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The Invisible Hand strikes again! - by Tom Tomorrow (Original Post) kpete May 2012 OP
I really love his Invisible Hand Man zeemike May 2012 #1
KnR alittlelark May 2012 #2
Invisible DURec KG May 2012 #3
I'm feeling pretty pleased with myself right now nxylas May 2012 #4
Love Panel 5 gratuitous May 2012 #5
This message was self-deleted by its author bupkus May 2012 #6
k&r Electric Monk May 2012 #7
LOL! Amster Dan May 2012 #8
Kicked and recommended. Uncle Joe May 2012 #9
K&R, This one is too right to be funny. n/t Egalitarian Thug May 2012 #10
knr Chemical Bill May 2012 #11
we're looking FORWARD, not BACKWARD Skittles May 2012 #12
About that Facebook co-founder... CubicleGuy May 2012 #13
Yes ...... that is why he left this country because Angry Dragon May 2012 #16
You misunderstood CubicleGuy May 2012 #17
Capital Gains = 15%. Exit Tax = 30% ieoeja May 2012 #18
Here's what it says over at LewRockwell.com, FWIW CubicleGuy May 2012 #19
Don't know what they are talking about as the law was last modified in 2008. ieoeja May 2012 #22
I say to hell with him Angry Dragon May 2012 #20
And good for every other 1%-er who weasels out of paying taxes as well? bhikkhu May 2012 #21
K&R DeSwiss May 2012 #14
K&R. Well said. Overseas May 2012 #15

nxylas

(6,440 posts)
4. I'm feeling pretty pleased with myself right now
Mon May 21, 2012, 11:04 AM
May 2012

After last week's "Austerions" cartoon, I tweeted "It's a cooked book! It's a cooked book!" TT tweeted back to say that would have been a good punchline and mentioned it in his DKos comments thread as well. High praise from one of my favorite cartoonists.

Response to kpete (Original post)

CubicleGuy

(323 posts)
13. About that Facebook co-founder...
Mon May 21, 2012, 09:10 PM
May 2012

... if those are the rules -- that the guy will get to keep millions of dollars by renouncing his citizenship -- then so be it. Bringing that up as a coda to this cartoon just seems like whining. With all of the human rights crimes perpetrated by the current and previous administrations, renouncing one's citizenship here is probably a pretty darn moral course of action.

Angry Dragon

(36,693 posts)
16. Yes ...... that is why he left this country because
Tue May 22, 2012, 01:08 PM
May 2012

he was so worried about human rights abuse ..... and as long as you believe that I have a bridge to nowhere that is a heck of a deal that I can sell for 12 billion

CubicleGuy

(323 posts)
17. You misunderstood
Tue May 22, 2012, 02:22 PM
May 2012

I know he's leaving for the money, which, given the current laws, is perfectly permissable.

I know he's not leaving for reasons involving human rights violations.

What I did say is that maybe he's doing the right thing for what you see as being the wrong reason. The guy is voting with his feet, and unlike most of us, he can actually afford to go elsewhere.

Good for him.

 

ieoeja

(9,748 posts)
18. Capital Gains = 15%. Exit Tax = 30%
Tue May 22, 2012, 03:54 PM
May 2012

According to most of what I have read, the Capital Gains is 15% and only payable if/when he sells his FB stock. While the Exit Tax is 30% whether he sells his FB stock or not.

He just doubled his taxes. Which may explain why he keeps denying he renounced citizenship over taxes.

Apparently he believes it is worth it to be a global citizen. A lot of banks outside the United States refuse American clients due to anti-money laundering regulations. This is why he claims to be renouncing his citizenship. And I see no reason to disbelieve him.


CubicleGuy

(323 posts)
19. Here's what it says over at LewRockwell.com, FWIW
Tue May 22, 2012, 09:40 PM
May 2012

Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your US citizenship or never come to back to the US again.

In September 2011, Saverin relinquished his US citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.

At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their US citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

-----

Sounds like the 30% tax is something being proposed, and is not yet law. But I'm no financial wiz, so don't take my word for it.

 

ieoeja

(9,748 posts)
22. Don't know what they are talking about as the law was last modified in 2008.
Wed May 23, 2012, 10:27 AM
May 2012

http://www.isla-offshore.com/second-passport/usa-expats-exit-tax/

I believe the initial IPO priced Facebook at $1B. Which means his 4% was presumably worth $40M the day before his renunciation. This exceeds the $2M exit limit. And he only left the United States in 2011.

His first $600K is exempt. So without any other tax issues figured in his tax will be 30% of $39,400,000.


If the pols are telling the truth and Saverin lying, then Saverin is a complete moron who just increased his taxes from $5,910,000 to $11,820,000 in an effort to save on taxes. If Saverin is telling the truth, then he just spent an extra $5,910,000 so he could bank in Switzerland, Singapore, etc.

--------------------------

It is very possible that Saverin is a complete moron where taxes are concerned. I used to frequently argue with a Rightist who owned several apartment buildings. When he would talk about how much he paid in taxes, I would joke, "you need to get a new tax attorney". Then I got into the same business and decided to use his attorney.

Turns out it wasn't a joke. His tax attorney horribly botched my taxes. I had to visit him repeatedly to discuss different points. Each time he conceded that I was correct.

I think Rightists hatred of taxes blinds them. Saverin may hate taxes so much that he refused to even study what he was doing.


bhikkhu

(10,708 posts)
21. And good for every other 1%-er who weasels out of paying taxes as well?
Tue May 22, 2012, 10:31 PM
May 2012

I can't say I have a great interest in the whole thing - he is allowed to take the money and run, apparently, but actions define character, and he's pretty much a rotten bastard at the moment.

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