General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Invisible Hand strikes again! - by Tom Tomorrow
http://www.dailykos.com/story/2012/05/21/1093094/-The-Invisible-Hand-strikes-again-
zeemike
(18,998 posts)He should put out a whole comic book on him....
alittlelark
(18,886 posts)KG
(28,749 posts)nxylas
(6,440 posts)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.
gratuitous
(82,849 posts)IHOTFM lighting up Dimon's cigar - classic.
Response to kpete (Original post)
bupkus This message was self-deleted by its author.
Electric Monk
(13,869 posts)That's great!
Uncle Joe
(58,107 posts)Thanks for the thread, kpete.
Egalitarian Thug
(12,448 posts)Chemical Bill
(2,638 posts)Skittles
(152,963 posts)CubicleGuy
(323 posts)... 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)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)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)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)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 Saverins move, which they dub a scheme that would help him duck up to $67 million in taxes.
The senators will call Saverins 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.
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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)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.
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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.
Angry Dragon
(36,693 posts)bhikkhu
(10,708 posts)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.