Senators to Unveil the

quest7 · May 20, 2012

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

A.Nonymous · May 20, 2012

It's ridiculous posturing. Saverin wasn't born in the US and hasn't lived in the US in 2-3 years at least. The idea that we're taxing someone who doesn't even have residency here is ludicrous to begin with. As a side note, it shouldn't surprise anyone that when you tax people too much they leave.

IOWA · May 20, 2012

This belongs in the Politics forum, so that's where I'm going to move it

OutofDate1980 · May 20, 2012

quest7 said:
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

TxGoat · May 20, 2012

I wonder what's going to happen to all the companies that have major operations in the U.S. but have their headquarters err "headquarters" somewhere overseas in a country that doesn't have corporate taxes.

I personally found his move to be a little shiesty. You make all your money in the U.S. and then when it's convenient for you, you bail. I say let him keep his money but bar him from returning to this country.

quest7 · May 20, 2012

TxGoat said:
I wonder what's going to happen to all the companies that have major operations in the U.S. but have their headquarters err "headquarters" somewhere overseas in a country that doesn't have corporate taxes.

I personally found his move to be a little shiesty. You make all your money in the U.S. and then when it's convenient for you, you bail. I say let him keep his money but bar him from returning to this country.

To a certain degree, would not Apple fall in the same category?

TxGoat · May 21, 2012

quest7 said:
To a certain degree, would not Apple fall in the same category?

I'm not sure I follow, are the headquartered out of another country or do you mean the way they exploit cheap labor overseas for profit in this country?

All I know is that quite a few large corporations (as well as wealthy citizens) are always finding ways to cheat the system. And then you have people that claim it's "Un-American" to force these companies into paying their share or playing within the rules.

I guess that's why it bugs me so much that you have entities like the Tea Party that insist on less regulation because they think that will enable the "Job creators" to create more jobs, when in reality all it will do is ensure that they hoard more of the world's wealth.

mpw · May 21, 2012

TxGoat said:
I'm not sure I follow, are the headquartered out of another country or do you mean the way they exploit cheap labor overseas for profit in this country?...

I don't know about their US operation, but iTunes is based in Luxembourg purely for tax reasons in the EU.

So far as taxation goes, if a politician getting upset at not collecting $67m in tax from an individual, then he needs to be looking at his poor tax laws rather than than blaming the individual.

A.Nonymous · May 21, 2012

TxGoat said:
I wonder what's going to happen to all the companies that have major operations in the U.S. but have their headquarters err "headquarters" somewhere overseas in a country that doesn't have corporate taxes.

I personally found his move to be a little shiesty. You make all your money in the U.S. and then when it's convenient for you, you bail. I say let him keep his money but bar him from returning to this country.

The guy didn't exactly "bail". He hasn't lived here since 2009 and isn't involved in the operations at Facebook. He wasn't born in the US either. Barring him from returning to the country make absolutely no sense. You're basically saying, "Hey billionaire, don't spend any money in our country." That's ridiculous. The guy doesn't live here so he doesn't benefit from any of the things taxes go to pay (roads, schools, national defense, infrastructure, etc...). We shouldn't tax him at all. Most countries require residency for taxation. The US doesn't.

ylexot · May 21, 2012

If we eliminated corporate taxes, businesses would be coming here instead of doing everything possible to be in other countries as much as possible. There would also be job growth and the prices of products would come down.

mpw · May 21, 2012

TxGoat said:
...All I know is that quite a few large corporations (as well as wealthy citizens) are always finding ways to cheat the system...

Not quite sure how legally avoiding tax is cheating the system.

OutofDate1980 · May 21, 2012

mpw said:
Not quite sure how legally avoiding tax is cheating the system.

It may have at one time been illegal, but by hiring a few lobbyist and making a few strategic campaign contributions, presto, no longer illegal.

batgeek · May 21, 2012

if one wants to renounce their citizenship and leave because the dislike something about our country, by all means let them.

i wish more would.

A.Nonymous · May 21, 2012

batgeek said:
if one wants to renounce their citizenship and leave because the dislike something about our country, by all means let them.

i wish more would.

The thing is taxation is one thing you can't escape just by moving away. The US is one of the few countries that taxes all of it's citizens regardless of residency.

batgeek · May 21, 2012

the US can't tax a non-US citizen. that's the whole renounce your citizenship thing.

A.Nonymous · May 21, 2012

batgeek said:
the US can't tax a non-US citizen. that's the whole renounce your citizenship thing.

They can and do tax US citizens living abroad.

Kelmar · May 22, 2012

Reminder, personal attacks result in closed threads.

Feel free to try proper behavior again in the next thread.

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