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Eduardo Saverin Bill Backed By John Boehner

Luna Tick

Luna Tick

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Looks like this tax evading jerk will get banned from ever coming into the country. Both parties are in support. Good. If he needs to have an in-person meeting with other Facebook people or whatever, they'll have to do it in another country or on board a ship in international waters if this passes.

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 (R-R.I.).

Saverin, a Facebook cofounder, could save tens or hundreds of millions in taxes by ditching his American citizenship. In a statement responding the outcry, Saverin said that it was unfortunate that his personal decision had created "a public debate." But if there is a debate about his behavior, it's decidedly one-sided, with everyone from Boehner to Democratic Sen. Chuck Schumer on the same side, and Saverin and Rush Limbaugh on the other.

Last week, Schumer and Democratic Sen. Bob Casey (D-Pa.) introduced legislation that would make Saverin responsible for his future taxes and bar him from ever visiting the United States.

Boehner said that the legislation was unnecessary, given the law on the books, but that he would support it nonetheless.

"If it's necessary, I'd surely support it," Boehner concluded.
[continued]
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Full Story:
Eduardo Saverin Bill Backed By John Boehner
 
Luna Tick said:
Looks like this tax evading jerk will get banned from ever coming into the country. Both parties are in support. Good. If he needs to have an in-person meeting with other Facebook people or whatever, they'll have to do it in another country or on board a ship in international waters if this passes.



Full Story:
Eduardo Saverin Bill Backed By John Boehner
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Bar him from ever visiting the United States? Seriously? Hard to believe elected officials are willing to put their name a bill that specifically targets a single individual.
 
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Way to fail, Boner.
 
Hare said:
Bar him from ever visiting the United States? Seriously? Hard to believe elected officials are willing to put their name a bill that specifically targets a single individual.
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I think it's great. The man used the United States to become successful and then discarded the country like garbage rather than pay is fair share. He originally came to the country as a refuge seeking protection. We gave him that. Now all he cares about is evading taxes. I think a bipartisan bill that bans him from ever coming here again is a great idea.
 
Luna Tick said:
Looks like this tax evading jerk will get banned from ever coming into the country. Both parties are in support. Good. If he needs to have an in-person meeting with other Facebook people or whatever, they'll have to do it in another country or on board a ship in international waters if this passes.



Full Story:
Eduardo Saverin Bill Backed By John Boehner
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If I had Saverin's money, I'd just say "promise?" to Boehner.
 
Luna Tick said:
I think it's great. The man used the United States to become successful and then discarded the country like garbage rather than pay is fair share. He originally came to the country as a refuge seeking protection. We gave him that. Now all he cares about is evading taxes. I think a bipartisan bill that bans him from ever coming here again is a great idea.
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If Saverin's actions were within the realm of legality, he shouldn't be singled out by a piece of knee jerk legislation. Banning an individual from entering the United States over a personal grievance is downright foolish and an abuse of authority in my opinion.
 
hazlnut said:
If I had Saverin's money, I'd just say "promise?" to Boehner.
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Fine. I don't want Saverin ever coming back to the country that he betrayed. If he does, he should be arrested for unlawful entry into the country.

Hare said:
If Saverin's decision was within the realm of legality, he shouldn't be singled out by a piece of knee jerk legislation. Banning an individual from entering the United States over a personal grievance is downright foolish and an abuse of authority in my opinion.
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I don't think so. I think he exploited the country in greedy ways and doesn't deserve to come back. Ban him.
 
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Luna Tick said:
I think it's great. The man used the United States to become successful and then discarded the country like garbage rather than pay is fair share. He originally came to the country as a refuge seeking protection. We gave him that. Now all he cares about is evading taxes. I think a bipartisan bill that bans him from ever coming here again is a great idea.
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Perhaps we should banish Buffet from the country as well. While he has not taken up a different nationality, he has used his tax lawyers to insure that most of his billions will never be taxed, not a single dime. Take about a hypocrite.
 
Luna Tick said:
Fine. I don't want Saverin ever coming back to the country that he betrayed. If he does, he should be arrested for unlawful entry into the country.



I don't think so. I think he exploited the country in greedy ways and doesn't deserve to come back. Ban him.
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Any proof his actions were illegal? Or are we operating under the theory we can deny entry to individuals we don't like on a personal level?
 
Hare said:
If Saverin's actions were within the realm of legality, he shouldn't be singled out by a piece of knee jerk legislation. Banning an individual from entering the United States over a personal grievance is downright foolish and an abuse of authority in my opinion.
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I agree. Why would he be treated differently than any other non-U.S. citizen?
 
Luna Tick said:
That's not accurate. Warren Buffet paid 6.9 million dollars in taxes in 2010.

What Warren Buffett Made (and Paid in Taxes) in 2010 - CBS News
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I am afraid you simply do not understand what is being discussed. Buffett has billions in unrealized gains, that have never been taxed. The taxes he paid is mostly on investment income on other assets he holds.

It would be great if the American public was at least a little educated in finance as it is so important in the world we live in.
 
Boehner said that the legislation was unnecessary, given the law on the books, but that he would support it nonetheless.

"If it's necessary, I'd surely support it," Boehner concluded.
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I don't know, but this sure sounds like double talk to me. On the one hand the article says he said the legislation is unnecessary but that he would support it. Then they quote him saying that if it's necessary he'll support it. But he already said it's not necessary. So, what's the deal...will he support it or not?
 
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Luna Tick said:
Looks like this tax evading jerk will get banned from ever coming into the country. Both parties are in support. Good. If he needs to have an in-person meeting with other Facebook people or whatever, they'll have to do it in another country or on board a ship in international waters if this passes.



Full Story:

Eduardo Saverin Bill Backed By John Boehner
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If a person wants to be a citizen of another country to pay a cheaper tax rate then so be it.But citizenship is a very serious thing. ONce you renounce it you should never get it back nor should you be allowed back into this country. They should aim this bill at anyone who renounces their citizenship or flees the country regardless if they do it to move to another county in order to pay less taxes(like Eduardo Saverin), because they don't like the president or because they they want to welch on their military contract and flee to Canada.
 
washunut said:
I am afraid you simply do not understand what is being discussed. Buffett has billions in unrealized gains, that have never been taxed. The taxes he paid is mostly on investment income on other assets he holds.

It would be great if the American public was at least a little educated in finance as it is so important in the world we live in.
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Nice job talking down to me. I'm not economically illiterate. I've studied economics. I have investments. You made misleading statements about Buffet not paying one dime in taxes. All it took was a quick google to show that this is not true. He has paid taxes. It is possible for wealthy people to protect wealth in trust funds and other shelters. If those laws are unjust, they should be changed, but Buffet shouldn't be singled out for doing something legal. Saverin, on the other hand, has renounced his citizenship. As jamesrage said, if he wants to leave, fine, but then he should lose the benefits of citizenship. As sovereigns of this country, we have the right to decide who gets to come here and who doesn't. We can choose to not let him come back. I think that's a good choice. Boehner and some Democrats apparently do also.
 
hazlnut said:
If I had Saverin's money, I'd just say "promise?" to Boehner.
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Until china decides to send the military and take him and all his money...lool....who in their right mind wants to go live in communist china...he has no intention of spending the rest of his life there...
This guy was a citizen elsewhere...became a citizen of the usa made gadzillions now wants to go to china to avoid taxs...hes a whore...and deservies NOTHING...he knows patriotism to nothing and no country hes an opportunist mutt who deserves what he gets...bar him from ever setting a foot on our soil again.
 
Didn't Kerry docked his boat in another state to save money in taxes? Pathetic politicians...
 
Hare said:
Bar him from ever visiting the United States? Seriously? Hard to believe elected officials are willing to put their name a bill that specifically targets a single individual.
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The Ex-PATRIOT act does not target a specific individual.

Sens. Chuck Schumer (D-N.Y.) and Bob Casey (D-Pa.) are unveiling the Ex-PATRIOT Act, which stands for "Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy," on Thursday. The bill would force anyone who "expatriates for a substantial tax purpose -- as judged by the Internal Revenue Service" to pay a mandatory 30 percent tax on future capital gains. The ex-citizens would also be turned back at the border if they ever tried to come back. (emphasis added)

Senators Go After Eduardo Saverin, Facebook Co-Founder, For Dumping U.S. Passport, Avoiding Taxes (UPDATE)
 
Luna Tick said:
Nice job talking down to me. I'm not economically illiterate. I've studied economics. I have investments. You made misleading statements about Buffet not paying one dime in taxes. All it took was a quick google to show that this is not true. He has paid taxes. It is possible for wealthy people to protect wealth in trust funds and other shelters. If those laws are unjust, they should be changed, but Buffet shouldn't be singled out for doing something legal. Saverin, on the other hand, has renounced his citizenship. As jamesrage said, if he wants to leave, fine, but then he should lose the benefits of citizenship. As sovereigns of this country, we have the right to decide who gets to come here and who doesn't. We can choose to not let him come back. I think that's a good choice. Boehner and some Democrats apparently do also.
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Sorry if you felt that I was talking down to you. That being said, what you represent what I said shows you are either confused about what I said, or you just don't know the point I was making. I never said Buffett paid no taxes, I said he paid no taxes on his UNREALIZED gains in Berkshire stock he owns. Never said it was illegal either.

I do want to point out the hypocricy ( as I see it ) in your views. Since it is fine to use tax laws to his benefit ( as it is) why is it bad for someone else to use the code to his/her benefit.

Perhaps you can send Schumer a note and say that people who avoid billions in taxes through trusts are not allowed to lecture others about paying more in taxes.

BTW- I do not think that raising taxes is a bad thing, I have for a long time supported getting rid of the carried income rule that allows hedge fund managers to get away with paying long term capital gains rates on what is essentially their income from their jobs. Creating another bracket for people earning over a million dollars would seem like a more appropriate response than the Buffett rule in my view as it would not be so distortive and hurtful to our economy,
 
washunut said:
Sorry if you felt that I was talking down to you. That being said, what you represent what I said shows you are either confused about what I said, or you just don't know the point I was making. I never said Buffett paid no taxes, I said he paid no taxes on his UNREALIZED gains in Berkshire stock he owns. Never said it was illegal either.
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All right, well I can forgive you. I'll have to research the Buffet tax situation. In any case, I see it as a separate issue. To me it seems logical if someone renounces citizenship to evade taxes, he should not be allowed back into the country.

washunut said:
BTW- I do not think that raising taxes is a bad thing, I have for a long time supported getting rid of the carried income rule that allows hedge fund managers to get away with paying long term capital gains rates on what is essentially their income from their jobs. Creating another bracket for people earning over a million dollars would seem like a more appropriate response than the Buffett rule in my view as it would not be so distortive and hurtful to our economy,
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I agree that we need taxes to go up in some ways. I oppose the far right's "de-fund the government movement." I do not think if we take large amounts of money away from the government that it will result in the free market filling the void of services that we need. I think it will mean our roads and bridges will crumble, fire fighters will be late to fires, police forces will be understaffed, polluters will get away with it, etc. I would start by letting capital gains go back up to 20 percent. I would also let the Bush tax cuts expire finally. All of them.
 
Luna Tick said:
All right, well I can forgive you. I'll have to research the Buffet tax situation. In any case, I see it as a separate issue. To me it seems logical if someone renounces citizenship to evade taxes, he should not be allowed back into the country.



I agree that we need taxes to go up in some ways. I oppose the far right's "de-fund the government movement." I do not think if we take large amounts of money away from the government that it will result in the free market filling the void of services that we need. I think it will mean our roads and bridges will crumble, fire fighters will be late to fires, police forces will be understaffed, polluters will get away with it, etc. I would start by letting capital gains go back up to 20 percent. I would also let the Bush tax cuts expire finally. All of them.
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Regarding this Facebook guy, what I understand is that he moved to Singapore in 2009, not just as this IPO came out. So I just think this is a political stunt. Let's remember that he was born in Brazil and lived here about 10 years to the best of my knowledge. In the world we live in I think people who have the ability to be mobile will move for any of a variety of reasons. Also remember, and this is why I tied Buffett into this, unless he sells his shares he has no tax liability, similar to the stock Buffett has in Berkshire.
 
Perhaps Chuckie should add a little something extra to his proposal...like language requiring any rich person who want to visit the US to pay a toll...say, half their net worth.

That'll teach those rich greedy bastards a lesson for sure.
 
Yeah, let's keep the rich people out and let the poor people in. Great idea.
 
I don't think we should single out this individual. Its standard practice among the wealthy to avoid taxes as much as possible. Corporations ship jobs overseas, keep money tied up overseas. Apple outsources jobs to China while keeping billions in profits and has an office in Nevada to get out of taxes, probably has offices worldwide too to do the same. We need tax reform across the board and new policies to deal with these issues.
 
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