Global Economy Bursting?

[Randolph Kinney]

Schumer decries 'Nazi' comparison in push to punish tax-dodgers

http://www.vcstar.com/news/2012/may/25/schumer-decries-nazi-comparison-in-push-to-tax/

One week after proposing a law that would punish Americans who avoid paying large tax bills by renouncing their citizenship, Sen. Charles E. Schumer scolded anti-tax activist Grover Norquist for comparing the legislation to efforts taken in Germany in the 1930s.

Schumer, a New York Democrat, took to the Senate floor Thursday with a fiery speech to defend legislation he had introduced with Sen. Robert Casey (D-Penn.), which was inspired by news that Facebook co-founder Eduardo Saverin repatriated to Singapore to avoid paying as much as $67 million in federal taxes.

Schumer named Norquist specifically, who was quoted by The Hill as saying: "I think Schumer can probably find the legislation to do this. It existed in Germany in the 1930s and Rhodesia in the '70s and in South Africa as well. He probably just plagiarized it and translated it from the original German."

The Wall Street Journal compared the bill to "Soviet-style exit taxes."

 

[Couch Potato]

Just wear it.

Schumer is throwing a fit because the shoe fits. :new_all_coholic:

 

[Terrel L. Shields]

Eduardo Saverin

nice "American" name right? He is Portugese Brazilian LEGALLY in the first place, immgrated to Florida LEGALLY and lives in Singapore where he LEGALLY lives. WHY shouldn't he be allowed to declare his citizenship whereever he wants... How has the government "earned" a windfall from the work of others?

 

[Riick]

"When people do well in America,
they should do well by America," Schumer said.
"...That is why it is so baffling that the extreme right-wing Republicans
... would rush to the defense of a man who is turning his back on America by dodging taxes."

Judge Learned Hand disagrees:
"Any one may so arrange his affairs that his taxes
shall be as low as possible; he is not bound to choose
that pattern which will best pay the Treasury;
there is not even a patriotic duty to increase one's taxes.:

• Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934).

Much too much to expect our Politicians to know any history.... or anything else

 

[Randolph Kinney]

Business really is bigger in Texas

http://www.lompocrecord.com/news/lo...cle_ebf8f084-bdbe-11e1-b635-0019bb2963f4.html

Farmers Insurance, Apple, Charles Schwab, Google and eBay sound like a pretty nice list of corporations that were born and raised in California, right?

While those companies were birthed in the Golden State and many still call it home, all are taking much of their business to Austin, Texas, and one of the men behind their relocation told a gathering of Central Coast business people and civic officials Friday just how he lured those businesses away.

“How Texas Attracts California Jobs,” was presented at the Santa Ynez Valley Marriott in Buellton. Farmer, whose Texas twang and Southern down-home sense of humor disguised a business acumen as sharp as a cactus needle, told the gathering of about 150 business and political leaders that the focus of “Opportunity Austin” is really pretty simple: Jobs for families, breaks for taxpayers, and returns for corporations.

That formula, along with a lot of hard work, travel and cajoling has attracted 235 corporations to Austin, creating 154,000 jobs and $7.7 billion in payroll over the past eight-and-a-half years, he said.

Sixty-six of those corporations are from California, including Apple, one of the most successful businesses in the world. Farmer said while the corporation still calls Cupertino home, it moved much of its operation to Texas because it costs too much for businesses to grow in California.

Farmer said once everybody from the city council to the governor was on board, the economic development group declared every company outside the state “fair game” and visited 1,700 companies over five years, both domestic and international.

One of their successes was Samsung, which after a thorough recruiting effort committed to build a corporate campus that will employ around 3,000 and contribute some $9 billion to the community.

Farmer said he most loves to land corporate headquarters.

“If you get the headquarters, you got their hearts, their minds and their pocketbooks,” he said with a sly smile.

The key reason for the state’s success in luring business from other locations is a better political and regulatory climate, he added.

Texas has a corporate tax of 1 percent on adjusted gross receipts, while California’s is 8.84 percent of income. Texas has no personal income tax while California’s is 9.3 percent.

 

[coolhandluke]

nice "American" name right? He is Portugese Brazilian LEGALLY in the first place, immgrated to Florida LEGALLY and lives in Singapore where he LEGALLY lives. WHY shouldn't he be allowed to declare his citizenship whereever he wants... How has the government "earned" a windfall from the work of others?

TS-He emigrated to the US for protection from his own people. I have no sympathy for this guy, he is an opportunist who would sell his mother for a nickel, then head out of the country to avoid the 1/10 cent slavery tax. Good riddance to trash like him, but when/if Malaysia descends into political unrest and the rabble start to look for targets for their discontent, let him go back to Brazil, if they'll have him, we don't need him here.

From Wikipedia
Eduardo Saverin was born in São Paulo, Brazil, to a wealthy Jewish Brazilian family, and was raised in Rio de Janeiro, Brazil and Miami, Florida. Eduardo's father was a Brazilian industrialist working in export, clothing, shipping, and real estate.
By 1993, Saverin's father had become wealthy, and in 1993 it was discovered that his son Eduardo´s name had been placed on a list of kidnapping victims by gangs specializing in kidnapping for ransom. As a result, the family moved to Miami to find a safer place to live. Saverin attended Gulliver Preparatory School in Miami, and went on to Harvard University, where he was a member of the Phoenix S.K. Club as well as president of the Harvard Investment Association. While an undergraduate at Harvard, Saverin took advantage of Brazil's lax insider trading regulations and made $300,000 via strategic investments in the oil industry. In 2006, Saverin graduated magna come laude from Harvard University with a bachelor's degree in economics. He is a member of the Alpha Epsilon Pi Fraternity (Eta Psi chapter of Harvard University).
Saverin has lived in Singapore since 2009. In September 2011, he renounced his U.S. citizenship; the citizenship change may reduce the capital gains taxes Saverin pays after the Facebook IPO, although his taxes (to Singapore) may increase initially. Saverin's renunciation of U.S. citizenship may result in his not being permitted to enter the U.S. in the future if the Ex-Patriot Act, which was proposed in response to Saverin's announcement, becomes law.

 

[Terrel L. Shields]

made $300,000 via strategic investments in the oil industry

Oh, I see. He made money in OIL Yep, he's a scumbag...How many facebook "friends" have never sit foot in America?

Saverin has lived in Singapore since 2009

Where was he living BEFORE the IPO???? for 3 years? He made money. That's all that counts. It must be the government's money he made... ha ha

 

[Mr Rex]

If the current administration keeps hounding rich people for taxes, while still espousing a global economy, look for many more to take up citizenship elsewhere. You can't have it both ways.

 

[CANative]

If the current administration keeps hounding rich people for taxes, while still espousing a global economy, look for many more to take up citizenship elsewhere. You can't have it both ways.

Fine. As long as they give up any right to return to the US.

 

[Mr Rex]

Naw, won't need to, they will own it, like the Chinese.