now here's where it starts to get scary.
Facebook co-founder Eduardo Saverin, who made billions off the world’s most popular social network, stands to rake in about $3.84 billion from his 4 percent share of Facebook, Bloomberg reported.
American citizens pay several taxes, including taxes on salary and investments. Saverin would be hit with about $600 million in capital gains taxes whenever he sold the Facebook shares (or "realized the income," in financial speak).
But Saverin may not have to pay -- he's chosen to renounce his U.S. citizenship for residence in Singapore, Bloomberg reported, where there is no capital gains tax.
here's a list of others that have left.
Good story. I only see one potential "flaw":
"....until one day, the owner threw them a curve.
“Since you are all such good customers,” he said, “I’m going to reduce the cost of your nightly tab by $20.”
So, now drinks for the ten only cost $80. The group still wanted to pay their tab THE WAY WE PAY OUR TAXES (emphasis added)."
However - in order to do it "our way," I contend that the first four men would NOT be "unaffected." Our government (a.k.a. "the owner"), would still charge $100, paid exactly as before. But after the money is collected, the owner (a.k.a. "the government") would give $5.00 "back" to each of the "poorest" drinkers (a.k.a. "the freeloaders") - who paid nothing to begin with - thereby reducing the amount retained by the owner from the PAYING DRINKERS (a.k.a. "the stuckees") by $20.00.
This would not be called "wealth redistribution" - it would be called a "refund."
....and as for the list of expatriates, copies of it should be printed, rolled up, and alternately shoved down the throats and up the rear ends of our federal elected representatives until the laws are are changed to prevent this type of tax avoidance.
sebekm, these people are willing to pay taxes. but the way things are going, with new regulations and constantly added to the cost of doing business they are revolting by leaving the areas that are only look to take more and more of the money they earned. people forget these people pay 40% of all taxes paid. even tho they are less then 1% of the population.
gacpl: I basically AGREE with you.
*My first post took aim at the policy which gives tax "refunds" who people who DON'T pay taxes. I don't hear anything about those people (the non-tax-payers/refund receivers) sending their refunds back to the government.
*I haven't forgotten that <1% pay a large proportion of taxes, but many of those (as you pointed out with your expatriates list) are choosing to seek every tax dodge possible to avoid paying ANY taxes. But the problem stems from the way our tax laws are written that makes the United States one of the least business-friendly countries in the world.
...and now even the FRENCH are doing it:
what worries me about the french is that some big employers in France are talking about just shutting down their businesses until they feel safe. one of the largest employers in liberty county is a french owned company.
But there is some thinking in France that the "campaign talk" by the winner about tax increases might be just that - only talk - and that many of the winner's tax "promises" won't actually happen. We'll have to stay tuned.