as one parent said to his 13 year old boy.....holding up two pictures..one of the Facebook Billionaire..one of the Wall Street Occupiers.........you can choose to make something or you can choose to want to take what others have made.....what be it in your future?
As a parent of three, and consider successful, and productive adults, they fit neither picture that that father held before his son. They are not considered rich, nor do they fit the picture of an "Occupier." If this father, and his son's mother have not instilled a sense of morality and the desire to be a productive human being long before holding up these pictures, they will have no effect.
Want to tell another simplistic story?
After all, he's successful and rich; plus Limbaugh feels he is doing nothing wrong in renouncing his citizenship to dodge paying taxes.
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especially when it comes to taxes. Do a little homework, maybe learn a little, and take a look at some other sites other than Huffington Post. When you come back you will learn that Saverin is paying capital gains taxes on his Facebook shares. Now you are probably saying, "what about the $67M in taxes we liberals keep hearing"? That's where your research into the whole situation will come in handy, i.e. the value of Saverin holdings when he renounced his citizenship in Sept of 2011 vs Friday's market close.
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of american laws while he's at it. and does he plan to live here as a permanent alien residence after renouncing his citizenship?Having his cake and eating it too.smart guy, can't really begrudge him the boatload of bucks, but i do wish to bid him bon voyage as he saisl away from our fine country to whatever one serves him better.
He hasn't lived in the USA for years.
I'm just responding to Limbaugh's assertion that of course he moved to avoid paying taxes, just like he did when he moved from New York, and doesn't fault him for it. Of course his reasoning, based on why he moved from New York, is totally bogus.
P.S. If you don't want to read about it on the Huffington Post, then go to Politico or just directly to his Friday show! I believe you'll see pretty much the same thing!
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with his ridiculous, reactionary, hasty legislation.
would be familiar with, a shakedown. Eduardo Saverin is paying $365M in capital gains taxes. That is 15% of the value of his Facebook stock at the time of his renouncement of citizenship (Sept 2011). The debate or argument is taxing on capital gains based on the value in Sept of 2011, Friday's market close, or some other date the govt deems appropriate.
Saverin is complying with the law. Schumer and other liberals somehow believe they should get a pound of flesh why they are at it with this hastily created anti-Patriot Act.
If you are Saverin, or any other person in his situation, and you have an Administration that wants to tax capital gains at the same rate as normal income, what would you do? Plus you have leaders like Schumer who are no better than his local NY Mafia boys.
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and then Severin sells in a jurisdiction with no capital gains tax?
I’d say he will save MORE than $67 million in capital gains taxes alone, particularly considering you and I will be paying 20% or worse in CG if Obama has his way (of course, this assumes I will have a capital gain LOL) . Plus, as I understand it, he is not paying a capital gains tax at all –he has to pay an “exit tax” –a tax with very different rules than the capital gains tax - based on the unrealized value of the shares when he renounced citizenship.
Rather than beating up on Matty, you should save your outrage for Senator Schumer, who is clearly try to pass an unconstitutional bill of attainer and seeking to have the existing law applied retroactively aka unconstitutonal ex post facto law.
Further, everyone seems to have forgotten what Judge Learned Hand once said
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes.
Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."
I agree with the judge.
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In its simplistic form, the exit tax is taxing any unrealized gain on assets you own on the day preceding your expatriation, or renouncement of citizenship. Saverin is pay $365M, which is 15% of the value of his FB stock on that day.
The $67M is the difference between Sept 2011 and Friday, and yes, if FB goes to $500 like Apple, Saverin's decision will appear to be brilliant, especially in a capital gains free haven like Singapore.
I assume Schumer's hair plugs come from the Hair Club for Men you speak about so often. But yeah, Schumer is just your garden variety New York shakedown artist.
Basically mari, I agree with everything you said. Bruins and Blue Devils on the same page. Go figure!
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find them to be quite different.
Basically, the exit tax presumes a hypothetical sale of all your property, real, personal and investment - including retirement accounts - and taxes you on the gain at the capital gains 15% rate.
But the first $600,000 in gain is exempt from taxation; on the other hand, you do not get to offset capital losses or any use any other offset available in the tax code.
So if I leave for Singapore tomorrow, I'd get no credit for all my capital losses in BOA, JPM and Gold. If I had gains exceeding $600,000, I owe a flat rate of 15%.
And don't knock the Men's Hair Club -wasn't that UCLA's best win last year? As I recall, they beat em by um ..a hair.
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