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Senators To Unveil the 'Ex-Patriot Act' To Respond To Facebook's Saverin
An anonymous reader writes "Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again." See this earlier story on Saverin's plan to make the leap out of the U.S. tax system.
There's a reason why Texas' legislature only meets every other year (excepting emergency sessions)
moox. for a new generation.
And extend this to the "other" people, AKA corporations that do this. Apple, Coke, Microsoft...the list goes on. If you don't like the loopholes, then close them. But start from a position of honesty and integrity before criticizing others.
The easiest way for a corporation to avoid corporate income taxes is to "increase its costs" - that is, hire more people, raise salaries, and generally do all the things a good citizen of a corporation should do.
Corporate income taxes aren't like personal income taxes. The biggest "loopholes" aren't really bad things.
You are not alone. This is not normal. None of this is normal.
I think they're pissed off because it's the most uncomplicated way (and fully legal) of avoiding taxes. You don't even need to hire expensive lawyers or anything, like many of them senators probably have, in order to evade taxes. It's ENVY!
Texas is far less oppressive compared to more liberal states.
Not that I sympathize with this slimy tax-dodger, but I hope he gets away with it.
The value of his demonstration on how the rich view the world is worth more to the world (and the American public) than the taxes he owes. I don't want that demonstration stopped.
"When information is power, privacy is freedom" - Jah-Wren Ryel
Back in 2007, Halliburton was making so much money off no-bid war-related contracts, it moved headquarters out of America in order to avoid paying taxes on all the money it was making from the US government.
Very clever Mr. Schumer!
$5 / month hosted VPS on linux = awesome!
If a guy leaves because he has to pay $67 million after earning $4 billion then he doesn't deserve citizenship.
It was the 'system' who allowed him to earn that money in the first place.
No sig today...
Unfortunately, CEOs and CFOs get their jollies by "cutting costs" in order to please the shareholders. "Increasing costs" sounds terrible to your board of directors. The term used instead is "expanding" and/or "growing" or to be really obscure about it, "investing in future growth opportunities." It's the lack of such expansion that caused the recession to stick around for so long, because even the companies that had the capital on hand to continue expanding were afraid to do so in the off chance the economy worsened again. So, it was "keep costs low" to please the financial markets.
My very Republican, very stalwart conservative father in law went on an unexpected rant last weekend, regarding day traders of all things. He feels that taxes on stocks kept less than 24 hours should be 90% of profits, dropping to 50% after a week, and then back down to standard capital gains after one year. I'd never thought I'd hear such words fall from his lips, but then again he is a player in the long game of the stock markets.
Occasionally living proof of the Ballmer peak.