Weird how that works, huh? Words matter and so do tax rates.
Facebook co-founder Eduardo Saverin's decision to renounce his U.S. citizenship is a move likely aimed at reducing his tax bill before IPO.
— Jake Beckman (@jakebeckman) May 11, 2012
An increase in business owners renouncing US citizenship due to overtaxation? Seems that way. http://t.co/JaxLRVIl
— Curt Mercadante (@curtmercadante) May 11, 2012
One of the owners of Facebook renounced his US citizenship. U see, if U raise the tax on the wealthy they will leave http://t.co/M3eiBpzx
— Gabriel Grimes (@GabrielGrimes) May 11, 2012
More from Bloomberg:
Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, according to government records.
Income-tax rates for top U.S. earners will rise to 39.6 percent from 35 percent next year, and rates on capital gains and dividends also are scheduled to rise unless Congress blocks the increases.
https://twitter.com/#!/shaunroberts/status/201023270881992705
“Galt’s Gulch” coming to fruition? But keep talking about Buffett’s secretary, in between $40,000 per plate dinners, President Obama. That’s so helpful.
Update:
Twitter reacts with #TaxedOut.
WOW 1,780 Americans were #TaxedOut of the country #BecauseofObama last year! http://t.co/EbW7TfF1
— AlexaShrugged (@AlexaShrugged) May 11, 2012
#TaxedOut We have the highest corporate tax rates in the world. Under Obama, private investment has dropped well below healthy levels.
— Ken Gardner (@kesgardner) May 11, 2012
A Facebook cofounder has be #TaxedOut of the US. What successful person is next?
— Stephen Gutowski (@StephenGutowski) May 11, 2012
RT @collegepolitico: Facebook co-founder faced a choice: pay $575+ Million in taxes or leave the US. He was #TaxedOut http://t.co/ByW3Gi44
— Lachlan Markay (@lachlan) May 11, 2012
#TaxedOut You can tax people only so much. At some point, Atlas will shrug. Individuals & businesses will relocate or stop working.
— Ken Gardner (@kesgardner) May 11, 2012
RT @DannysKorner: That's because our tax structure penalizes profit, restricts innovation & deters use of investor intelligence #taxedout
— DarthBossyness (@StacyOnTheRight) May 11, 2012
Even a 100% tax on the rich would not be enough to pay for what Dems want. But any sane rich person would just leave anyway. #TaxedOut
— A.J. Winkelspecht (@ajwink) May 11, 2012
