Facebook co-founder, Eduardo Saverin, renounces U.S. citizenship

[Rey C.]

So just before the Facebook IPO, Mr. Saverin decides to skip off to Singapore. And while he won't avoid all of the U.S. taxes on the Facebook shares he sells, he will greatly reduce the hit by renouncing his U.S. citizenship. I heard one talking head on CNBC try to justify what Saverin is doing by making a case for lower taxes on the wealthy in the U.S. But the way I see it, if JUST the prospect of lower taxes (or more money in your pocket) will cause a person to renounce his/her citizenship, we are MUCH better off without them anyway. As I see it, if all it takes to turn someone (naturalized or native born) is a sum of cash, then a Chinese company could offer $150K to a Lockheed engineer making $75K, and he could use that as a justification to turn over proprietary information to them.

At least the way I see it... Mr. Saverin, don't let the door hit your sad ass on the way out! And take these with you. :thefinger

IMO, part of the problem with this republic now is we have WAY too many people who wear the U.S. jersey, but are just waiting for an opportunity to sell us out... whether that means members of Congress doing the bidding of foreign lobbyists or average citizens doing things in the name of a political party or ideology, even when it harms the republic and its people longer term. We're running short of people willing to *truly* play for the home team.

Facebook co-founder renounces U.S. citizenship

He owned 5% of the company's outstanding shares as recently as 2009, according to "The Facebook Effect," by David Kirkpatrick, but he has sold off some of those shares since then. He was not listed among those owning 5% or more of the company in Facebook's pre-IPO regulatory filings.

The Brazilian-born Facebook co-founder became a U.S. citizen in 1998 and has been living in Singapore since 2009, but the United States requires its citizens to pay income taxes no matter where they live. Saverin, who provided some of Facebook's initial financing, has not played an active role in the company for many years.

If Facebook's valuation takes off next week, the move may turn out to be a savvy one -- at least from an investment standpoint. If Saverin is still holding any of his Facebook stake, formally leaving the U.S. could lessen his future tax hit.

 

[PlumpRump]

... We're running short of people willing to *truly* play for the home team...

Too often these days, playing for the home team requires frequent infighting and defending one's self against alleged teammates. I can't blame the guy.

 

[Rey C.]

Too often these days, playing for the home team requires frequent infighting and defending one's self against alleged teammates. I can't blame the guy.

So standing tall is sometimes the hard choice? :dunno: When in human history has it NOT been that way? Do you believe keeping the Roman Republic together was all berries and milk? No. Many gave their lives and fought the hard fight, often times against their own personal best interests. Nations, great nations, are built and held together by those who don't run at the first sign of trouble. When the end was approaching, Lucius Quinctius Cincinnatus abandoned his farm and risked it all to help save the Roman Republic. George Washington, many centuries later, did as well. Unfortunately, men like that are nearly extinct now. All it takes is a wad of cash or a cheap campaign promise, and you can buy the average American these days. And that, more than anything else, is why I think the future of this nation may be rather bleak. If the home team players expect it to always be easy, and are willing to switch sides at the drop of a hat... you just don't have much to work with going forward.

 

[PlumpRump]

So standing tall is sometimes the hard choice? :dunno: When in human history has it NOT been that way? Do you believe keeping the Roman Republic together was all berries and milk? No. Many gave their lives and fought the hard fight, often times against their own personal best interests. Nations, great nations, are built and held together by those who don't run at the first sign of trouble. When the end was approaching, Lucius Quinctius Cincinnatus abandoned his farm and risked it all to help save the Roman Republic. George Washington, many centuries later, did as well. Unfortunately, men like that are nearly extinct now. All it takes is a wad of cash or a cheap campaign promise, and you can buy the average American these days. And that, more than anything else, is why I think the future of this nation may be rather bleak. If the home team players expect it to always be easy, and are willing to switch sides at the drop of a hat... you just don't have much to work with going forward.

No, I see your point, and agree completely. This guy was Brazilian-born, though. All I'm saying is that I understand his thought process, as his ties to America, obviously, aren't deep enough for him to make such a monetary sacrifice. Its not mind blowing, I guess is what I'm saying. At the end of my initial post, I should have added, "but I can't say I would have done the same."

 

[PlumpRump]

Further, I agree and strongly believe that great nations are indeed built upon, and maintained by a balance of sacrifice and compromise by everyone involved. Neither of which this country has seen, generally, in decades, if not centuries. This country was founded on compromise and sacrifice, and it seems, sadly, that nowadays those words are only relics, maintained in the dictionary as a sort of archival reference to what we once were, and can seemingly never again be. Too much infighting, to much hatred of the internal opposition for hatred's sake. We don't compromise as a country anymore, we fight blue tie vs. red tie. And spit even more heartily upon anyone who chooses to wear a tie of yet another color.

Imagine if the founders of the US were unwilling to compromise. Just think if today's politicians were charged with the task of drafting such an important document as the Constitution. The Bill of Rights was the ultimate compromise for a lot of politicians, it saddens me to think that we will never realize that type of togetherness again.

 

[Trident1]

I don't blame him for leaving. Stay here and you're taxed up the ass. You're pensions, investments, and pay are all targets. But hey give it up considering nearly half of the population pays nothing in taxes.

 

[Rey C.]

Further, I agree and strongly believe that great nations are indeed built upon, and maintained by a balance of sacrifice and compromise by everyone involved. Neither of which this country has seen, generally, in decades, if not centuries. This country was founded on compromise and sacrifice, and it seems, sadly, that nowadays those words are only relics, maintained in the dictionary as a sort of archival reference to what we once were, and can seemingly never again be. Too much infighting, to much hatred of the internal opposition for hatred's sake. We don't compromise as a country anymore, we fight blue tie vs. red tie. And spit even more heartily upon anyone who chooses to wear a tie of yet another color.

Imagine if the founders of the US were unwilling to compromise. Just think if today's politicians were charged with the task of drafting such an important document as the Constitution. The Bill of Rights was the ultimate compromise for a lot of politicians, it saddens me to think that we will never realize that type of togetherness again.

You are spot on with that. Neither the Democrats nor the Republicans now (nor their blind lemming constituents) have what it takes to craft such an immensely complex document as that these days. These incompetent, bribe taking creatures can't even wake up in the morning, without checking with some special interest group first.

Sorry if I seemed crass in my previous reply. Now I see what you meant about this guy being foreign born, and maybe not as (truly) patriotic as someone born here. While that may not always be the case, I guess if you're willing to drop your native born country for a business/income opportunity in a new country, you'll probably leave that new country for a business/income opportunity. That person's loyalty is to the $, not the republic. And I think that defective character trait is more present now than it has ever been.

I don't blame him for leaving. Stay here and you're taxed up the ass. You're pensions, investments, and pay are all targets. But hey give it up considering nearly half of the population pays nothing in taxes.

I find it unfortunate that you feel that way. So all it would take to get you to "switch sides" is some hint of perceived tax unfairness? That's sad. Even sadder when you consider that after the passage of the first peacetime income tax act in the United States (Wilson-Gorman Tariff of 1894), fewer than 10% of American households paid any income tax. Want to talk about tax fairness? My income is substantially less than Mitt Romney's, yet my effective tax rate is substantially higher than his. Explain that one. But you don't see me trying to find a new country in which to hang my hat, do you?! I'm not arguing tax fairness or unfairness. That is NOT the point here. As I do not believe that those who are truly devoted to the republic can be bought off by a new girl who offers lower tax rates... or anything else. Just like a thief, those who have weak knees and impure hearts are just looking for a reason to jump ship. Cowards, fair weather flag wavers, armchair patriots... they'll fly any flag which is most beneficial to their own interests. But as I said previously, great nations are built and held together by those who will lay it ALL on the line, even when it may not be in their own self-interest to do so.

As for Eduardo Saverin, as I understand it, he likes to party. And Singapore is not the place to get caught "partying". So I hope they catch him with a gram of coke, a fifth of Jack Daniels and a teenage hooker. If they'll cane somebody for spraying graffiti, they'll probably cut his balls off for all that. Welcome to Singapore, Eddie. :hatsoff:

 

[Will E Worm]

Go after him and take his money! :elaugh:

The middle class are the ones suffering.

You can't play the game then take your money and run! :nono:

 

[Trident1]

I find it unfortunate that you feel that way. So all it would take to get you to "switch sides" is some hint of perceived tax unfairness? That's sad. Even sadder when you consider that after the passage of the first peacetime income tax act in the United States (Wilson-Gorman Tariff of 1894), fewer than 10% of American households paid any income tax. Want to talk about tax fairness? My income is substantially less than Mitt Romney's, yet my effective tax rate is substantially higher than his. Explain that one. But you don't see me trying to find a new country in which to hang my hat, do you?! I'm not arguing tax fairness or unfairness. That is NOT the point here. As I do not believe that those who are truly devoted to the republic can be bought off by a new girl who offers lower tax rates... or anything else. Just like a thief, those who have weak knees and impure hearts are just looking for a reason to jump ship. Cowards, fair weather flag wavers, armchair patriots... they'll fly any flag which is most beneficial to their own interests. But as I said previously, great nations are built and held together by those who will lay it ALL on the line, even when it may not be in their own self-interest to do so.

As for Eduardo Saverin, as I understand it, he likes to party. And Singapore is not the place to get caught "partying". So I hope they catch him with a gram of coke, a fifth of Jack Daniels and a teenage hooker. If they'll cane somebody for spraying graffiti, they'll probably cut his balls off for all that. Welcome to Singapore, Eddie. :hatsoff:

When your being taxed to death it's hard to feel patriotic especially when money is tight and so are fucking jobs. I'm not some limo liberal brown nosing Obama and exulting the merits of socialism and the whole douchey 99% bull "oh please Mr. Democrat tax me some more" tripe. If it means hanging on to the lifeblood called money to live off of then you damn right I'd go anywhere.

 

[D-rock]

I don't blame him for leaving. Stay here and you're taxed up the ass. You're pensions, investments, and pay are all targets. But hey give it up considering nearly half of the population pays nothing in taxes.

Uhhh...really, pretty much any adult I have ever known that has ever needed to buy stuff no matter how poor ends up paying taxes. Can you direct me to this fantasy world you believe exist where half the people don't pay taxes? Also considering most of those taxes they don't end up paying more than a poor person those taxes end up being regressive and hurting the poor more. When somebody that's rich goes into the store and buys something that requires sales tax for example they don't end up paying 50 times more for that tax than a poor person does just because they make that much more money. If they fill up their car the tax isn't more than a poor person. If they own the same house they don't pay more for property tax. They don't pay more to license their car. Considering the amount they tax out for social security is limited to a certain income they actually pay less per what they make in taxes into it than somebody that's poor, and the list goes on.

In any case I will tell you what. If I end up making hundreds of millions, if not billions, of dollars I will happily pay way more in taxes, WAY more in taxes, and not just total given, but per total dollar made and per total dollar of my whole worth and I won't bitch about it the least little freaking bit. (Most of the very rich don't even end up paying more per dollar they make than what most people do for that matter considering they get their wealth for stocks and have a multitude of methods to hide wealth and tax shelters that normal people can't get.) I won't bitch about it because it's the right thing to do, having that much money would mean I also had a lot more influence than almost anybody other person in this country, it would mean I probably used more of this countries resources to get that rich than most people use, and quite honestly since I'm that rich I can afford it AND STILL BE FREAKING RICH.

The rich should end up paying more partly for the same reason if a war comes to us and we need to draft people we take young men instead of old grandmothers to fight, BECAUSE THEY ARE THE MOST ABLE TO BEAR THE BURDEN.

Not to mention the rich usually end up getting that way by exploiting others underneath them.

 

[StanScratch]

When your being taxed to death it's hard to feel patriotic especially when money is tight and so are fucking jobs. I'm not some limo liberal brown nosing Obama and exulting the merits of socialism and the whole douchey 99% bull "oh please Mr. Democrat tax me some more" tripe. If it means hanging on to the lifeblood called money to live off of then you damn right I'd go anywhere.

So your idea of being a patriot is taking the money made in the states, running and spending it overseas. Nice.

 

[Rey C.]

When your being taxed to death it's hard to feel patriotic especially when money is tight and so are fucking jobs. I'm not some limo liberal brown nosing Obama and exulting the merits of socialism and the whole douchey 99% bull "oh please Mr. Democrat tax me some more" tripe. If it means hanging on to the lifeblood called money to live off of then you damn right I'd go anywhere.

Let's stick with facts and not fantasy, shall we?

So, please tell me who is being "taxed to death"? As a percentage of GDP, tax receipts for 2011 (TY 2010) were lower than in any year since 1950. And as of 2011, even the average tax rate was lower than it was under W. Bush, Clinton, H.W. Bush and Reagan. I don't know how old you are, but if you feel that people are being "taxed to death now", you likely wouldn't have survived the era between 1913 and 1983. Wonder how they could even breathe with all those crushing taxes? The easy answer is, back then, men were men and only babies wore diapers. People didn't whine and snivel at the slightest indiscretion or perceived unfairness the way they do now. They got on with business! And that is why this nation is as strong as it is.

The nonpartisan Tax Policy Center estimated that the cuts saved 97 percent of U.S. households an average of $1,179 in 2009, and the program was extended in 2010.

The Tax Policy Center last week released an analysis called “Historical Federal Income Tax Rates for a Family of Four.”

It looked at the average income tax rate based on the median income for a family of four from 1955 through 2010.

The average income tax rate under Reagan in 1983 was 11.06 percent. Under Clinton in 1992, it was 9.18 percent. And under Obama in 2010, it was 4.68 percent.

The way I see it, if a fellow, who is set to pocket a few billion, feels he must skate off to Singapore to make ends meet, there's nothing wrong with a male of draft age renouncing his citizenship to avoid possibly losing his life in a war, right?

Like I said... it sure would be nice to have more people playing for the home team. If we'd had this rabble fighting for us in 1776, I'd have a British accent right now. Course, I'd probably sound much better to the ladies than I do now. But answering to a king or queen isn't to my liking. For enough money, or to preserve their happy little lives, I suppose some these days might feel differently though. If someone is such a sniveling pussy that they want to give up their American citizenship to dodge the lowest tax rates in a generation, I say fuck 'em in the ear and never let them back in the country!

 

[E-Ann-Hilden]

They are missing the golden years before hippies ran the show and taxes were 70% or when Reagan was a god at 35%.

 

[Trident1]

Let's stick with facts and not fantasy, shall we?

So, please tell me who is being "taxed to death"?

Let's see.......me pal. Take federal and state taxes and that's almost 75% of what I have. So am I being taxed to death? Yes. I don't have a huge cash cushion like wealthy liberals who pine for more Douchecrat douchebaggery.


All the Taxocrats want is for me to spend spend spend because if I dare save anything or invest it they'll tax that.

So your idea of being a patriot is taking the money made in the states, running and spending it overseas. Nice.

You mean take MY money that I earned. You damn right I'd take it away.

 

[Rey C.]

Let's see.......me pal. Take federal and state taxes and that's almost 75% of what I have. So am I being taxed to death? Yes. I don't have a huge cash cushion like wealthy liberals who pine for more Douchecrat douchebaggery.


All the Taxocrats want is for me to spend spend spend because if I dare save anything or invest it they'll tax that.

The highest marginal rate in the United States IRS code is 35%. The highest marginal state tax rate is 12.2% in New Jersey. But understand, those are marginal rates, not the percentage at which 100% of income is taxed. The amount that one actually pays is what determines the effective tax rate. You're saying here that you actually pay combined state and federal income taxes of 75%. :surprise: So your effective tax rate is 75%? Even if we include FICA and assume that you fall under the AMT, I'm unable to get that math to work using any current tax schedule that I have access to. So please explain, strictly in mathematical terms (without divulging your income), just how you arrive at a 75% effective tax rate - the percentage that you claim to be paying in federal and state taxes.

Trident, if the amount of taxes you pay/your effective tax rate is 75%, then you're likely the only American paying that rate. And the only reasons that I can think of... your accountant is either Michele Bachmann or some drunk guy who genuinely hates your guts. Even a high school dropout working part time at H&R Block could get you a better deal than that.

But please, give us the numbers so we can all see how this 75% effective tax rate looks.


As for Eddie, if the people at Bloomberg know about his "habits", it probably won't be long before a nice morality policeman in Singapore strings the boy up. All it'll take is one ladyboy hooker, one gram of coke or even one good slurp out of a bottle of Jack Daniels. And then it's off to a place where... the night is dark and full of terrors. Poor Eddie. He's a pretty young lad too. :eek:

 

[Bearded_Menace]

I am a bit confused by Trident's statement on the 75% tax rate thing. Does he mean that the government takes 75% of his earned income or does he mean that after they are done, he has 75% of his income left?

 

[Rey C.]

I am a bit confused by Trident's statement on the 75% tax rate thing. Does he mean that the government takes 75% of his earned income or does he mean that after they are done, he has 75% of his income left?

He'll have to explain this one himself. But the way he wrote it, it's 75% of his earnings taken by combined federal and state taxes.

Take federal and state taxes and that's almost 75% of what I have.

Unless he's under an IRS lien or garnishment, in addition to his annual tax bill, he's exaggerating... severely.

I enjoy talking about these topics. But when people say something so ridiculous, that presumes everyone reading it just fell off the turnip truck this morning, it's clear that this is just a complete waste of time.

So, if ya can't beat 'em, just join 'em... Who is your better MILF? Who has the most byutifull pussy in the world? Have you ever gone thru a girls cervix? I saw Ronald Reagan at McDonald's today.

 

[El Perro Mayor]

I don't now about the rest of you here, but I like having others go and die in two unpaid for wars. I like getting a tax break in a time of war, first time that that has ever happened in our history. I like the fact that Wall Street and the banks are now even bigger to fail now. I like being able to fire people, I like it here, the trees are the right height.

 

[Rey C.]

A quote from the new hero of the neocons and fair weather patriots:

But Saverin's good-guy image officially wore off just before Facebook's sale, when the now-Singapore-based entrepreneur renounced his American citizenship just in time to avoid taxes on his $4 billion Facebook fortune. It's not a move that should surprise anyone who grew up with Saverin. In 2002, as a 19-year-old college freshman, Saverin gave an interview to a Gulliver student writing for a University of Miami journalism workshop that made his worldview clear.

"I do not feel any form of connection to the United States that goes beyond the mere use of its resources," Saverin said. "I believe that individuals should extract the gains that the land has to offer."

Eduardo Saverin, Miami-Raised Facebook Founder, Slammed Over Renouncing U.S. Citizenship to Avoid Taxes

To paraphrase his lil butt-buddy, Marky Mark Suckerberg: Fuck him. Fuck him in the ear!

 

[Rey C.]

For those who bought into the Facebook IPO at $38/share, would you describe the pain in your rectum as sharp and constant or dull and throbbing?

I have to give it to Marky Mark Suckerberg, Ladyboy Saverin and the bankers at Morgan Stanley... it takes real talent to sell a $15 stock to hayseeds for $38+. :clap:

NEW YORK (Dow Jones)--Facebook Inc.'s (FB) shares tumbled under $30 for the first time, 11 days after the social-media giant launched its initial public offering, as options trading began Tuesday and a negative sentiment continued to weigh on the stock.

Shares fell 7.5% to $29.53 in recent trading, despite a broader market rally. The stock traded as low as $29.35, down nearly 23% from its IPO price of $38 on May 18. Facebook shares have slid over the past couple weeks following a messy IPO process and because of concerns about the company's growth potential.

Facebook Shares Falls Below $30 As Option Trading Begins