Canada Goose sale Eduardo Saverin joins the stateless billionaires
canadian goose jacket The United States is the only country in the world which applies the same tax regime to all its citizens, regardless of where they live: nowhere else are nonresidents charged the same federal tax rate canada goose clearance as residents. And this makes America plutocrats qualitatively canada goose clearance sale different from every other country super rich.
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Canada Goose Parka If you wanted to sum up Eduardo Saverin in three words, you could do a lot worse than Very buy canada goose jacket Rich Eurotrash. He didn become a Facebook billionaire because of his hacking skills or canada goose factory sale because Mark Zuckerberg happened to be Canada Goose Online his roommate in college; he became a Facebook billionaire because he had cash, and Zuckerberg needed cash to get Facebook off the ground. Zuckerberg canada goose provided the valuable labor which went into creating Facebook; Saverin, for all the ideas he had, was basically needed for his money, and his ideas ended up going nowhere. Today, now that he dynastically wealthy, he says things like a misperception, especially the playboy. I do have a Bentley. I do go out.
canada goose black friday sale Saverin might have more money than the Italian boys with cashmere sweaters draped over their shoulders who flit from one global Cipriani outpost to the next. But when he talks canada goose uk outlet of himself as global citizen he not lying: he just displaying a mindset which he shares with any number of well heeled international jet set types. They easy to find: just get on Canada Goose Parka a plane to Cannes or canada goose store Sao Paulo, turn left at the first Tyler Brl, and you find them picking at a $30 salad while Canada Goose online wearing shoes which cost substantially more than the waiter weekly income. They live a pampered and sheltered experience: they even have their own social network, to keep them from being Canada Goose Coats On Sale forced to rub digital shoulders with the masses.
canada goose In January 2011, after moving to Singapore, Saverin decided that he wanted to give up his US citizenship. He didn live in the US, he was going to have lots of income going forwards, and he felt that there was no good reason for him a citoyen du monde to pay 35% Canada Goose Outlet of that income to the USA in particular. Not to mention estate and gift taxes for when he finally passes on his wealth to someone else.
Canada Goose Jackets If Saverin hadn canada goose online been a US citizen, all of this would have been a non issue: simply moving to another country suffices to relieve you of most of canada goose black friday sale your tax burden in your country of buy canada goose jacket cheap nationality. But because he was a US citizen, he took the drastic step of renouncing that citizenship; the move became official in September. And cheap Canada Goose then, in a fit of extraordinarily bad timing, from a PR perspective, the news came out just as Facebook was about to go public, and, faster than you can say conference Chuck Schumer decided that he was going to introduce something called the Ex PATRIOT Act. (Geddit?) Under Canada Goose Jackets the act, people like Saverin renouncing their US citizenship for tax purposes would face fines so huge that canada goose uk black friday they be better off not doing so at all.
buy canada goose jacket cheap The rhetoric, here, is that Saverin success canada goose coats is attributable to his American citizenship, and that therefore America deserves to be able to receive its condign tax revenues. And I half buy it, although frankly there nothing stopping any rich Brazilian kid from going to Harvard and funding a startup. Saverin didn need US citizenship to do what he did.
buy canada goose jacket This is an issue which pops up occasionally: it already very onerous to give up US citizenship. Kathy Kristof had a good overview of the history of such laws in 2008: a 1996 law, for instance, forced former US citizens to continue paying taxes on their worldwide income for at least five years, and in 2004 that was extended to 10 years. In 2008, a new law forced people like Saverin to pay capital gains taxes on the assumption that they liquidated all their property the day before they renounced their citizenship. And indeed, that what he did.
cheap Canada Goose Still, Saverin can still be canadian goose jacket considered to be saving taxes here, since Facebook now is worth substantially more than it was worth in September. At the same time, he facing a nightmare at US immigration entering the country might well be impossible, and it could be extremely difficult just to change planes here. He not just another Brazilian any more: he the lowest of the low as far as US immigration is concerned, and they will never treat him canada goose uk shop with any respect at all. Since he doesn have much in the way of rights any more he gave most of those up with his citizenship he be well advised to avoid the USA pretty much for the rest of his life.
canada goose clearance From a Canada Goose sale public policy perspective, this is the kind of US exceptionalism I can get behind. There a corrosive class of global plutocrats, living by choice in tax havens like Singapore or Switzerland, and paying vastly less in taxes than Mitt Romney or any US billionaire. If you not an American citizen, and you become incredibly wealthy, there a good chance that you will choose to become uk canada goose a tax exile thereby depriving your home country of the income taxes it should expect to be able to raise from its richest citizens. It a country of residence tax arbitrage which makes the ultra rich feel no civic duty at all to their countries. And somehow the US has managed to avoid that problem: American billionaires, as a rule, remain American billionaires, as do their https://www.canadagoosesale.biz children and their children children. They along with the Chinese are pretty much the only billionaires in the world who don live a stateless existence. And even the Chinese ultra rich are rapidly breaking free of their home country.
canada goose store So yes, it a little cheap canada goose uk bit unfair to Saverin that he suffering so much opprobrium right now when he would be getting none of this were it not for the accident of his US citizenship. But I can really feel sorry for him. And if the US succeeds in making an example of him, it will have managed to pull off something very important canada goose coats on sale which is to keep its billionaires part of the tax base. Very few other countries can say uk canada goose outlet that.