Quote:
Originally Posted by jimbo2012
Dem senators introduce bill to punish Facebook co-founder Eduardo Saverin
The 30-year-old entrepreneur, whose shares in Facebook are expected to be worth around $3 billion after the social network goes public on Friday, is now residing in Singapore. Conveniently, Singapore does not have capital gains taxes, so his move could save Saverin anywhere from $67 million to $100 million in U.S. taxes
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So why do they not condemn and go after the likes of LeBron James upon leaving Ohio and its state and city income tax??
Funny how sports and Hollywood celebrities are never vilified as being "one-percenters" nor the evil "The Rich who don't pay their fair share"....
"Make no mistake, LeBron James is as large as any corporation moving to our area," said Kelly Smallridge, president of the Business Development Board of Palm Beach County.
Smallridge noted that James will save millions over the life of the five-year contract he's expected to sign.
James entertained pitches from teams in six states. Five of those states - Illinois, Ohio, New York, New Jersey and California - impose income taxes. The highest rates on individuals in 2010 range from 3 percent in Illinois to 10.55 percent in California, according to the Tax Foundation.
If James signs a deal totaling $96 million over five years, his state income taxes would range from nothing with the Heat to nearly $2.9 million with the Chicago Bulls, roughly $8.6 million with the New York Knicks or New Jersey Nets and $10 million with the Los Angeles Clippers.
And those bills could increase if tax-strapped states raise their income tax rates. But an income tax in Florida is a near impossibility in the next five years.
Don't forget city income taxes. Cleveland has a 2 percent income tax on top of Ohio's income tax, while New York City's income tax tops out at 3.65 percent.
"We think that's why so many millionaires move to Florida," said Edie Ousley, spokeswoman for the Florida Chamber of Commerce."
By choosing Miami Heat, LeBron James saves millions in state income taxes