informationliberation
The news you're not supposed to know...




An Introduction to Austrian Economics: Understand Economics, Understand Everything
The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
The Disappearing Male: From Virility to Sterility

The Obama Deception: The Mask Comes Off
Operation Gladio: The Hidden History of U.S. Sponsored False Flag Terrorism in EuropeThe New American Century: The Untold History of The Project for the New American Century
(more)
Article posted May 27 2012, 10:43 PM Category: Economy Source: Bloomberg Print

Facebook's Saverin Left U.S. as a Taxpayer, Not a Traitor

By Andrew M. Katzenstein and Scott A. Bowman

Depending on how the Facebook stock develops, Saverin could end up paying *more* in taxes as a result of his expatriation. If Facebook's stock falls low enough, he could actually lose everything and still owe the US government millions.

Sounds "fair," right? - Chris
Eduardo Saverin, the co-founder of the social network and Facebook Inc. (FB), stands accused of violating the social contract -- the idea that government is based on an agreement among its citizens to ensure mutual protection of person and property.

His decision to give up his American citizenship before the Facebook initial public offering drew criticism for his perceived breach of financial and patriotic duties, including the duty to pay income taxes.

He is even the target of legislation called the Ex-Patriot Act, proposed by Democratic Senators Charles Schumer and Bob Casey, that would ban wealthy expatriates such as Saverin from ever re-entering the U.S. This is seen as a more stringent version of current law, known as the Reed Amendment, which permits the denial of re-entry to tax-motivated expatriates, but does not require it. The Ex-Patriot Act would also tax an ex- citizenís capital gains at 30 percent for 10 years.

The proposal and the hubbub around the Saverin case are based on two misconceptions about the tax consequences of surrendering a passport and an individualís motivations for giving up citizenship.

We do not fault Schumer, Casey and others for misunderstanding the mechanics of U.S. taxes on people who leave. These details are tucked away in a few pages that only a handful of lawyers are aware of in an increasingly complex tax code.

Read More





Latest Economy
- Cost of Renouncing US Citizenship Goes From Free In 2010 to 450$, And Now It's Been Jacked to $2,350
- Colorado's Illegal Pot Market Thrives
- Neighborhood Bully - America Recklessly Throws its Weight Around
- Doug Casey on the Phil Donahue Show (1980/1981)
- Yellen: Where No Man Has Gone Before
- Block on CNBC: Privatize the Roads
- Burgeoning Regulations Threaten Our Humanity
- How Government Forces the Poor Into Black Markets









Comments 1 - 2 of 2 Add Comment Page 1 of 1
Peter

Posted: May 28 2012, 2:10 PM

Link
81161 Yes, it is actually fair .
He is a co-conspirator in the creation of the Facebubble IPO,
only fair if the Bernies of the World also feel the consequences
of all their fraud .
Anonymous

Posted: May 29 2012, 12:18 AM

Link
244 There's a sucker born every second. Buyer beware. If your stupid enough to leap before you look, you should be man enough to take the consequences of your own greed. No one was forced to buy @ the offer price 85 times P/E. Stupid is as stupid dose Forest. LOL


Add Comment
Name
Comment

* No HTML


Verification *
Please Enter the Verification Code Seen Below
 


PLEASE NOTE
Please see our About Page, our Disclaimer, and our Comments Policy.


FAIR USE NOTICE
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the DMCA and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.

About Us - Disclaimer - Privacy Policy



Advanced Search
Username:

Password:

Remember Me
Forgot Password?
Register

If Police Come To Your Door Without a Warrant, Shut Them Down Like This Guy - 09/02Innocent Man Tased & Arrested In Front of his Children While Picking Them Up From Day Care - 09/02Video Of Ferguson Police Gassing News Crew And Dismantling Their Equipment - 08/14Dashcam Nails Cops Who Beat Man While Shouting "Stop Resisting Arrest" - 09/01U.S. Army Plans to Battle Anti-Government Dissidents in "Megacities" - 09/02Crony Phony Drug War - 08/13Jeremy Scahill Says If You Get Pulled Over By Cops They Can See If You Are On A "Watch List" - 07/31No Jail For Oklahoma Cop Who Lied About Beating Motorist - 08/28

Rialto, CA Police Made to Wear Cameras, Use of Force Drops by Over Two-ThirdsCop Who Karate Chopped NY Judge In Throat Gets Off Scot-FreeFlorida Cop Smashes Compliant Woman's Face Into Car -- "Maybe Now You Can Understand Simple Instructions"VIDEO: Lapel Cam Reveals A Day In The Life Of A U.S. Police Officer (Tasing, Beating, Breaking & Entering, Stomping On Heads... and Laughing About It)Caught On Tape: Officer Sucker Punches Inmate In Face, Files Report Claiming 'Self Defense'Insult Person On Twitter, Go To JailSWAT Team Brings TV Crew To Film Raid Against Threatening Internet Critic -- Raids Innocent Grandma InsteadCop Karate Chops NY Judge In The Throat
(more)

 
Top