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

Foxhound BN0 2012/05/11 23:25:00
Tax evasion.
Smart thinking.
You!
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A good player has to know when to fold 'em, and these people really are players! After earning over a billion dollars, some people are saving on their taxes by renouncing their US citizenship! They live here, they go to school here, they make a fortune here, and now they don't want to pay into the system that made them billionaires.

Renouncing US citizenship to avoid paying taxes, Tax evasion or smart thinking?
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Top Opinion

  • jubil8 BN-0 PON 2012/05/12 04:43:46
    Tax evasion.
    jubil8 BN-0 PON
    +8
    Sad that some people really think greed is "smart thinking." If you have a billion dollars, you can afford to pay your taxes.

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  • Prettie... Foxhoun... 2012/05/12 15:19:15
    PrettieReptar
    +1
    Using means one-sided. This is was mutually beneficial relationship.
  • Foxhoun... Prettie... 2012/05/12 15:53:59
    Foxhound BN0
    +1
    Yeah we benefited his wallet and he is benefiting himself by bailing on us.
  • Prettie... Foxhoun... 2012/05/12 16:38:27
    PrettieReptar
    +2
    The message here is that the US government needs to quit with the Imperial overreach. Stop taxing its citizens abroad, especially when it is providing no services or material benefits.
  • Foxhoun... Prettie... 2012/05/12 18:34:40
    Foxhound BN0
    +4
    The message is my friend said I could save a bundle by cheating the system in the following ways:
    1
    2
    3
    10
    etc
    and that's what I am going to do because I am a greedy pig for whom billions of dollars is not enough.
  • Prettie... Foxhoun... 2012/05/13 17:45:24 (edited)
    PrettieReptar
    +2
    Who's being greedy? US citizens or US politicians/government? Foxhound, I think you are only looking at this from one perspective, when there are two.

    How did he cheat the system? Maybe the system wants to cheat him and this can be seen as self defense.

    So if you accept tyranny you are a good upstanding citizen. But if you refuse to be bullied, you're a cheater?

    Edit: clarify wording. Add "good upstanding citizen".
  • BHGOzzy 2012/05/12 10:59:25
    Tax evasion.
    BHGOzzy
    +1
    Just gotta claim that you reside in the Kingdom of Heaven next and you'll be a fine graduate from the Kent Hovind school of Tax Law.
    Kent Hovind
  • Tricia ~ Hope trumps hate! 2012/05/12 08:13:16
    Tax evasion.
    Tricia ~ Hope trumps hate!
    +5
    Tax evasion and stupid thinking. For a normal person paying taxes on their income would never make them want to remove their affiliation with their own country. It's not even like their wealth is being taxed either, it's just a tax on their income each year. It's so sad how warped that kind of money makes people. The normal working person earns their income, pays their taxes and tries to get by on what's left and would never dream of giving up their country to avoid paying their taxes even though they have much less left to live on than a wealthy person does after their taxes. But for this type who gain their income from investments and the labor of others they begrudge it and love money more than anything else. I pity them.
  • Foxhoun... Tricia ... 2012/05/12 10:45:03 (edited)
    Foxhound BN0
    +6
    YOU ARE SO RIGHT!
    We see what you are doing you money grubbing scumbags! Get out of our country!
    greed hurts america
  • Ising4joy316 2012/05/12 05:09:05
    Tax evasion.
    Ising4joy316
    +3
    It's just another way to kick the United States when she is down...seems to me that if they live here and make money here, we could collect their assets...and throw their ass--ets in prison...
  • Hula girl - Friends not Fol... 2012/05/12 05:07:02
    Smart thinking.
    Hula girl - Friends not Followers
    +4
    He wasn't born here and he renounced his citizenship last year. Hey why doesn't the government learn to stop the heavy taxation and more people wouldn't have to resort to such measures.
  • jubil8 BN-0 PON 2012/05/12 04:43:46
    Tax evasion.
    jubil8 BN-0 PON
    +8
    Sad that some people really think greed is "smart thinking." If you have a billion dollars, you can afford to pay your taxes.
  • Tricia ... jubil8 ... 2012/05/12 08:16:37
    Tricia ~ Hope trumps hate!
    +6
    Greed is a sad disease.
  • Foxhoun... jubil8 ... 2012/05/12 15:09:38
    Foxhound BN0
    +6
    Especially since you pay the same rate as people who make less than 400K.
  • jubil8 ... Foxhoun... 2012/05/12 15:39:14
    jubil8 BN-0 PON
    +5
    Right!
  • Prettie... jubil8 ... 2012/05/13 17:32:37
    PrettieReptar
    +2
    Greed sux. Thus, US politicians/government should stop being greedy. Maybe then, expats would be less likely to secede.
  • jubil8 ... Prettie... 2012/05/14 01:50:44
    jubil8 BN-0 PON
    +2
    I fear politicians/greed go together (like horse/carriage, tralala). Maybe the key is not to let greedy people into positions of power. And certainly don't let them make laws that they don't have to follow too or that favor people who bribe them.
  • gumybare69 2012/05/12 04:26:19
    Smart thinking.
    gumybare69
    +1
    Very smart...
  • ehrhornp 2012/05/12 03:14:45
    Tax evasion.
    ehrhornp
    +5
    Just don't allow them back into the country, ever.
  • jubil8 ... ehrhornp 2012/05/12 04:40:11 (edited)
    jubil8 BN-0 PON
    +5
    Greet 'em with handcuffs until they write a nice fat check including penalties and interest for all that evaded/avoided tax. Then declare them PNG and boot 'em. :)
  • ehrhornp jubil8 ... 2012/05/12 04:44:03 (edited)
    ehrhornp
    +4
    Exactly except just sign over their assets. A check would just bounce. lol
  • jubil8 ... ehrhornp 2012/05/12 04:50:46
    jubil8 BN-0 PON
    +3
    Good point, ehrhornp. :)
  • ehrhornp jubil8 ... 2012/05/12 05:03:15
    ehrhornp
    +2
    Thanks
  • wtw 2012/05/12 03:12:54
    Tax evasion.
    wtw
    +3
    Horrible.
  • Hula gi... wtw 2012/05/12 05:08:36
    Hula girl - Friends not Followers
    +2
    Why when there are paying millions in taxes. Most don't live here in the first place so just for the fact they are citizens and earn their money else where America taxes them. Why? It's not their money.
  • jubil8 ... wtw 2012/05/12 16:04:36
    jubil8 BN-0 PON
    +4
    Hula girl blocked me, so I'm "borrowing" you, tx. :)

    Hg: Our tax rates are no higher than most developed countries and lower than many (Germany, UK, Netherlands, others, over 50%). Taxes in Brazil go up to 27.5%.

    Most countries tax citizens living abroad. If a country's resources helped you get where you are, what's wrong with paying back? You accepted the rules when you became a citizen. Sure, you can "take your toys and go home," but you're not an impressive figure if you do.

    Opportunism isn't a highly valued characteristic.
  • CHUCK 2012/05/12 01:39:05
    Smart thinking.
    CHUCK
  • Georgia50 2012/05/12 00:48:27
    Smart thinking.
    Georgia50
    +4
    Many of them made their money overseas and already live overseas. They're simply making official what is already of a fact of life. There are some who do live here, etc., and decide to leave to reduce their tax liability. That is their right. Interesting that Uncle Sam is brainstorming ways to stop them from leaving yet does nothing to stop illegal immigrants these people are tired of supporting.
  • MkB 2012/05/12 00:33:00 (edited)
    Smart thinking.
    MkB
    +5
    I think you're thinking of Eduardo P. Saverin, co-founder of facebook. Saverin is giving up American citizenship because facebook is doing an IPO soon, where he'll be making a gob of money. Singapore where he's been living has no capital gains tax. So if he ditches America, he can save a bundle.
  • Foxhoun... MkB 2012/05/12 00:51:48
    Foxhound BN0
    +7
    I call that tax evasion.
  • MkB Foxhoun... 2012/05/12 00:56:40
    MkB
    +1
    Well, that too. lol
  • Foxhoun... MkB 2012/05/12 03:37:58
    Foxhound BN0
    +4
    What do you think, is it a drain on our economy and our systems when people do this or no big deal?
  • voice_m... Foxhoun... 2012/05/12 04:14:59
    voice_matters
    acatully libby he has already paid taxes on every cent he has made.

    can you tell me why you didn't care about this 6 months ago when he denounced his citizenship and filed for citizenship in singapore?
  • Foxhoun... voice_m... 2012/05/12 04:28:42
  • voice_m... Foxhoun... 2012/05/12 04:29:39
    voice_matters
    acatully libby he has already paid taxes on every cent he has made.

    can you tell me why you didn't care about this 6 months ago when he denounced his citizenship and filed for citizenship in singapore?
  • Foxhoun... voice_m... 2012/05/12 04:32:38
  • voice_m... Foxhoun... 2012/05/12 04:34:06
    voice_matters
    acatully libby he has already paid taxes on every cent he has made.

    can you tell me why you didn't care about this 6 months ago when he denounced his citizenship and filed for citizenship in singapore?
  • Foxhoun... voice_m... 2012/05/12 04:41:54
  • voice_m... Foxhoun... 2012/05/12 04:43:23
    voice_matters
    acatully libby he has already paid taxes on every cent he has made.

    can you tell me why you didn't care about this 6 months ago when he denounced his citizenship and filed for citizenship in singapore?
  • Foxhoun... voice_m... 2012/05/12 05:05:26
    Foxhound BN0
    +2
    Stop spamming me. crycry gif
  • James Foxhoun... 2012/05/12 05:18:50
    James
    I don't even know why you continue antagonizing him.....

    keyboard commando

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