Renouncing US citizenship to skip out on paying taxes after billion dollar plus earnings. Tax evasion or just smart thinking?

It's good information for the 99% to understand where these people's loyalties are.

Good riddence, by the way. I'm in favor of a law denying them re-entry to the country.

Many of the wealthy are doing this. I think that we really need to do something about this.

me too

Predatory thinking, Partner leaves but likely because of what he expected to follow with the overstated ipo and deliberate manipulation of the stock thereafter. And the tax liability, another example of how the lawmakers are either incapable of their elected responsibilities or are corrupt!

I think there are countries that will not accept immigrants who have not paid their taxes in the country of origin. It may not fall under that catagory but you have to have a clean criminal record. Not paying taxes is criminal.

both

And inevitable. Historically, this is what happened when Eastern Europe fell to the Communists. The wealthiest left first, leaving the economic burdens imposed by the government on the shoulders of those who used to be middle class. The majority of these people then were pushed into poverty; those who were not and did end-runs "around the government controls by starting "black market" businesses, engaging in barter, etc. were imprisoned as enemies of the state. This successfully eliminated all of the producers, leaving the responsibility for funding government on those who consume the most services - i.e. the "99%." Expect to see more of this if Obama gets a second term.

Less than 5% of the World's Population are fortunate enough to be an American citizen. I'm proud to be an American.

So - what happens when they overstay their visas? Since they aren't citizens of anywhere else? Assuming these aren't people with other passports handy.

If you've enjoyed the benefit of earning that money from America.....it's time to pay the piper. Bill the bastard.

It's no different than illegals who come here and don't pay their taxes like the rest of us. If they buy something, they're paying taxes is what the political left says about the illegals and they fight for them to be here... same works in reverse as renouncing your US citizenship and living here is just as legal as Mexicans coming here who only pay taxes on the things they buy and refuse to become American citizens.

If it works for the illegals, why not... maybe more of us should renounce our American citizenship since we can legally live, work and enjoy our lives here without needing to be citizens.

Definitely tax evasion. I say hit them and hit them hard. It's not fair to the rest of us hard workers, that have deductions of all sorts coming out of the paycheck, and then to sometimes to have to pay on D day ( April 15 ), when you don't have enough in deduction to get anything back. It really is not fair, but then again if they don't pay up, they better get the hell out of the US because if they didn't, the IRS surely would be coming after them. And we all know how the IRS plays, hardball all the time.

Not so. Mexicans who come here legally don't pay their fair share of taxes except on the things they purchase and leftwingers say that's paying their fair share. The same thing works in reverse as if you are wealthy and renounce your American citizenship then you are no different than a Mexican who comes here illegally and refuses to become a citizen where they would have to pay the same taxes as the rest of us.

Live by the sword and die by the sword as we don't call it tax evasion if illegals come here to live, work and enjoy what America has to offer... if we aren't going to require American citizenship for this then it's just as fair for Americans to renounce their American citizenship to gain all the benefits we give to illegals who come to live here.

Sure it's tax evasion... and it's no different than not requiring citizenship for illegals where they can be taxed like the rest of us. These billionaires pay the same taxes now as the illegals do. Maybe we should be fair and boot them out of the country but then, we'd have to do the same to the illegals here from Mexico and the political left refuses to do that.

It's not tax evasion if the US of A makes it legal for millions to live here making a life for themselves without paying their fair share of taxes as if it's fair for the illegals, its fair for everyone.

This person paid for his own way, risked his own money and paid taxes, that he disagrees with the high taxes charged so that the communist agenda can be followed is good thinking on his part to avoid something he does not believe in. GOOD FOR HIM!!!!!!!

BS It's about being a greedy douche to avoid paying back a system that made you a fortune.

Yeah it's so hard here.

you sure like that control when the Republicans are douching it out don't you?

read yahoo story today on this issue of the reasons why he renounced his citizenship.....you will be enlightened if you allow something other than a knee-jerk reaction to a story.....you should be happy to know that he loses a sizable chunk of his billion dollars....he has a greater opportunity to earn money back through investing.......

I read it. He wanted to ditch citizenship before the ipo right?

there's more to the story.....read the part about what economists criticize U.S. citizens restrictions world-wide.... the IPO is a minor point

yeah!

Can't be called tax evasion, because he already paid taxes on the income he made here so far. He's taking care of any future tax liabilities, and why not? He has already fairly repaid his adopted country for the benefits he received by living here so far.

exactly!!!!

If they renounce their citizenship to avoid taxes then they should never be allowed back into the USA! EVER!

and if they want to come back as a tourist, we are all that much poorer....they will spend money elsewhere and your misguided attempt at getting them will backfire in lost revenue......no country owns you!!!

Don't need them or want them for that matter! but you make sure to pucker up nice and tight for the next rich ass you kiss!

use some common sense instead of misdirected anger at your lot in life....nuff said

And you know what you can do with you advice....

sure, freedom of speech...the right to disagree with your knee-jerk, nonsensical speech...read the article on yahoo news about why he chose to renounce his citizenship

Better than Buffet, who says, "I'm not paying enough taxes." while going to court to not have to pay his taxes.

I’d be pissed IF Saverin had actually taken advantage of our system but he didn’t. The relationship was NOT one-sided. Saverin GAVE to the USA he didn’t just take.

He paid taxes (both while living here AND living overseas)
He paid for school
He took a risk and financed the startup of Facebook (which is now worth billions)

Who benefitted?
The US government
US school
US economy

Give and take.

Too bad the government has created an environment where people like Saverin feel compelled to GIVE UP their citizenship.

he should give it up and never come back. he's a loser and just another drain on America!

A drain on America? How do you figure?

By using our education system and our legal system and our markets and then bailing out when they make their dough.