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Senators target Facebook co-founder for giving up citizenship, seek to impose taxes..

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    Senators target Facebook co-founder for giving up citizenship, seek to impose taxes..

    http://www.foxnews.com/politics/2012...p-citizenship/

    Yeah it's a FOX news link, deal with it.



    The bill, though, could have repercussions far beyond Saverin's portfolio. According to a 2011 report by the Taxpayer Advocate Service, about 4,000 people renounced their citizenship between fiscal 2005 and 2010, with the pace of renunciations increasingly rapidly in recent years.
    The Schumer/Casey proposal would put the burden on anyone who renounces their citizenship to prove they didn't do it for tax avoidance purposes. If they can't prove that, Schumer said, the proposal would impose a 30 percent capital gains tax on future investment earnings -- for those who have a $2 million net worth or have had an average income tax liability of at least $148,000 in recent years.
    In addition, the bill would bar them from ever returning to the United States.

    Your signature picture has been removed since it contained the Photobucket "upgrade your account" image.

    "I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents. Charity is no part of the legislative duty of the [federal] government." ~ James Madison

    ‎"If you've got a business, you didn't build that. Somebody else made that happen" Barack Obama

    #2
    Hmm think a lawyer advised him that he could do this?

    I will say good for the fed's but at the same aspect I want to see their sponsors on their back so I know where their slush money is coming from.
    https://www.facebook.com/BentOverRacing

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      #3
      Why is this good for the feds?
      I don't doubt this really is about taxes but I expect this from a system set in place to punish success.
      Is this an example of the US government paying for someone's education and it paying off?
      Your signature picture has been removed since it contained the Photobucket "upgrade your account" image.

      "I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents. Charity is no part of the legislative duty of the [federal] government." ~ James Madison

      ‎"If you've got a business, you didn't build that. Somebody else made that happen" Barack Obama

      Comment


        #4
        Actually, this is symptomatic of the fact that the US is the only first world country that taxes citizens who live abroad. At this point, if you are serious about living out of the country, you almost *have* to give up your citizenship. It's very expensive for foreign employers to comply with IRS requirements ($5k plus per employee, annually), and many banking institutions are now simply refusing to do business with Americans in order to avoid the IRS proctoscope.

        It's bad policy.
        2006 GMC Sierra 2500HD 4WD LBZ/Allison
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          #5
          well if we cant raise borders to keep people from leaving, we will institute policies that would disincentivize them

          Comment


            #6
            Originally posted by bmwstephen View Post
            well if we cant raise borders to keep people from leaving, we will institute policies that would disincentivize them
            We already have by far the highest barriers of any first world country. Making it worse isn't healthy.

            Likewise, encouraging American companies to keep their foreign profits out of the country is bad policy as well. People like to bandy about the theoretical cost of a tax holiday, but the cost of having them simply keep all their cash outside is greater.
            2006 GMC Sierra 2500HD 4WD LBZ/Allison
            2002 BMW M3 Alpinweiß/Black
            1999 323i GTS2 Alpinweiß
            1995 M3 Dakargelb/Black
            - S50B32/S6S420G/3.91
            1990 325is Brilliantrot/Tan
            1989 M3 Alpinweiß/Black

            Hers: 1996 Porsche 911 Turbo Black/Black
            Hers: 1988 325iX Coupe Diamantschwartz/Black 5spd

            sigpic

            Comment


              #7
              Originally posted by nrubenstein View Post
              We already have by far the highest barriers of any first world country. Making it worse isn't healthy.

              Likewise, encouraging American companies to keep their foreign profits out of the country is bad policy as well. People like to bandy about the theoretical cost of a tax holiday, but the cost of having them simply keep all their cash outside is greater.


              Did you just fucking say that? Who are you?
              Your signature picture has been removed since it contained the Photobucket "upgrade your account" image.

              "I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents. Charity is no part of the legislative duty of the [federal] government." ~ James Madison

              ‎"If you've got a business, you didn't build that. Somebody else made that happen" Barack Obama

              Comment


                #8
                Actually atm, on the US consulate/citizenship infosite for Frankfurt, Germany, it says something to the affect of: renunciation of US citizenship in no way makes you free and clear of your responsibilty of paying taxes/backtaxes/penalties accrued during your time as a US citizen.
                -03/2005 E46 330D Touring 6spd(204hp/410nM) Sapphire Black/Naturbraun Sport...300k KM & 35mpg(mixed)

                Comment


                  #9
                  you see, it's a tax revenue problem we have in this country, and taxing those bastard millionaires that dare leave this fine country is just fair, haha
                  “There is nothing government can give you that it hasn’t taken from you in the first place”
                  Sir Winston Churchill

                  Comment


                    #10
                    Originally posted by MikeDE View Post
                    Actually atm, on the US consulate/citizenship infosite for Frankfurt, Germany, it says something to the affect of: renunciation of US citizenship in no way makes you free and clear of your responsibilty of paying taxes/backtaxes/penalties accrued during your time as a US citizen.
                    right. and he said he will pay taxes on what he owes.
                    AWD > RWD

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