# Senators to \[Facebook co-founder\] Saverin: Don't come back... Ever. **URL:** \ **Category:** Shift518 Off Topic\ **Created:** [May 30, 2012, 11:10am UTC](https://forums.speedlife.net/t/senators-to-facebook-co-founder-saverin-dont-come-back-ever/263932 "2012-05-30T11:10:03Z")\ **Posts on this page:** 1\ **Showing post:** 9
**Author:** ![Cossey](https://avatars.discourse-cdn.com/v4/letter/c/3ec8ea/32.png) [@Cossey](https://forums.speedlife.net/u/Cossey)\ **Post date:** [May 30, 2012, 6:06pm UTC](https://forums.speedlife.net/t/senators-to-facebook-co-founder-saverin-dont-come-back-ever/263932/9 "2012-05-30T18:06:06Z")
> [@Just bought some Toyo T1R's. Opinions?](https://forums.speedlife.net/t/just-bought-some-toyo-t1rs-opinions/49747/7): > > If that discourages others from leaving, than I don’t see the harm. > > Unless it fails and it only encourages all others to jump ship before it’s too late. > > How would you feel if Bill Gates, Warren Buffet, Donald Trump, Steve Jobs or any rich celebrities started to denounce citizenship and ran away? It’s just a dirty move. > > Mark Zuckerburg isn’t doing this either. > > Isn’t this the guy that made the movie about himself and his little sob story - social network? I couldn’t care less if other celebrities left the country lol. It also assumes he’s leaving the country for tax purposes. He’s lived in Singapore for the past three years. Here’s what he’s said about the move: > The decision was strictly based on my interest of living and working in Singapore. I am obligated and I will pay hundreds of millions of dollars in taxes to the American government. I already paid and I will keep paying whatever taxes I owe based on my time as a U.S. citizen. I also found this interesting: > **[Banishing Facebook's Eduardo Saverin Harms U.S. More](https://www.forbes.com/sites/jonmatonis/2012/05/23/banishing-facebooks-eduardo-saverin-harms-u-s-more/)** > > U.S. Senators Chuck Schumer and Bob Casey Yes, the Facebook IPO was noteworthy. But just as noteworthy was the decision by Eduardo Saverin to renounce his U.S. citizenship on the eve of the historic IPO and become a permanent resident of Singapore,... Due to shitty reading comprehension, I just saw this part: > Unless the individual can convince the IRS that they haven’t done so for tax purposes, the IRS will prospectively impose a capital gains tax of 30% on the individual’s future investment gains, no matter where he or she resides. **If the individual continues to avoid these taxes, they would be inadmissible to the United States forever** , thereby closing the loophole that currently exists for renounced U.S. citizens to visit the United States for 60 days per year without any tax responsibility. So essentially, they’d want him to pay taxes on capital gains even when he’s not a citizen of the US, and then if he doesn’t, they say he’s not allowed back here. Another interesting part: > Banishing individuals because they are successful and because they freely seek countries with reduced taxation appetites sends the wrong message to the remaining U.S. citizens still stuck on the ‘reservation.’ **It says that you are only as good as the tax revenue that you produce.** It’s also horribly vindictive because other people who were never U.S. citizens can still visit the country as tourists. A record number of 1,780 people gave up their U.S. passports in 2011 — a dramatic rise from the 235 persons who did so in 2008. I expect many more. However, what is more harmful is the chill that it sends to both U.S. entrepreneurs and non-U.S. entrepreneurs considering the United States for residency. Also, the Ex-PATRIOT Act is an acronym… For “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” Act. LOL --- _[View the full topic](https://forums.speedlife.net/t/senators-to-facebook-co-founder-saverin-dont-come-back-ever/263932)._