Eduardo Saverin has renounced his citizenship before Facebook goes public. The move will save him hundreds of millions of dollars. Ed Schultz talks with Ilyse Hogue, columnist for The Nation magazine.
Facebook co-founder renounces U.S. citizenship to avoid taxes
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Wed May 16, 2012 2:10 PM EDT



Why would a billionaire feel the need to save a few million? What a slime ball. Glad I never got interested in Facebook.
It is known as GREED........ just another reason I'm not on face book.
It is know as GREED. just another reason I'm not on face book.
That IS Amazing - After AMERICA Sheltered Him And Took Him In From Danger - Now That He Has USED OUR System To Become Wealthy And Does NOT Want To Give His Fair Share Back To OUR Country = He Wants To Turn His Back On AMERICA { The Country That Helped Him And Helped Him To Become Wealthy } He Wants To Turn And Run And NOT Pay His Taxes BACK To The People Of This Country That Helped MAKE Him Wealthy = Sounds Like A Typical Tea-Baggin-Gop-Neo-Con-Anti-American-USER - To ME !!!!!! Hey There Mr. RobME/RobUS !!!!!! Sure Sounds Equally Familiar - Dont-It !!!!!!
He thinks that's what makes him an American. Total greed.
He should be deported and never allowed to return. That would be a fitting response.
Who is being greedy the person who EARNED the money, or the government who did nothing and is demanding he turn it over?
Moonbeam could be talking about how this IPO will help his state grow, and attract more business. Instead he is saying how he is going to take the money and give it to corrupt officials.
Slow day at the ed show...
How about telling us all, just what is going on with jon corzine.... I mean dude screwed his clients out of close to $2 billion dollars..
Why no story about him? oh I get it he is or was the darling of the DNC, former senator, and governor, so of corse he is going to get a free pass right ed?
We took him in and he shut us out. Really appreciated what us tax payers did for him didn't he.
Stupidita, why do you try to get people off the subject and then go on to another subject. Do you need to improve your powers of concentration?
You don't read much do you"?
Nah it is called fake outrage, Clinton cheating on his wife doom and gloom. Newt throwing his sick wife out on the street so he can stuff his mistress in her bed, he is just tired of dealing with a sick wife which is a mans right. AW sends a dic pic its the decay of western society and an attack on family values. David Vitter pays hookers to change his dirty diapers, he is defending the sanctity of marriage. Obama gives a solar company 1/2 a billion tax dollars its proof of democratic wasteful spending. GWB gives the banks 16 trillion dollars, he saved the world. They are truly living in a world made up by Fox news.
Stu
Corzine is going to jail. It might have to wait until we have a real Attorney General, but he'll be doing time.
His "Gee I guess we just misplaced 2 billion" defense isn't going to fly.
Well gee wiz GWB and Hailburton lost 5 billion dollars in Iraq and I didn't hear you tea bagging republicans ever mention that. Oh yeah thats right IOKIYAR.
Whom
I've heard years of whining about GWB and Cheney. I've yet to see an indictment. Care to explain why?
Can you say the GOP protects their own. Here is a clue diaper Dave hired hookers to change his diapers yet no charges were filed for his illegal activities.
Why doesn't Barry go after George and Dick? Would you like me to answer that??
You don't have the inteligence to read President Obama's mind, so that says you can't answer that. You barely can read your own.
I noticed Jaimie Dimons' misplaced 2 billion dollars as well. Care to speculate on why?
I notice Jerry's gotten a lot politer since OtD got banned. Feeling the chill, Jerry?
It will be a long time before Corzine ever goes to jail. Obama has long been a fan of his and is still allowing him to bundle millions for his campaign. Dimon, likewise, has nothing to worry about. JP Morgan Chase was the 6th largest contributor to Team Obama last time, and is most likely going to top that amount this year.
Kind of like Ken Lay and Bush, eh?
And Ken Lay went to trial in early 2006 for his role in the Enron scandal and was convicted, he was scheduled to be sentenced that fall, but died in July of that year...
The funny thing about Ken Lay is that his conviction was overturned. Technicality, but he isn't a convicted felon. Deserved to be, along with the whole group of them.
Chis- You are implying that the person Obama says he admires and respects is like Ken Lay. Mark this as the first time I agree with you. Do you mind that I find it really funny that you made that correlation? Do you ever think about your positions before you type? Did you mean to agree with me? Or were you just not smart enough to realize you were doing it?
I do not really care about him. He is one billionaire, who was never really an American. So where his loyalities are is immaterial to me.
The Billionaries who are American, The HUGE Corporations, the HUGE Banks who are robbing people...you get the point.
The wanna be President Mitt Romney who hides money offshore. So a non-citizen...do not care. A citizen who wants to be President, that I want to know.
Joseph...How do you know about the money if the offshore accounts it if it is hidden? If he claimed it on his tax returns (which he did) then it isn't hidden. It is a LEGAL thing to do.
Right because storm says that it isn't hidden then it must be true. Except unlike the guy who gets his taxes taken out of his paycheck before he see's it, gets audited if the IRS believes he is taking a deduction he isn't entitled to and all Mittens has to do is give his word that he only has X millions in off shore accounts, the IRS never questions Mittens honesty. Yep to storm those hidden millions aren't a big deal but the $20 the worker tries to get will break the country. What a joke.
Romney's offshore accounts aren't hidden. If they are hidden how do you know he has them?
Sorry but they don't call them off shore tax heavens for no reason. Just like Swiss banks were used in the past to hide wealth in. Boy talk about being uninformed.
LOL they don't call them off shore tax heavens at all.
The word is haven, but I suppose it depends on what part of the country you're from.
Indeed.
Chi how do you keep a moron in suspense........................
Get him talking to a poor sap that fails to understand why his spelling and grammar mistakes are entertaining.
Whom
I don't know what I'd do without you. Thanks for making my point....again!!!
I've had an offshore account for years. I've never tried to hide it because it's perfectly legal. What upsets you guys is that Mitt is wealthy enough to take advantage of offshore accounts and you're not. Just admit it. Isn't jealousy a requirement to carry a "liberal" card.
I always suspected you were twelve. Now I know for sure you are.
Lets see a grammar and spelling Nazi post followed by an internet brag then lastly someone in suspense. Typical tea bagging republican tactics to show they have nothing so its time to attack the poster. Yep just like we thought they are clueless.
Chi or Eugenie...can you please try to repost Whom's last comment in a way that makes it readable? I have tried, but had to give up due to the frustration it was causing me.
I would ask him, but I know that would be be a waste of time.
Sorry but you can't play victim here.
You are the one who passed yourself off as the one with the superior liberal intellect that is so well-read. The fact is that nobody that reads as much as you claim to makes these kinds of grammar and usage mistakes.
So you've been called out on your ignorance... again, and now you're going to throw a tantrum and say we're attacking you.
Do you need a waaaaambulance?
Really storm can't refute so you resort to 3rd grade tactics.
Really storm can't refute so you resort to 3rd grade tactics.
None of them can. Just bitch about grammer and spelling. They're not worth the time to check things. And we know jerry is a liar. He gets his entire identity from money. Too bad he doesn't have any. Just right wing talking points and bragging with nothing but hot air. Sounds like he now has a couple new friends that fit that discription as well.
Or sock puppets.
Chy-Tomb = I Have Been Waiting For Ya !!! Ya GOMER !!!!!!! Bring It !!!!!!!!
Larry is hooked on phonics too I see.
Chy-Tomb = Send US Your Name - Address And Phone Number So As You Can Be Contacted - Directly !!!! Okay !!!!!!! just Askin' !!!!! Do You Like Candy ?? How About Lolly-Pops ??????
And we know jerry is a liar. He gets his entire identity from money.
You're right again Larry. Try it sometime, you might like it.
Most of us have an identity to begin with. I wonder what your family would think of you if you had no money, since that's where your identity comes from.
Chris he asked me why wasn't I asking my rich relatives for a handout, yeah like we all value handouts the way tea bagging republicans do.
Sounds to me like Jerry values money. I don't see anything wrong with that in and of itself. If that's his thing I don't have a problem with it and neither should you. We are free to prioritize money and everything else in our lives any way we want to.
If that's what he's into, and it's not hurting anyone else, what's the problem?
This is a ridiculous and baseless assumption Chris.
But you don't seem to have any problem taking government handouts, do you?
You don't put money in a swiss bank to avoid taxes. You put money in a swiss bank to avoid obama steeling it. Hillery is on record more than once trying to pass laws to confiscate our money. If you don't protect your money from the likes of presbo redistribute the wealth, it would prove you do not have the brains to do the job of president.
The only ones defrauding the government are obamas cabinet and the dems in congress who LIED on their tax forms. What is the number for government workers who haven't paid their taxes up to now... $18B or some such rediculus number. See more than he wants to get from buffet, and BP and that is just one year.
Ed you nailed it about Saverin giving up his US citizenship to save millions. Pathetic. If our Reps both Dems and Republicans had not helped sell the American worker "down the pike" as my WWII teamster father always says the US would be in very different shape right now. Most of us know this started 40 years ago with manufacutring moving south first for cheaper wages etc then overseas. Both parties sold the american worker "down the pike" Now we have folks like the deceased Steve Jobs who has basically been canonized by some while making billions overseas. He could have easily created jobs in the states...but he went for greed. No different than other fat cats who are not patriots but a type of traitor to the US.
Ed you were great on Washington Journal this morning. The voice of reason. Just hope as you keep saying over and over again will people get it and vote for their own self interest or believe the hype. I think Obama's new mantra should be "no one said change would be easy" We all have to keep pushing. Push harder for fairness in pay, health care, equity in education. Real pro life issues.
Ed and Ed team today at the Wayne national forest near Athens Ohio hundreds will be demanding that Supervisor Carey conduct an environmental inventory study of potential hazards if they sign public lands into the fracking industries hands. Please send someone to cover this or give it a shout out on your program tonight. Please shed some light on these reasonable demands.
Again you are the "voice of reason" thank you for all you do
Thats what all the companies did when NAFTA was passed too. In my county we had alot of textile plants. Less than a year of it being passed they started moving to Mexico. Poeple and companies are going to go where than can make or save the most money. Thats why I have always been skeptical about rasing taxes to high, because we cant make people are companies stay here in the USA. They have a choice and the bottom line is they are in it for the money.
You do realize that this is a prime example of why the current tax code and higher taxes for the wealthy is a fallacy right? What is to stop other major billionaires and large corporations from following suit in a world with a truly global economy? Nothing, that's what. And where will America be when the people that pay the highest volume of tax dollars (not the rate, which is unequal needs to be reformed, but the physical dollar amounts) realize they don't have to stay here and take off? We'll be Greece. Worse than Greece, even.
Here we go again with a tea bagging republican not understanding what they are talking about.
Yes, because it's not like we live in an era with an global economy and ease of travel that would make renouncing your citizenship little more than an inconvenience to the top 10% of the country. You know, the ones that could cripple us if they took the money and left? Oh wait. That's exactly the case.
This isn't the Dark Ages where wealth was tied to the land under your control. Wealth and power are digital in this day and age and are not tied down to any nation. Let this be a wake up call to that simple fact.
Tax cuts are not keeping the wealthy in the US ffs. That just shows how misinformed you are. In 1950 it was a global economy and DDE taxed the wealthy at 92% to pay for the Korean war. Oh btw where are the wealthy going to go? Every other country in the modern world charges the wealthy far higher then the US. I have a cousin who gave up his US citizenship for a El Salvador citizenship, he still lives in the US, why? Because to live in El Salvador means he has to hire armed guards to follow him around to make sure that no one kidnaps him to hold him for ransom. So your whole argument is based on not knowing the realities of the world around you, never traveled out of the US have you.
You do realize that you can maintain citizenship for a country with favorable tax codes and live somewhere else right? Even Germany has a better corporate tax rate (29.8% vs 38%) at the moment. And you're seriously trying to compare the economic landscape in 1950 with today? A period when the United States was the manufacturing and economic capitol of the world and faced zero competition abroad?
The tax rate in the Bahamas is 0% for individual income tax and 5.9% for an employer's payroll tax. Does that sound lower than the taxes here? Singapore has a rate between 3.5% and 20%. The British Virgin Islands have a tax rate of 0%. Jamaica's tax rate ranges from 3% to 5%.
And yes, I traveled abroad when I was younger.
If a business owner brings his business to Dubai he pays zero taxes for at least 10 years.
Again then why haven't they moved when taxes were at 92% or 90% or 75% as they were in the past. In fact 1980 taxes were higher then todays and the wealthy did not run so you are basing your talking point on what.
Gee, maybe it was the lack of real time digital information transfers and the ability to the anywhere in the world in less than 24 hours? A world where would could speak face to face with people halfway across the globe? Planes that could make it across the Pacific without stopping at Midway to refuel? For all that we had airplanes and telephones you can not deny that the countries of the world were far more insular in 1950 than they are today thanks to advances in technology. My talking point is that the information age has made it easy to run because you are not tied down. Your money is now ones and zeros on a computer. You don't need to physically take it with you to take it with you.
For God's sake, people today carry around a phone that is a mini-computer/camcorder/music player connected to the internet at all times and it's commonplace. You needed to hunt down a payphone just to make a call away from home in 1980. Are you really so blind to the way the world works that you can't see the differences between those era's you cited and today?
Failed history I see.
Sorry, gramps, I'll wire my points to you by telegraph so you can have a chance of understanding them. Let me find a Morse Code manual and I'll get right back to you.
Here is a clue the US has had world trade every since it had its first colony. Wealthy English businessmen did not have to live in the US to benefit from trade with the US. The only differences between trade today as compared to trade back in the past is the speed at which it was done. Where the traders lived or the wealthy lived did not matter. Wealthy people were taking European vacations that would last for months and still be able to keep up on everything with the technology of the time. And there were wealthy that choose to live aboard even back in the 1800's.
You also fail to take into account the dangers involved when you live in another country that could effect your wealth. All you are doing is showing that you are as clueless as your talking point. The US has rights that other countries do not have. Try reading up on the 49ers, many of them lived aboard even though their mines was in the states.
If they're going to take their money and leave, I have to ask: Where did all that money come from? How did they get it?
TheRealChris a better question is does it matter? They've made the money and you can't take it away from them. The real question becomes what will they do with it now? It's why I think the VAT tax Obama talked about made more sense than the current income tax code. Abolish Federal Income Tax, institutionalize a modest VAT tax for every purchase and let commerce dictate the tax rate. Everyone becomes equal and the more money you spend the more you are taxed. Fair for everyone.
Whom
Did you know that most of the Kennedy fortune is in a pure trust domiciled in The Fiji Islands?
There goes your "there's nowhere to hide money" story.
Yes, it does matter. You don't bite the hand that feeds you. You don't get rich here and then say "Screw this country."
In case you're unclear, that makes you a parasite.
I said there was no where to hide money? No storm made that claim.
Robert F. Kennedy's estranged wife, Mary Richardson Kennedy, has died at age 52, apparently committing suicide by hanging herself, sources told ABC News.
Chris hit the nail on the head. Parasite. That about sums them up.
As long as you stay within the law you can do what you want.
After I retired I moved from a state with high income taxes to a state with none. That's when I started to sell assets. I beat the state income tax gig big time.....it's the law.
Then there is reality that jerry is just internet bragging and is repeating what he heard one of the free republic say he posts that on left wing blogs, so jerry dicides he can too..
Whom...I see you are lying again. I never said that there was no place to hide money.
Please try to have you facts straight before you post.
Folks- I'm not for sure Whom is ever lying. He has a very low capacity for thought, and isn't worried at all about removing doubt that anyone has on that fact. I've found putting him on ignore is fun. Every once in a while, you notice he is commenting and you guess what goofball concept he is spouting.
Larry, on the other hand, will converse, then suddenly will toss out a whopper. When it is brought to his attention, his is up in smoke and gone to the next blog.
Chris, as well, is fairly thought restricted. As a whole- they embody Ed's viewing audience.
John: You mentioned the above countries tax rates, e.g Jamaica has a tax rate that is called G.C.T (General Consumption Tax, similar to our sales taxes) at a rate of 16 % or 17%, the people are burdened by that tax, so all is not as it appears to be. I do not know what the currency is in Singapore as well as I do not know their political systems, but I wouldn't put too much trust in some of those foreign countries.
whomeiotmay: Why they stayed in the US with 95% taxes. It is very simple, they didn't pay that rate on all the money, only on the adjusted gross. They had deductions for EVERYTHING, credit card interest, loan interest, leased car, medical expense, home morgage, If it moved, or stood still you could deduct it.
Ask yourself how they lived in sweadon with a top rate of 115%? You have to pay 15% more than you made.
Funny-You're always here. I guess you embody Ed's audience as well.
I guess even a nut job like you has to listen to the truth once in a while.
While the rest of us never go no conservative blogs or listen to conservative hosts.
We have no interest in psychopathology.
At least your name sums up your thinking.
Sorry Chris- I'm just calling it like a fact. I usually disagree with CC and a few others, suzette, et al. I find them interesting because they have conguent thought patterns. I may disagree with them, but I understand them. You- and whom- and Larry- I just have a real difficult time discovering anything of value in any of your ideas. But- I'm fairly sure this isn't the first time you've been exposed as such. School must have been an awful time for you... And at work- let me guess- you have an idiot boss who is always wrong...
How come I did not think of that. I want to renounce my citizenship. I owe IRS. Aw shucks, I am not rich. That means old middle class me will have to stay here and suck it up for the millionaires and billionaires who will not and won't pay taxes.
Actually that is what a lot of the wealthy do, give up US citizenship, but that doesn't mean they can't get visa's to allow them to still live in the US oh and they also don't get turned down for those Visa's. I have a cousin who is a citizen of El Salvador and lives in Ohio, he gave up his US citizenship and every 5 years has to get his visa renewed, one of the perks of money. The biggest worry he has is if a new regime takes over El Salvador he will lose everything. He couldn't live in El Salvador, just to visit his resorts and coffee plantation requires him to hire 50 armed guards to get him from the airport to his off shore resort or to his plantations, he visits once a year and it costs him a cool mil for a 3 day visit.
the millionaires and billionaires who will not and won't pay taxes.
Gladys
Robme paid millions last year, how much did you pay?
Whom
Why don't you mooch off your cousin in El Salvador? Or has he written you off already..........lol
Because I am not a tea bagging republican free loader who thinks he deserves handouts. Which is why my cousin seeks me out at family reunions.
Jerry, how much did you pay? 00000000
How much did I pay in taxes? Let me put it this way. It's party time for all the whores in Colorado, Oregon and S Korea thanks to me.
For writing analysis advice or wise political commentary no doubt.
Chi how do you keep a moron in suspense?................
eugeniepatstheduck: And if that trust earns money, they have to pay taxes on it, or leave it outside the US. Just like any one else. And it is a crime not to inform the IRS that it is there.
Stay in Singapore and don't come back creep. We should send him a bill for the protection he was given by America.
An invitation to lunch with the President:
http://firstread.msnbc.msn.com/_news/2012/05/16/11734711-obama-warns-congressional-leaders-on-debt-limit?lite
did this guy and mutt go to the same business school of greed? or they must have the same off shore banks
why haven't they moved when taxes were at 92% or 90% or 75%
They did move.......nitwit. That's what you've been bitching about. They moved their money, they moved their jobs, and you got screwed. You got your taxes increases but had nobody to pay them.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^=-RE-REG-=^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ =============== If Ya R Attempting To Make Sum Kinda Sense - Perhaps Ya Should Go To The Phsyco-Ward Nearest You !!!!!!!!
Poor jerry once again shows he lives in Fox news land and has no clue about the real world around him.
He lives in a gated, guarded facility. The way he described it first, we all figured it was a mental ward.
Larry
You FINALLY got something right!!!!
I knew you could do it.
What do you say we all give MD/MI first crack at the poll question?
We can't stop the Supreme Courts ruling. But we can do this!
http://www.change.org/petitions/major-media-companies-stop-accepting-money-from-superpacs
Hey what happened to paying for 'his fair share" why aren't the the news outlets jumping this guy? How come the 99% aren't at his front door?
in all fairness to facebook, the primary owner mark zuk did pay and didn't duck his due. he paid around 2 billion in taxes. it is just this slim ball that used the system to help fight his claim against mark and facebook & his family used this country as a safe haven to get away from his country. now this jerk doesn't have the decency to pay taxes. what a ass!!!
A newbie with a USMC badge gee could it be.
They still should go after him and his company. Force him to still pay the same taxes as if he was a citizen..back stabber if you ask me.
Once again the poor get special privileges.
It takes rich people 3 years on a waiting list to denounce there distain for government corruption. He gets it done in less than a week.
Hope tiwaan uses the tax money to buy china and forgive our debt.
You don't like what he did, blame al gore, he invented the internet and let this happen.
All you haters, What money of yours did he take? I never gave him any, never signed up for facebook, even though it would let me post on huffington. Did obama give him our tax money?
The fair tax would make him pay, and he wouldn't get the prebate.
I do believe that he will have to pay taxes on the value of his holdings to date. That will be a tremendous amount. He is only escaping taxes on the increase in value from this point forward.
Maybe the solution is just to tax those weallthy people who choose to stay at an even higher rate. Don't laugh- I'll bet a few on here get a little jimmy-legged when they read that concept. If Obama reads it, he will silently shake his head yes in agreement.
Jerry Berry.....You really need to get over larry. He doesn't float that way...........
This is indeed an eye-opener, I am not on facebook, good thing. What this person did is beyond "un-American", he and all individuals like him/her who would denounce citizenship to avoid taxes is absolutely shameful. Have them "DEPORTED" to their country of origin, not Singapore, like this A-Hole. They can take their "blood money" with them, the trade-off would be they will not be allowed to return to the USA, physically or electronically. They can do "business" some-where else.
Just goes to prove once again that being rich makes you no better than the rest of us and in this case a dog that bites the hand that has fed him.
He may have had citizenship but he was NEVER an American!
Saverin is a biggie rat. He squeezed a huge amount of money out of America and now he will avoid paying his fair share of taxes putting the financial burden of running our country on us. There should be some law that would prevent this kind of profiteering.
They're c'mon to kick your ass boy! Fool, you have no idea what mess you're in. Better pay up you greedy little prick because the U.S. is like the mafia these days and U B dead in no time for screwing it.
Lets hope he moves to a state with stand your ground laws. Florida doesn't care about the law anymore, or zimmerman would be a free man now that all the evidence, the witnesses, and the doctors say the same thing. He was a victim defending himself.
Cheryl may be right. Team Obama could send a drone out to get him.
He's just one of the many who have bilked this nation but no one is talking about those corporations with their overseas accounts.
How, did obama buy the stock with our tax money? Did he sell you stock promising he would stay here if you bought it?
What job did he take from someone?
He is doing this country a service, letting the government know that there are limits to how much oppression and demonizing people will take. Just hope they don't set this as the lower limit before we run.