BUT we will not fix our tax code...

[Guest]

BOTH parties are so guilty of ignoring the obvious with the tax code but are so tuned into the class warfare crap they see nothing clearly...now this is just one result..

"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.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement."

"Singapore doesn’t have a capital gains tax. It does tax income earned in that nation, as well as “certain foreign- sourced income,” according to a government website on tax policies there."

"Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, according to government records.
Income-tax rates for top U.S. earners will rise to 39.6 percent from 35 percent next year, and rates on capital gains and dividends also are scheduled to rise unless Congress blocks the increases.
‘Tax Cost’
“It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, an attorney at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”

Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO - Bloomberg (http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html)

This is not in anyway to say that these people are correct, but the President asked a blue ribbon panel (Simpson Bowles) to look at this and when they were done he dismissed them out of hand. We better wake up quickly in this country.

[Guest]

BOTH parties are so guilty of ignoring the obvious with the tax code but are so tuned into the class warfare crap they see nothing clearly...now this is just one result..

"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.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement."

"Singapore doesn’t have a capital gains tax. It does tax income earned in that nation, as well as “certain foreign- sourced income,” according to a government website on tax policies there."

"Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, according to government records.
Income-tax rates for top U.S. earners will rise to 39.6 percent from 35 percent next year, and rates on capital gains and dividends also are scheduled to rise unless Congress blocks the increases.
‘Tax Cost’
“It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, an attorney at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”

Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO - Bloomberg (http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html)

This is not in anyway to say that these people are correct, but the President asked a blue ribbon panel (Simpson Bowles) to look at this and when they were done he dismissed them out of hand. We better wake up quickly in this country.

I was going to post that Michele Bachmann had a duel Swiss citizenship but I see now that she has withdrawn that. Started to worry we were getting left behind. Michele Bachmann withdraws dual citizenship - BostonHerald.com (http://www.bostonherald.com/news/us_politics/view/20120511michele_bachmann_withdraws_dual_citizenshi p/)

[Guest]

I was going to post that Michele Bachmann had a duel Swiss citizenship but I see now that she has withdrawn that. Started to worry we were getting left behind. Michele Bachmann withdraws dual citizenship - BostonHerald.com (http://www.bostonherald.com/news/us_politics/view/20120511michele_bachmann_withdraws_dual_citizenshi p/)


I saw that...never knew her hubby was from Switzerland !!

[Guest]

Interesting about Michelle Bachmann's dual citizenship - but totally a non-story.

[Guest]

BOTH parties are so guilty of ignoring the obvious with the tax code but are so tuned into the class warfare crap they see nothing clearly...now this is just one result..

"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.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement."

"Singapore doesn’t have a capital gains tax. It does tax income earned in that nation, as well as “certain foreign- sourced income,” according to a government website on tax policies there."

"Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, according to government records.
Income-tax rates for top U.S. earners will rise to 39.6 percent from 35 percent next year, and rates on capital gains and dividends also are scheduled to rise unless Congress blocks the increases.
‘Tax Cost’
“It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, an attorney at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”

Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO - Bloomberg (http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html)

This is not in anyway to say that these people are correct, but the President asked a blue ribbon panel (Simpson Bowles) to look at this and when they were done he dismissed them out of hand. We better wake up quickly in this country.

so much for this richie ricardo paying his fair share! ;)

[Guest]

"a great deal of affection for America"....give me a break.

[Guest]

Marcus from Switzerland......Michelle from Mars. :oops:

[Guest]

The solution to the problem has been debated for a very long time. The solution is simple and has been advanced by the Repiblican Party which would allow America to compete with other nations, encorage investment by business and individuals.

[Guest]

The solution to the problem has been debated for a very long time. The solution is simple and has been advanced by the Repiblican Party which would allow America to compete with other nations, encorage investment by business and individuals.

Not only have they advanced it......the Dems had a beginning for a solution but it did not serve their party purpose so the President just ignored the panel he appointed.

The tax code has got to be fixed and not by the means the Dems want so it will get votes. Somebody in this country better step up and be the adult !

[Guest]

Interesting about Michelle Bachmann's dual citizenship - but totally a non-story.This whole thread is a non-story.

The government funds it's operations by taxing various activities. People who can, attempt to avoid or minimize paying taxes. Heck, one of our presidential candidates did the same thing, effectively reducing his tax rate to less than most here pay.

So what? No one broke the law. In this case, a Brazilian native who lives in Switzerland took a step which will save him probably hundreds of millions of dollars. He didn't break the law. He can come back to the U.S. to live, visit or do business.

What's wrong with being smart?

[Guest]

This whole thread is a non-story.

The government funds it's operations by taxing various activities. People who can, attempt to avoid or minimize paying taxes. Heck, one of our presidential candidates did the same thing, effectively reducing his tax rate to less than most here pay.

So what? No one broke the law. In this case, a Brazilian native who lives in Switzerland took a step which will save him probably hundreds of millions of dollars. He didn't break the law. He can come back to the U.S. to live, visit or do business.

What's wrong with being smart?


NOTHING WRONG except the tax code, and if you cannot see this as a simple illustration of ONE example of what is wrong with the tax code, you are not the man I thought you were.

Your response is one of the quick draw defenses on here by liberals...this is an example of problems with the tax code that must be fixed but you guys would much prefer the tax the rich....an so on instead of the real issue.

[Guest]

....Your response is one of the quick draw defenses on here by liberals...this is an example of problems with the tax code that must be fixed but you guys would much prefer the tax the rich....an so on instead of the real issue.You have me confused, Bucco. Mine was a " liberal response"? Heck, it's been the GOP, the Tea Party, who have continually said not to tax the rich, the " job creators".

So here's a guy who was a key player in creating maybe the most popular social networking website in the world. He really did create lots of jobs at Facebook and the other networking support companies associated with Facebook. Now he's part of the ownership taking the company public. He's "cashing out". And he's availed himself of legal steps to avoid paying taxes on his wealth.

So now you're being critical of the tax code that permits this? The same tax code that the liberals want to change so that guys like this pay a chunk of their capital gains in taxes. That same code that the GOP is so adamant not to change?

I'm lost as to where you're coming from...what changes you're proposing...which political ideology you're supporting?

I'll tell you where I'm coming from...
The wealthiest Americans should pay more taxes on their income. The tax code should be modified to achieve that.

Real job creators should be rewarded with a more favorable tax code. That might mean that foreign earnings of U.S. companies should be taxed, quite heavily if their profits generate from foreign operations that could have been done here. Employers who really do create jobs and economic activity within the U.S should be rewarded with more favorable tax treatment.

Unnecessary and unjustified tax loopholes and benefits placed in the current code as the result of lobbying should be eliminated. That means some companies and whole industries will be required to pay more in taxes. They might include the one-third of the Fortune 500 who pay no taxes now, the sugar beet farmers, the corn growers growing corn only to make unneeded propane, most if not all of the agricultural subsidies, and on and on.
The changes I woukd embrace would tax those who can afford to pay more to pay for our government, and at he same time create a tax system that woukd encourage investment, employment and increased economic activity here in the U.S.

That's where I'm coming from, Bucco. But honestly, I'm still lost as to what changes in the tax code you recommend...or which of our political parties you might support to make changes?

[Guest]

You have me confused, Bucco. Mine was a " liberal response"? Heck, it's been the GOP, the Tea Party, who have continually said not to tax the rich, the " job creators".

So here's a guy who was a key player in creating maybe the most popular social networking website in the world. He really did create lots of jobs at Facebook and the other networking support companies associated with Facebook. Now he's part of the ownership taking the company public. He's "cashing out". And he's availed himself of legal steps to avoid paying taxes on his wealth.

So now you're being critical of the tax code that permits this? The same tax code that the liberals want to change so that guys like this pay a chunk of their capital gains in taxes. That same code that the GOP is so adamant not to change?

I'm lost as to where you're coming from...what changes you're proposing...which political ideology you're supporting?

I'll tell you where I'm coming from...
The wealthiest Americans should pay more taxes on their income. The tax code should be modified to achieve that.

Real job creators should be rewarded with a more favorable tax code. That might mean that foreign earnings of U.S. companies should be taxed, quite heavily if their profits generate from foreign operations that could have been done here. Employers who really do create jobs and economic activity within the U.S should be rewarded with more favorable tax treatment.

Unnecessary and unjustified tax loopholes and benefits placed in the current code as the result of lobbying should be eliminated. That means some companies and whole industries will be required to pay more in taxes. They might include the one-third of the Fortune 500 who pay no taxes now, the sugar beet farmers, the corn growers growing corn only to make unneeded propane, most if not all of the agricultural subsidies, and on and on.
The changes I woukd embrace would tax those who can afford to pay more to pay for our government, and at he same time create a tax system that woukd encourage investment, employment and increased economic activity here in the U.S.

That's where I'm coming from, Bucco. But honestly, I'm still lost as to what changes in the tax code you recommend...or which of our political parties you might support to make changes?


You are correct in that my beginning post was far more general that it needs to be.....and frankly a bit sarcastic.

I think the entire tax code needs to be looked at from a to z !!! This was simply an example of one of the loopholes that drives not only good people out of the country but money and jobs.

I think that the President was on the right track with his blue ribbon panel. Yep anything we do will tick off either the right or the left, and before you tell me how tough it will be...yep again, but lets at least try instead of just giving it lip service as the President did with his panel.

My flippant response to you is noted and I apolgize, but I have gotten so used to trying to begin a conversation on something, and if it is economic we the same old verbage which all of us know is not the answer...that is pushing class warfare. Am I idyllic...maybe but this country needs an idyllic leader, and not a con artist