Saverin His Ties

It seems that Facebook co-founder Eduardo Saverin was OK with America, just not that bit about paying taxes:

Mr. Saverin, who now lives in Singapore, decided last year to renounce his U.S. citizenship, a decision that was made public a few days ago. The move sparked an outcry among some tax experts who suspect he’s aiming to save on taxes. Although Mr. Saverin will have to pay a hefty exit tax for renouncing his citizenship, based on some calculation of his assets, Singapore is a relatively low-tax jurisdiction, particularly for foreign investors, and does not levy capital gains tax. Thus he could save in the longer term.

In a political environment that’s rife with talk of raising taxes on the wealthy, Mr. Saverin’s case could become another flash point.

Saverin spokesman Tom Goodman said Sunday his renunciation was prompted not by tax considerations but by U.S. rules that make it more difficult for U.S. citizens to live and invest overseas.

“U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts,” said spokesman Tom Goodman. “Many foreign funds and banks won’t accept Americans. This was a financial rather than a tax motive.”

Saverin’s actions are no different from those of the various Galtian superheroes who threaten to withhold their “productivity”, except that he ACTUALLY LEFT instead of jawing about it all day.  Is he a d-bag for turning his back on the country (and it’s government) that made it possible for him to make his millions?  Sure, but at least he’s an HONEST d-bag.  Think about it for a minute.  If every one of the self-important, overly entitled, whiny, hypocritical boils on the rump of society were to actually LEAVE because they cannot abide ANY federal tax rate hike, how much worse off could we possibly be?  According to them, they aren’t creating jobs now because their taxes are too high. Leaving aside the fact that jobs are largely created by either demand for a product or need for a service, if the Gordon Geckos all renounced their citizenship and left, they still wouldn’t be creating jobs, but they wouldn’t be HERE, either.

I could live with that.


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