OWS should have a field day with this. I would submit that my US citizenship is more valuable to me than money.
My cursory search failed to find anything to suggest that Saverin worshiped Obama and his edict that all pay their “fair share.” No doubt he is one them “do as I say, not as I do,” “I am special and you’re not” liberals.
Its still going to cost him. The IRS takes a chunk for leaving.
who are the investors in facebook. They’re so stupid. They’re buying a stock at the very top while the owners are cashing out
taxes in singapore are 10% for everyone. there might even be a cap
so yea... MUCH more attractive.
if the US was trying to attract the job creators (ie: people with investment dollars).. they wouldn’t make it detrimental to invest here.
since they’ve been pushing everything out of the country, why wouldn’t someone either with wealth or with the means to make it... go to another country to do their work?
especially if that business is internet based
Most definitely. Besides, Saverin is a rock star in Singapore. In the US, not so much...
I read an article last week that the rules have become so “Draconian” (that’s the word used) for Americans in foreign banks that overseas banks not only are not accepting American accounts, they are starting to close established ones.
This is just the beginning of a flood, as if the politicians care. Atlas is shrugging.
Article. Notice how halfway down they talk about sentiment in Singapore, where this guy is.
Guess why?
The United States of America is the only one of the 200+ nations on this planet to include the following anti-competitive elements in its tax system:
1. Since Japan reduced its corporate income tax rate effective April 1, the USA has the highest corporate income tax rate in the world,
2. The USA has a non-territorial income tax system, meaning that it insists on taxing its corporations and individuals on their world wide income (subject to an individual exclusion of about $80k)
3. With the most complex income tax system in the world (both individual and corporate), our tax compliance costs are enormous. This constitutes a hidden additional tax
4. The US is the only one of 34 OECD nations with no border adjustment element in its tax system. That means we have no means of taxing most imports (since NAFTA and other trade agreements have greatly reduced tariffs over the past decade or two) and no means of relieveing our producers of their tax burden on their exported goods.
The combination of #1 and #2 above is particularly toxic. In tandem, they create the situation in which our corporations pay taxes in the jurisdiction they are earned in, then turn around and pay an additional amount (because our tax rates are ALWAYS higher) to the U. S. government.
All together, it is hard to believe that ours is not the worst tax system on the planet from the standpoint of global competitiveness. That’s right - worse than Namibia, Belize, Bangladesh, Laos, Iceland and any other country you can name. At a time when globalization is THE megatrend shaping the future of the world, and when the global competition for jobs, capital and markets are increasing rapidly, we stand pat with this tax system.
However, there is one thing that our tax system excels at - it is terrific at siphoning money out of the big money special interests and getting it into the hands of lobbyists and the campaign coffers of career politicians.
I remember when people migrated TO the United States for more Freedom.
We can now update the game Where’s Waldo...to There’s Eduardo. And there’s Eduardo’s money!
Foreigners have virtually no capital gains tax in the U.S. and Singapore doesn’t tax income earned abroad (like every nation on Earth except the U.S.)