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  1. #1
    Affiliate Manager PetsWarehouse.com's Avatar
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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
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  2. #2
    Super Dawg Member Phil Kaufman aka AffiliateHound's Avatar
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    The press has taken this story and re-made it into something that it is not.

    Saverin is Brazilian. His wealthy family moved to the US when he was 11 because he had been named on a list of potential kidnap victims. At some point his family all became naturalized citizens. Saverin attended Harvard, but shortly after graduation, left the US for Singapore, where he has resided for several years. The press reports make it sound like he recently fled there.

    Forbes has reported that his renunciation of US citizenship will trigger an "Exit Tax" which will in fact be "hugely" greater than his tax liability would have been otherwise, though the net effect over the several years following will be less.
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  3. #3
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    Thanks for that clarification AffiliateHound - usually more than 1 side to any story - especially a media story.

  4. #4
    Affiliate Manager PetsWarehouse.com's Avatar
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    Quote Originally Posted by AffiliateHound View Post
    Saverin attended Harvard, but shortly after graduation, left the US for Singapore, where he has resided for several years. The press reports make it sound like he recently fled there.
    It's reported he came here due to oppression in Brazil the US protected his family.
    He became a citizen in '98.
    They report he gave up his citizenship about a year ago knowing this payday would be coming soon it was planned they say.


    So it wasn't shortly after graduation it was last year.
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  5. #5
    Super Dawg Member Phil Kaufman aka AffiliateHound's Avatar
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    I did NOT say he gave up his citizenship shortly after graduation, I said he moved to Singapore permanently shorty after graduation, which he did, around 1997 or 1998.

    I also said that his father moved the family to the US when Eduardo was 11 years old. There is absolutely no evidence that he or any member of his family received any special "Protection". I already said why the family moved here. Brazilian kidnappers-for-profit do not pursue their trade outside of Brazil.
    Since June 10, 2012 a vegan aarf but still writing the Hound Dawg Sports Blog
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  6. #6
    Affiliate Manager PetsWarehouse.com's Avatar
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    So do you think this tax dodge is the right thing to do?
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  7. #7
    Super Dawg Member Phil Kaufman aka AffiliateHound's Avatar
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    I didn't say that. I did not even hint at that.

    This is not the story of an American born individual who decides to up and leave the country to avoid taxes. He is Brazilian and was brought here by his family. After he completed his education, he left the country for another part of the world for good, long before he or anyone could have predicted the vast profit FB would eventually bring him. I personally do not endorse his renouncing US citizenship, but this is not the same thing as an American-born person doing so.

    Further, if you read the Forbes article, by doing so, he is actually greatly increasing his current tax bill, but with the promise of reduced future tax liability.

    As a "tax dodge" how is this any more devious or un-American than the Mitt Romneys of the country stashing their cash in Switzerland or the Caymans?
    Last edited by Phil Kaufman aka AffiliateHound; May 17th, 2012 at 07:53 PM. Reason: typo
    Since June 10, 2012 a vegan aarf but still writing the Hound Dawg Sports Blog
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  8. #8
    Affiliate Manager PetsWarehouse.com's Avatar
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    That's funny, maybe Romney gave him the idea!
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  9. #9
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    Quote Originally Posted by PetsWarehouse.com View Post
    That's funny, maybe Romney gave him the idea!
    How did you come to this conclusion from what was said?
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  10. #10
    OPM and Moderator Chuck Hamrick's Avatar
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    Further, if you read the Forbes article, by doing so, he is actually greatly increasing his current tax bill, but with the promise of reduced future tax liability.
    Funny I heard several times on the news today about this but not once did they mention he was increasing his tax liability. To me that is the real story.

  11. #11
    ...and a Pirate's heart. Convergence's Avatar
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    Geez, I can't wait for the elections to be over...
    Salty kisses, Sandy toes, and a Pirate's heart...

  12. #12
    Super Dawg Member Phil Kaufman aka AffiliateHound's Avatar
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    ... the worst is yet to come.
    Since June 10, 2012 a vegan aarf but still writing the Hound Dawg Sports Blog
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    "Raj, there’s no place for truth on the internet." -Howard Wolowitz[/SIZE]

  13. #13
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    Quote Originally Posted by AffiliateHound View Post
    ... the worst is yet to come.
    For sure.
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  14. #14
    OPM and Moderator Chuck Hamrick's Avatar
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    Should we start a political thread on the election?

  15. #15
    Influencer Marketing GravityFed's Avatar
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    Quote Originally Posted by Chuck Hamrick View Post
    Should we start a political thread on the election?
    Would love to observe that thread

  16. #16
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    Quote Originally Posted by Chuck Hamrick View Post
    Should we start a political thread on the election?
    And risk breaking up friendships??
    You must climb this mountain. There is no elevator. ---- Don't stick your finger in the liquid nitrogen.
    Carolina China

  17. #17
    OPM and Moderator Chuck Hamrick's Avatar
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    Or make new ones? Too late!

  18. #18
    Affiliate Manager PetsWarehouse.com's Avatar
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    WASHINGTON -- Eduardo Saverin's decision to renounce his United States citizenship in order to avoid paying taxes on his Facebook stock was "absolutely outrageous," House Speaker John Boehner (R-Ohio) told ABC's George Stephanopolous on "This Week."

    Boehner said that his move was "already against the law," likely referring to legislation written in the 1990s by now-Sen. Jack Reed (D-R.I.).



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