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Facebook co-founder renounces U.S. citizenship

Eduardo Saverin, the billionaire co- founder of Facebook Inc. (FB), renounced his U.S. citizenship before an initial public offering that values the social network at as much as $96 billion, a move that may reduce his tax bill.

Saverin, 30, joins a growing number of people giving up U.S. citizenship, a move that can trim their tax liabilities in that country. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dorm and stand to reap billions of dollars after the world’s largest social network holds its IPO.

http://www.bloomberg.com/news/2012-05-11/facebook-co-founder...




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The US free market and capitalist system

allowed the guy to earn his billions - the attempts to regulate that market drives him to renounce his US citzenship.

Ah, money talks and it always will.

The law cannot make a wicked person virtuous…God’s grace alone can accomplish such a thing.
Ron Paul - The Revolution

Setting a good example is a far better way to spread ideals than through force of arms. Ron Paul

Let's hasten his meeting

... with Satan. He's already made his deal ... sold his soul. Time to face the music, asshole. The ninth circle of Hell awaits .... "traitors to fellow man"

BOYCOTT FACEBOOK FOREVER.

Wrap your mind around this...

Wrap your mind around this... I admire the founders of Facebook for creating something out of nothing, that is, exploiting human nature in a way that benefits both parties and is completely consensual (peer pressure is the primary reason people feel driven to sign up), and the end result has made billionaires of twenty-somethings, yet the very idea of Facebook is appalling to me for exploiting sheep-like behavior. That is a free market miracle.

...... You're an idiot.

......

You're an idiot.

Freedom in our lifetime! - fiol.us

Ron Paul for President's picture

you really do not understand liberty

Please, please learn

selling your soul to the

selling your soul to the devil for giving up US citizenship? ROFL... these kind of sentiments are what made me tired of religion...

From what angle exactly are

From what angle exactly are you approaching this? He's completely within his rights to do this and I'd do it if I were him also!

Ok, so paying a tax of $300

Ok, so paying a tax of $300 to $500 million to give up U.S. citizenship is selling his soul to the devil, no it's the price to escape people like you.

Check out the expatriation tax details for yourself:

http://www.irs.gov/businesses/small/international/article/0,...

FACEBOOK

is the evil. Avoiding paying US taxes is good as it reduces the military industrial complex's ability to murder innocent people. I kinda thought the facebookhaters link would have made that clear. A business model that profits from collecting and selling your info to defense contractors and spooks is the business model of a scumbag. Sorry if I didn't make that clear.

MySpace

I'm still not sure what the fuss is about FaceBook, I've been a user for 3 years now and I don't see a difference from MySpace.

In many ways I thought MySpace was better. The FaceBooks news feed was the cool thing but its just a fad...

I hope everyone takes a look at WorldTruth.org I've already made an account there and looking forward to the demise of FaceBook.

"If you think we can't change the world, it just means you're not one of those that will"

Jacque Fresco

First off, when it comes to

First off, when it comes to big business, it is NOT about the quality of the product, it's not about the product at all. This is true in all industries. It is entirely about marketing as long as you have an even half-usable product.

Secondly, I haven't looked at MySpace in years, but when FaceBook first came out it was easily able to overtake MySpace because of good marketing, and people were readily willing to switch because there were a massive amount of ads and spyware on MySpace at the time, and page loads were much quicker. Once people had switched from MySpace to FaceBook, it was all over... no one was going to switch back again, regardless of what changes or improvements were made to MySpace.

Freedom in our lifetime! - fiol.us

Agree - FB profit model is also a "weak long investment"

MySpace was a bit more freestyle where the pages looked more unique (homemade) and more human.

Businesses believe through Facebook they can gain valuable marketing info and "growth through social network referral", however even Wall Street has noted that model in short lived since it works on the principal that Facebook users get no gain from recommending companies or buying habits.

A model where the users are rewarded to recommend/like or allow companies to follow buying habits would be a better business and has been a hurdle Facebook has yet to clear.

"This isn't what the govern meant"

"Win the crowd and you will win your freedom"

Atlas Shrugged...It's real

Where are all the Movers and Shakers going?

I believe the time is coming soon for our Economy...Fed Reserve did 180 allowing China to buy US Banks today.

http://www.rnw.nl/english/bulletin/fed-clears-chinas-first-u...

Let me see if I get this right., interest is low now, but once interest rates rise, then China collects the big bucks on all the loans that will soon adjust, until Americans need to foreclose...

If you recall Hank Paulsen said in 2008 Americans have nothing to fear with China owning our banks...

"This isn't what the govern meant"

"Win the crowd and you will win your freedom"

I've also read that there are

I've also read that there are large numbers of Chinese using their new riches to leave China. With everyone trying to leave every nation at the same time due to overtaxation and oppression, the time is ripe for a real Galt's Gulch... Is it in Singapore? An island somewhere?

Real indeed

http://www.newsmax.com/US/rail-high-speed-texas/2012/05/10/i...

If this train gets built and the government shuts it down because it's too fast...

Ideas are very important to the shaping of society. In fact, they are more powerful than bombings or armies or guns. And this is because ideas are capable of spreading without limit. They are behind all the choices we make.

Sorry I inadvertently

Sorry I inadvertently duplicated this thread, but good for this kid. Every millionaire and billionaire should seriously consider living somewhere they are wanted.

ill gotten gains

... made by selling out your fellow citizens to the fourth reich is not decent, honorable, or anything anyone should look up to. People need to get some morality:

http://www.amazon.com/IBM-Holocaust-Strategic-Alliance-Corpo...

How can you seriously say

How can you seriously say something like that while sporting an 'Atlas Shrugged' icon for yourself? Have you learned nothing from Ayn Rand?

developing a new better metal

... is an honorable way to make millions which I fully support.

Taking seed money from the CIA to trick gullible fluoride-damaged people into giving away their profiles for a new version of the Hollerith is not only evil, but it's treason. Boycott Facebook.

http://www.amazon.com/IBM-Holocaust-Strategic-Alliance-Corpo...

Get real.

Taxing for another 10 years

If he really did it for tax purposes he will not enjoy that benefit for another 10 more years as the US is one of the only country that for 10 years after someone renounce their citizenship collects federal income taxes. And he must do a tax return for 10 years.

He's avoiding the 35% Exit Tax on the IPO gains

In 2008 the HEART ACT includes an severe Exit Tax. 35% on all assets and net worth above 676000, whether you SELL IT OR NOT and you CANNOT gift it.

So he pays 35% now on his current net worth, after the IPO his net worth will be up about billion about so he saves 350 million if he exits now. He will hold his shares for a awhile before he sells that. Singapore has minimal income tax, he will take little salary, and use company assets most likely.

http://renunciationguide.com/Exit-Tax-on-Renunciants.html

"The “Heart” act of 2008 (a bill whose main intent was to increase benefits for veterans and families of deceased military members) included for the first time an “exit tax” on American citizens who renounce their citizenship. The law passed Congress by a unanimous vote. Lawmakers attached the exit tax to the HEART act as a revenue enhancer..."

"This isn't what the govern meant"

"Win the crowd and you will win your freedom"

Link to H.R. 6081 (HEART ACT)

http://www.govtrack.us/congress/bills/110/hr6081

edit: Of course, as expected, Ron Paul did not vote for this.

Just having a net worth in

Just having a net worth in excess of $2 million gets you the 10 years. Of course someone that has several billion does not really need to make any further income, and if there is no further income, including interest earned, there is no need to pay any further taxes (under current tax code that is...).

----------------------------------------------------------
"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence

This is correct! Even the

This is correct! Even the Soviet Union didn't claim ownership of their citizens to that extent.

Of course, he could always

Of course, he could always tell them to go screw themselves.

Most countries will extradite

Most countries will extradite you to the US without even a good reason:

http://www.sovereignman.com/expat/in-case-you-really-have-to...

Not Brazil though...

Not Brazil though...

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

What about Singapore?

Good

for them..