Senators to Facebook Co-founder: Don't come back. Ever.

Rich

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While I firmly believe that Saverin expatiated to avoid taxes and I think it's a dick move...

Really?

I live in NJ where the running joke is that there is no toll to enter NJ, but there is always one when you leave. It would be funnier if it weren't true. If you move to another state, you still have to pay that toll on the way to your new home.

Yeah, I agree in spirit with what the senators are saying about this asshat coming here, becoming rich and then leaving with a pile of money just to avoid capital gains taxes, but this bill seems ridiculous. First off, it assumes the person is guilty, second last I checked it was a free country even if you want to leave it and, third, in what world would anyone - especially if they're rich - be able to convince the IRS that they aren't leaving for tax purposes?

I think Chuck and Bob should spend more time thinking about coming up with a budget before the end of the year with what they have to work with than coming up with cocamamie bills.

Senators to Saverin: Don't come back. Ever. - Economy

Eduardo Saverin's decision to leave the United States with his money, but not his citizenship, has apparently touched a nerve in the Senate.

Sens. Chuck Schumer and Bob Casey held a press conference Thursday morning on Capitol Hill where they outlined legislation that would prevent the Facebook co-founder from ever returning to the United States.

Saverin, who now lives in Singapore, renounced his U.S. citizenship earlier this year. He will become astronomically wealthy on Friday when his former venture is listed on the NASDAQ. By renouncing his citizenship, Saverin is likely to avoid capital gains taxes on his Facebook shares.

Schumer called Saverin's decision "outrageous" and labeled his tactics a "scheme."

"Saverin has turned his back on the country that welcomed him and kept him safe, educated him, and helped him become a billionaire," Schumer said. "This is a great American success story gone horribly wrong."

Saverin and his representatives insist the Brazilian native did not renounce his citizenship for tax reasons.

"I'm not a tax expert," Saverin told the New York Times. "We complied with all the known laws. There was an exit tax."

Still, it seems likely that the move will help Saverin escape some of the hefty taxes he'd have to pay on his Facebook stake, though it's not known exactly how much of the company Saverin currently owns.

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.

Schumer and Casey are calling their bill the "Ex-PATRIOT Act."

The proposal says that if a wealthy American seeks to renounce their citizenship, it will be presumed they have done so for tax purposes, unless the individual can convince the IRS otherwise.

If the person is unable to convince the IRS, they will be subject to 30% capital gains tax on future U.S. investments no matter where they live. Furthermore, they will not be allowed back into the United States. "Period," Schumer said. "They could not set foot in this country again."
 

geochem1st

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Chuck 'the shmuck' Schumer, the darling of Wall Street and a chief enabler of the financial mess we are in.


How about a bill getting taxes from the multinational corporations who are headquartered here but make money over there and hide taxes that way?
 

Scooter2112

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Chuck and Bob would make East Germany blush.

Elitist, totalitarian a-holes.
 

BillB1960

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Stupid politicians writing bad legislation based on knee jerk reactions? Nah...never happens. :cool:
 

River side

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Stupid politicians writing bad legislation based on knee jerk reactions? Nah...never happens. :cool:

Hey now, if the guy is renouncing his citizenship over the margin, then let him rot.

If I were writing that new legislation, I might just include a paragraph that would preclude any defense of Singapore under any circumstance until the erstwhile tax bill was paid, with interest - by somebody.
 

Daniel

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Senators gave Saverin the boot?

Hell he just earned a point from me.
 

six-string

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with the money Eduardo has now, he can buy the USA!
and add it to his real estate holdings....
 

Joeydego

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I personally can't begrudge a guy for taking all his marbles and going home. There was a time apple pie meant something, but for any senator to propose patriotism the way they operate deserves a stfu and a bitch slap.
 

SteveGangi

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I despise them all. It's simpler that way, cuz they all suck. 121064's fart that he mentioned probably stinks less than they do - all of the crooked bastards.

I say, let the guy back in and then hit him with a bill for the full amount. Or seize whatever assets he has to pay "the bill".

Do the same to all those "long hallway" fronts of the corporations. And fvck Chcuk ANY way you can.
 

yawny

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He made a ton of money and found a way that allows him to not pay taxes on it.

That isn't illegal, that's smart. But if the government, and individual politicians, hate anything, it's when a citizen manages to legally cheat their system.

They can suck it up, i'm sure ((% of the guys in Washington would have done the same if they had the chance.
 

KSG_Standard

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Chuck 'the shmuck' Schumer, the darling of Wall Street and a chief enabler of the financial mess we are in.


How about a bill getting taxes from the multinational corporations who are headquartered here but make money over there and hide taxes that way?

How would such a scheme make us more competitive? How would such a scheme incentivize multinationals to bring their money back to America for further investment, job creation or dividends? Both our statutory and marginal corporate tax rates are higher than any other foriegn country now...and corporate taxes are paid by customers, stockholders and employees through lower hiring and lower wages. What would the purpose of such a scheme be...especially when you consider your past statements that taxes don't fund gov't? Please explain.:thumb:
 

SKATTERBRANE

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Since Federal taxes do not fund the Federal government, why not eliminate capital gains taxes altogether? Entice companies to invest and employ HERE!!

In fact there is absolutely no need for any Federal tax.
 

Caleb

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Good for him. If I could figure out a way to stop paying Congressional salaries and pensions, I'd be all over it.
 

SKATTERBRANE

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How would such a scheme make us more competitive? How would such a scheme incentivize multinationals to bring their money back to America for further investment, job creation or dividends? Both our statutory and marginal corporate tax rates are higher than any other foriegn country now...and corporate taxes are paid by customers, stockholders and employees through lower hiring and lower wages. What would the purpose of such a scheme be...especially when you consider your past statements that taxes don't fund gov't? Please explain.:thumb:

:applause::applause::applause::applause::applause::applause::applause::applause::applause::applause::applause::
 

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