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The Basement
The Facebook guy
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<blockquote data-quote="John Roberts" data-source="post: 51587" data-attributes="member: 126"><p>Re: The Facebook guy</p><p></p><p></p><p></p><p>Simple self interest. it is estimated this one person will save $68M by changing his tax home. Tax rates in singapore are both lower, and not promising to get even more confiscatory toward people like him in the near future. </p><p></p><p>How many jobs have these facebook guys created? How much wealth are they creating, here in the US? Do we really want to chase these people away? </p><p></p><p>In a classic example of current political thinking, Sen Schumer (NY) has proposed a special 30% tax on such vaguely defined tax escapees. </p><p></p><p>Saverin was born in Brazil and has lived in Singapore since 2009. Who here wouldn't make a similar decision given the same circumstances? We just don't have his billions and personal circumstances. If anything he might have done this more quietly and not coincident with the big stock market IPO. </p><p></p><p>Last year over 1,700** people <strong>re</strong>nounced their citizenship compared to 200 in 2008. This story shouldn't be about those people leaving, but more what has changed about our country to make leaving such an attractive option. A similar trend has been going on for years with the tax exodus of citizens from states like California, to lower tax states nearby, likewise for NY state citizens. maybe those states need to consider Shumer laws too.. (not). Most states that pass special millionaire's taxes are disappointed when they later try to collect the loot and find the millionaires missing. </p><p></p><p>Of course opinions vary, and it is a popular theme to attack wealthy as cash cows that need to be milked. I see the wealthy as the spark plugs for our economic engine that we need more of not less. Shummer's legislation is typical political arm waving and more class warfare. They need to spend a fraction of that effort on tax reform to close unproductive tax breaks. The government could raise the same amount of tax revenue with a lower nominal rate, helping the other 99% of business that haven't secured individual sweetheart tax deals. </p><p></p><p>For todays irony, speaking of sweetheart tax deals, Warren Buffet, the poster boy for charging the wealthy higher tax rates, recently negotiated a special tax break for his fractional aircraft rental business...(quid pro quo? I don't know but he's no fool). Warren also donated much of his personal wealth to Bill Gates Charity. If he honestly believed the government was a good warden of our personal wealth he would just give his to them. Again he's no fool. </p><p></p><p>Argue among yourselves... its definitely the season for that. </p><p></p><p>JR</p><p></p><p>** I don't know for a fact that all 1,700 left for tax reasons, but it is a notable increase from 2008.</p></blockquote><p></p>
[QUOTE="John Roberts, post: 51587, member: 126"] Re: The Facebook guy Simple self interest. it is estimated this one person will save $68M by changing his tax home. Tax rates in singapore are both lower, and not promising to get even more confiscatory toward people like him in the near future. How many jobs have these facebook guys created? How much wealth are they creating, here in the US? Do we really want to chase these people away? In a classic example of current political thinking, Sen Schumer (NY) has proposed a special 30% tax on such vaguely defined tax escapees. Saverin was born in Brazil and has lived in Singapore since 2009. Who here wouldn't make a similar decision given the same circumstances? We just don't have his billions and personal circumstances. If anything he might have done this more quietly and not coincident with the big stock market IPO. Last year over 1,700** people [b]re[/b]nounced their citizenship compared to 200 in 2008. This story shouldn't be about those people leaving, but more what has changed about our country to make leaving such an attractive option. A similar trend has been going on for years with the tax exodus of citizens from states like California, to lower tax states nearby, likewise for NY state citizens. maybe those states need to consider Shumer laws too.. (not). Most states that pass special millionaire's taxes are disappointed when they later try to collect the loot and find the millionaires missing. Of course opinions vary, and it is a popular theme to attack wealthy as cash cows that need to be milked. I see the wealthy as the spark plugs for our economic engine that we need more of not less. Shummer's legislation is typical political arm waving and more class warfare. They need to spend a fraction of that effort on tax reform to close unproductive tax breaks. The government could raise the same amount of tax revenue with a lower nominal rate, helping the other 99% of business that haven't secured individual sweetheart tax deals. For todays irony, speaking of sweetheart tax deals, Warren Buffet, the poster boy for charging the wealthy higher tax rates, recently negotiated a special tax break for his fractional aircraft rental business...(quid pro quo? I don't know but he's no fool). Warren also donated much of his personal wealth to Bill Gates Charity. If he honestly believed the government was a good warden of our personal wealth he would just give his to them. Again he's no fool. Argue among yourselves... its definitely the season for that. JR ** I don't know for a fact that all 1,700 left for tax reasons, but it is a notable increase from 2008. [/QUOTE]
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