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  #1  
Old 05-17-2012, 12:15 PM
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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
  #2  
Old 05-17-2012, 12:39 PM
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Originally Posted by jimbo2012 View Post
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
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
  #3  
Old 05-17-2012, 08:04 PM
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Default Solution?

Here's my solution. A single rate, flat tax on all wages, dividends, and capital gains. Paid by the payer of those items, i.e. employer or corporate entity.

As an example. Eliminate the personal income tax in favor of a wage tax, paid by the employer. Realistically, the employer pays the personal income tax anyway. When it's withheld on a pay check, the employee never actually sees it, other than a paper entry. In an ideal world, without the convoluted tax system, there should be no "refund or owe" on April 15. The only problem - I'm not sure what the IRS would do without the 200 million taxpayers to audit, not to mention the legislature.

The same logic applies to dividends and capital gains. The corporation would need to factor in the tax cost on pay-outs, sales, and trades.

Of course, it'll never work. Congress spends all it's time on collecting and spending. Simplification will never work. What would they do on their three-day work week.
  #4  
Old 05-17-2012, 08:13 PM
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why are the democrats punishing this capitalist? why is capitalism a bad thing now?
  #5  
Old 05-17-2012, 08:55 PM
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It's not punishment as I see it, looks like tax fraud well planned a year in advance.
  #6  
Old 05-17-2012, 09:10 PM
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Originally Posted by jimbo2012 View Post
It's not punishment as I see it, looks like tax fraud well planned a year in advance.
but the guy has been living in singapore and not the u.s. since 2009! he should have given up his citizenship years ago! his exit tax would have been even less.!

check out the comments at the end of this article!:
Dem senators introduce bill to punish Facebook co-founder Eduardo Saverin - Political Hotsheet - CBS News
  #7  
Old 05-17-2012, 09:22 PM
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yes, he should have but since he did it in less than a year it screams tax evasion.

The IPO plan was well under way at the time
  #8  
Old 05-18-2012, 06:40 AM
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Moved to political forum.... Not really an investment discussion.
  #9  
Old 05-18-2012, 08:50 AM
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Thought you have to sell your shares to get taxed...

You don't get taxed ln your wealth just you income...
Facebook paying dividends? That would be taxable.

This morning listenting to the radio, the DJ mentioned how many people would be instantly rich. You still need to sell. If they all did at the same time I wonder what would happen to the price of the stock....

Moderator, I made it an investment discussion again....
 

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