both... don't want the smell on my hands giving me away.
mckee
"The easiest way to ensure you'll never be a millionaire is to stay here"
Yes, I'm quite certain that Spain has a blooming millionaire class.
Here in Belarus we are millionaires for a long time. Bread costs 5 000 - 10 000 of local currency, 1 USD = 8 000.
Nothing to fear, you'll get used to it :)
I am not worried about becoming a millionare, but I am terrified of becoming a multi-quadrillionaire!
I am not sure my back will hold out hauling half a ton of FRNs to buy a loaf bread.
It would be interesting to see the State of the Union speech when hyper-inflation hits:
Good evening Americans and members of Congress. My adminstration has succesfully turned each and everyone of you into multimillionaires in just a few short years. The United States now has more billionaires and Trillionaires then the rest of the World combined! Never in American history has any President been able to raise incomes so fast as mine has! In today's ecomony everyone has a job even if they don't want a job. We managed to employ the eldery, the disabled, and even the terminally ill! What an exciting time it is to be an American! My adminstration has also done something that never been done before, Send every illegal alien home without the cost of a single tax dollars to enforce immigration policy! We also managed to finally make American Energy independant! Today we are also a top energy exporter. Our Energy policy has managed to permanently remove over 100 million cars from American roads. Our roads are completely congestion free!
Putting aside all this good news, I have something serious to discuss with the American People tonight. As you're already aware, some of our former states have rebelled against our great Union and have set up terriorist networks that threaten our liberties and our way of life. I have asked Congress to deliver an article of war against these rebel states. No longer shall Texans and Alaskans threaten our great nation. We will end their reign and take back what is rightfully ours! I've also requested new Border security Bill designed to secure our borders to prevent American Wealth from leaving our nation. We cannot permit tax dodgers from fleeing our nation. We also cannot permit illegal contraband (Coffee, Sugar, Toilpaper, beef) from being transferred with out the luxary tax stamp. Its unfair to law abiding citizens and it robs wealth from our public treasury. In order to fund these new bills I have requested that the VAT tax be raised a small portion to a new effective rate of 84%. This new tax rate is fair and just for everyone. Some of my fellow members in Congress and the Senate have argued for new tax rate of 90%. That is simply too much of a burden and I will veto it. Its 84 or the veto! I understand the American people and refuse to take action that will cause unneccessary misery. Good night and God bless us All!
So now he's a terrorist...
junkyardjack
Has someone checked his underwear?
I'm sure some TSA freak will be hot for him.....
Do you have to be a citizen anywhere? Now that's globalization.
Where to?
Singapore
Depends on his age. Mandatory military service if too young, I believe.
HANKREARDON
http://www.blueseed.co/quick-facts.html
Wait a minute here:
Last time I was in the neighborhood, the Santa Cruz Mountains were still quite well established between Silicon Valley and the Pacific Ocean. Just a quick and easy 45 minute drive on the winding mountain freeway to Santa Cruz or Monterey and you're on the water.
Of course, the 12 mile limit hasn't really existed since sometime around the Cuban Missile Crisis. Most nations follow the U.S. lead of imposing a 200 mile limit around their land mass.
On the other hand, I wish them all the best with this. Stupid people should be separated from their excess money as quickly as possible.
they have that world boat thingey
Doesn't want to be taxed worldwide for the rest of his life. It makes sense. I'm American and paying the US taxes even though I haven't lived there since I left college.
The benefits of citizenship must outweigh the penalties if there is free choice. What are the benefits again?
Free FEMA camps, tear gas in the face, mopads running you over....to name a few.
That for us 99% only.
You forgot the benefit of being a walking target in most of the third world and some of the developed world.
American Distress ... Don't Leave Home!
You get to wave the flag that gets planted in your ass, as you alternate kissing TPTB's left and right feet. Operators are standing by! Call now!
The benefits of citizenship must outweigh the penalties if there is free choice. What are the benefits again?
_____________________________________
You 've got bodycounted if you get get killed by the US military.
You've got thought twice if the US government wants to assassinate, thrice if you hold US citizenship and live in the US
etc...
Many benefits that will be reckoned with once the citizenship is surrendered.
Or you get to have a free dump on the street before the Chinese thugs, er, police, drag you off to the one ounce head shot.
The benefit of US citizenship is the ability to travel to and work in almost any country in the world, many without a visa. Visas being cheap and easy to get. Enjoy it while it lasts.
You don't have to pay the first $90,000 or so on your personal income earned overseas.
However, if you are working freelance, you owe self-employment taxes on everything you make overseas.
While i agree with the idea that it is silly to pay taxes while living abroad, there IS an exemption (currently $96,000 I believe). I wonder how many of those up arrows you received are aware of the earnings of people in your situation.
$96000 gross, based on the average exchange of a manipulated US dollar.
USD/EUR 1.34 for the year by IRS
$96k is 70k Euro
55% Tax rate in Europe
Whamo. 32k take home. Gosh, I'm rich...I deserve to pay taxes in two countries as I am a money grubbing 1%er.
Facebookistan?
TD just tweeted your 'Facebookistan'. You should've got it trademarked.
Chimerica...
Formerly liked Kingdom of Zuckerbergia
Oh regional Indian
Lateesha Rodriguez: Now, as a blactino woman, I believe we deserve our own race category to forge an identity, Jerry. That's how I feel.
Jerry Springer: Did you just say "blactino"?
Lateesha Rodriguez: Yes, I did. I'm a blactino-American.
Chinegro Woman: Wow. Uh, first of all... first of all, you don't even look latino. You look black. You're... You're black. Second of all, I'm of mixed race, and I've struggled my whole life as to whether I'm Chinese or whether I'm black.
Lateesha Rodriguez: Chinegro! What you are is chinegro!
Chinegro Woman: Chinegro?
Lateesha Rodriguez: Chinegro! There you go!
Chinegro Woman: Chinegro?
Lateesha Rodriguez: You are a chinegro!
Chinegro Woman: What the
[bleep]
Chinegro Woman: is chinegro?
Lateesha Rodriguez: That's what you are! Chinegro is you!
Chinegro Woman: That's some bulls...
[bleep]
Chinegro Woman: .
Jerry Springer: OK, as I understand it, you brought a mixed-race flow chart with you. Why don't we bring that out?
[Crowd shouting and booing]
Lateesha Rodriguez: [to a random heckler] How you doin', sugar? All right. I'm gonna call you later. Mwah. All right.
[Crowd laughs]
Lateesha Rodriguez: Take a look at this...
[she unveils the chart]
Lateesha Rodriguez: Blactino, blackasian, hispasian, OK? Now, for the Asian subcategories,
[to the Chinegro woman]
Lateesha Rodriguez: I got you, sister. We have chinegro right here. That's you. Chinegro.
Chinegro Woman: That's not a word! That's not a word!
Lateesha Rodriguez: Yes, it is, sister. We have koreagro. Japegro, OK?
[Crowd laughs]
Lateesha Rodriguez: Chispanic, koreaspanic, and last but not least, check this out, y'all... japanic.
[Crowd cheering]
Lateesha Rodriguez: That's how I flow with it!
Jerry Springer: Do you believe the government should recognise these racial subgroups?
Lateesha Rodriguez: Yes, Jerry, I do.
Hat's off Gully, you always come up with the most fascinating stuff.
That is why your troll was so patently that. Insipid.
Ah Laax thiz.
ori
Oh regional Indian
"Insipid."
I bet you can't say that without a lisp.
Actually I can. And in case you haven't met, please meet:
http://www.electricsheepcomix.com/
My return gift to you. The most unusual visual mind I've ever encountered.
ori
Oh regional Indian
Grant Morrisons Doom Patrol.
Ben Edlunds Blue Tick comics, followed by the live action show then the cartoon.
The League of Gentlemen and Psychoville.
Off the top of my head most unusual visual minds.
What I want to know is who could give a down arrow to a bunch of Blactinos, Blackasians, Hispasians, Chninegros, Japanics?
Welcome to the Melting Pot.
a larger GDP tham Quam!
Facebookistan?!
serious LOL-istan
It's complicated
Look for retro-active taxation on renouncers if they happen to come into some serious coin after the fact.
Friends with (tax) benefits.
America needs role models!
Thumbs up nerd guy!
Sudden Debt
I thought the American role model of an expatriot was, Roman Polanski.
You know someone who can safely drug then assfuck a teenager yet still be adored by millions.
Surprised? Oh well, he is Jewish. They own the USA.
Cute.
Suppose 150 million renounce?
Hmmm?!
HMMMM?!
Vector...
Didn't they build a fence for that?
Guess the CIA's been running it's mouth a little too much in the board room lately...
Did he "like" Simon Black's page?
Whats not to love about singapore - no cap gains and living like a rock star. Where do i sign up to renounce.
There is of course that detail about cripplingly high real estate prices and draconian civil rights rules but I grudginly agree the place is damn impressive in many ways. The thing that really impressed me is how the mentality of collectivism and the highly interventionist government has performed some amazing feats of development and technological innovation there. Amazingly clean, orderly and developed place. Don't erroneously interpret them as being libertarian though, very very far from it.
At least they're up front and honest about their draconian civil rights, and I don't believe they just ordered enough hollowpoint rounds to put one through every one of their citizens' foreheads... So they've got that going for them.
Last time I was there, I was standing at a cross-walk and this guy next to me tosses some paper on the ground, so I said to him, "You wouldn't do that if Lee Kuan Yew were still running this place." After a nervous look at me, he picked it up and went on his way.
Guess those canings leave a lasting impression on folks.
Too fucking humid .
You have to pay to renounce your citizenship, I suppose they will raise the price..... Wait a minute........ wait for it........... IVE GOT IT!!!!!!!!!!!!!! We can raise the price and then when millions of US citizens renounce it will be a boon for the economy Bullish!! Bullish!! With this and the all that gay marrige coming soon the economy will have a robust recovery.
Brazilian Jew. The Winklevii got JEWED!
The anti Isreal argument is quite compelling, yet often undermined by being honey-potted with racism and hate. I will assume from now on you are a Mossad agent.
Eduardo Saverin was born in São Paulo, Brazil, to a wealthy Jewish Brazilian family. wiki
thats why hes a brazilianaire!
look for outrage from the moral midgets and corrupt critters in CON-gress in 5,4,3,2...
I believe he is a Sovereign Douche Bag and he traded it for Zynga Groupons.
Why am I getting the sense that this IPO is specifically being offered so the executives can cash out?
Facebook's own IPO prospectus showed that their revenues have peaked.
Facebook will be going the way of MySpace soon.
Over the 3 years I had facebook (I deleted it) I NEVER clicked on an ad, that speaks volumes about their earnings potential...
If you think the only place they're generating revenue is ad-clicks, you're over a decade behind the online-media industry. Might want to look into what those folks have actually been doing for money.
I have and 89% of the $4.27 billion Facebook made in 2011 was from ad revenue. I am also aware of the data mining and personal data selling business which is peanuts. In the B2B online marketing headspace the offer to socially integrate with Facebook/Twitter usually results in the comment "We don't do facebook, it does nothing for sales". I tend to agree, unless your promoting a band, selling cupcakes or creating an online community it generates a negative ROI.
Personally, I suspect their future is going to involve a lot of government contracts. Numbers may be fudged for security reasons.
Previously I was speaking in a pureley business perspective. I am in the same camp as you my friend, I have a gut feeling they have been subsidized by the TPTB from the get go to create a massive facial recognition database.
The success of their ad program relies on the data mining.
It is derived from it.
Well it's sure as hell not from sales generated. LOL
You forgot to make some kind of link between Facebook and your nefarious (and mythical) "US Citizenism" here.
Your Chinese Communist Party Central Committee paymasters are not going to be happy with you for your oversight.
Or am I addressing the slightly less autistic Troll #3 here, instead of the anti-American soundbite-spitting Troll #1, or the loquacious but even more rabidly anti-American Troll #2? You know how hard it is to tell you apart --- you all pretty much look the same to us.
How ya been akak? I commented on this because...
Loquacious is a good word.
Motha' fuckin' loquacious bitchez.
akak said:
The PRC Ministry of Truth Handbook for Internet Propagandists is pretty strict about certain things. For instance, it will allow propagandists to faintly criticize the Chinese citizenism ruling class if it serves to camoflage the role of the propagandist.
However, it is quite clear about "US citizenism". The propagandist must, whenever presented with the opportunity, criticize and condemn "US citizenism" and blame it for any problem that can be even remotely associated with it.
The one that failed here to link facebook with "US citizenism" will be easy to sniff out. The punishment for his failure will be a month of doody duty in the public parks of Shanghai, cleaning up the human feces dropped there by his fellow Chinese citizenism citizens.
Chinese Citizenism is a heavy burden to wear.
Was there any IPO in history that wasn't offered specifically for the executives to cash out? The only one I can think of is GM, where the workers cashed out with taxpayers money.
Racist......Genius.
Like Paul said,
"Those border fences may confine you one day."
Watch as the great exodus accelerates!
soon? or already
I'm guessing that he thoroughly checked the bureaucratic time windows on this.
"If at any time during the year..."
"Any income earned within the year ending..."
Etc., etc.
Tyler Durden wrote:
Well, this development may be part of a global trend. Look at the exodus of entreprenuers from France in the wake of the election of a Socialist President in that country:
http://www.bloomberg.com/news/2012-05-10/entrepreneurs-in-france-flee-fr...
-- Paul D. Bain
paulbain@pobox.com
French entrepreneurs? Isn't that an oxymoron?
Believe it or not, there are a few. Xavier Niel kicks all kinds of ass and is a really interesting guy. http://www.forbes.com/sites/clareoconnor/2012/03/09/french-revolutionary...
A real bag of hammers you two are - what language do you think "entrepreneur" comes from?
Vite! Dites-moi le nom d'un autre entrepeneur français, trou du cul!!
http://techbaguette.com/2011/07/23/the-new-13-hot-french-entrepreneurs-under-30/
Who gives a fuck what language from which the word derives. It IS ironic that it's French- enter new Socialist president!!!
Definitely a no-brainer decision.
He was probably told by one or more of his foriegn banks that they didn't want his account anymore given new oppressive US reporting regulations.
Understandable in that case.
There were a lot of people that renounced their citizenship in 1776.
"When in the course of human events..."
A lot of events going on nowadays.
oBLAHma renounced his citizenship a long time ago! wait, what?
Did he renounce it from Kenya or Indonesia?
Did he, "As a family, we just recently updated our documents" and become a Swiss citizen? I hear it is quite trendy.
Renunciation of US citizenship works like a liquidation of assets for IRS purposes.
Big bill. Very big bill.
But avoids possibly much bigger bills into the future.
But it works in reverse if you become treasury secretary. Remember how Hank "tanks in the street" Paulson said he was "forced" to sell his positions tax free when they "made" him become SEC-TRES
If you have some money/assets (2 million is the threshold) YOU HAVE TO LEAVE 30% of everything at the door before leaving.
Any possibility that the US gov says No, you may Not renounce your citizenship, we will come for your money until the end of your days?
They can and do audit you if they think you are doing so for tax reasons. They even have the right to charge you an exit fee, and there isn't much you can do about it.
What if you can afford to raise an army of Hessian commandos and snipers ?
Wait, you can renounce your citizenship so easily like that???
Unless you owe the IRS.
I bet he would rather be able to take the Krugman taint off his record.
The masters of the tax universe really only have two choices, become president, SEC-TRES or leave the USA.
There is an exit tax!
There are metal detectors.
Papers?
Not so easy. You have to stand in front of the flag and also in presence of some minor officials.
Saying "I do" is much easier.
Bye. Who gives a shit?
Let all who can escape the beast do so.
I have just formaly renounced Facebook.
I can imagine the loss caused by your curageous move completely nullified all savings resulting from his giving up of the US citizenship...
Another thing that must make him really sad is that he won't be able to vote in the next presidential election, when millions of Americans will decide future direction of their country. ;-)
Pretty apparent we have investors on this thread that do no research but dive in.
Eduardo P. Saverin (born March 13, 1982; Portuguese: [edu?a?du ?save??] or [save????])[3] is a Brazilian-born American internet entrepreneur and investor
By 1993, Saverin's father had become wealthy, and in 1993 it was discovered that his son Eduardo´s name had been placed on a list of kidnapping victims by gangs specializing in kidnapping for ransom. As a result, the family moved to Miami to find a safer place to live. Saverin attended Gulliver Preparatory School in Miami, and went on to Harvard University, where he was a member of the Phoenix S.K. Club as well as president of the Harvard Investment Association. While an undergraduate at Harvard, Saverin took advantage of Brazil's lax insider trading regulations and made $300,000 via strategic investments in the oil industry.
Born (1982-03-13) March 13, 1982 (age 30)[1]São Paulo, Brazil Residence Singapore Nationality
Brazilian
So he's a Portugese, Brazilian-born American with Singapore Nationality? Wow.
American's pay tax globally by nationality. Most countries do not require you to pay tax at home if you are working abroad. However, the US is one of the few that does. Yes, there are exemptions, but the fact is the exemption is based on your GROSS income before local tax, and is calculated on an annual average exchange rate.
You've seen what the fed is doing to the value of the dollar, right? What do you think happens to that exemption if you are earning yen or Swiss francs? Plus, if you go into alternative minimum tax land, which is really easy to do with a debased US Dollar, you loose the local taxes you pay as a deduction.
So, I live in Belgium, tax rate about 57%, and I then get hit with AMT and lose the tax deduction I paid in Belgian taxes. I get to pay the US again, unless I buy a house or property which is about the only deduction I can keep. Of course, I then need to hold that asset for 5 years minimum or I get hit with 21% Belgian VAT.
Isn't it great to be a dual national with a US passport? Not...
As an added bonus, new IRS laws require that if you have a joint account with your wife or husband who is not a US citizen, you still must declare the account to the IRS. My wife is Belgian, do you think she is happy that her retirement account information is going to be sent to the IRS? Not really.
So, if this guy wants to give back his US passport, the US and the IRS have only themselves to blame for being complete dickheads.
Here is a very good article that outlines how more folks are giving up their passports. http://www.reuters.com/article/2012/04/16/us-usa-citizen-renounce-idUSBR...
You're right. Good article. Thanks for that one.
The next headline will be:
"Saverin Loses Precious Metals Horde In Freak Boating Incident"
Take the money and run!
I wish Mr. Saverin the best, he knows what's up. Let me tell you something. He is 30, part of a youth-generation that has very little to look forward to. In the 21st Century, citizenship is and will increasingly become a burden.
he may well be of the "youth-generation" demographic by virtue of his age, but I remain unconvinced he has "very little to look forward to" - his family demographic quite explains his good fortune at seeding the BookFace peoples, and it doesn't take a genius to see how generational wealth works its way around the world, with roots firmly embedded in the. . . homeland.
Did someone just have a seance for Ayn Rand?
The Ghost of Ayn Rand: I wrote a book about it you dumb fucks!