Thursday, May 17, 2012

Assistant Quote of the Day

"This is a great American success story gone horribly wrong. Eduardo Saverin wants to defriend the United States of America just to avoid paying taxes. We aren't going to let him get away with it."

-- Sen. Chuck Schumer of New York

Chuck Schumer making a ham-fisted old-guy reference to "defriending." That just gives me douche-chills.

This afternoon, Schumer and Sen. Bob Casey of Pennsylvania introduced legislation known as the Ex-PATRIOT act, which stands for "Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy."* The bill is aimed at slapping a hefty financial penalty on any American who leaves the United States for the purpose of avoiding taxes and ensuring that that person isn't allowed back in the country. It comes in response to Facebook co-founder Eduardo Saverin's decision to renounce his U.S. citizenship ahead of Facebook's IPO, reportedly in an effort to get around having to pay taxes on the billions he's going to make.

Jesus, is there anyone associated with the founding of Facebook who wasn't a complete asshole?

*There's apparently someone in the Capitol whose job is specifically to come up with really clever acronyms for bills. I want that job.


Ethan said...

(Slightly) in his defense, he actually wasn't a born US citizen. He emigrated from Brazil (I think?) when he was 11 years old and has been living in Singapore for the last few years already. While I agree, skipping out on one's citizenship to avoid paying taxes is kind of weaksauce, I think this is another one of those cases where the media cycle is getting ahead of itself.

VOTAR said...

I'm not sure what it says about me, that my first reaction to this story was "wouldn't you?"

Anonymous said...

That isn't really a defense, though.

Facebook (like every other corporation) was built on a lot of various publicly-funded resources, not the least of which is the internet, from the ARPANet start to the publicly-subsidized/funded infrastructure.

Now that Saverin's about to get his windfall, he'd rather cut and run than contribute back to the system that he made his fortune on top of.

Anonymous said...

Seriously Saverin?!? Why does he need to renounce his citizenship? Just call up Mitt Romney, a Wall Street hedge fund manager, or one of the Knock brothers and they’ll tell how you’re supposed to hide your money overseas like a true American! Amateur!