Senators introduce legislation to penalize Facebook co-founder

By on May 17, 2012, 4:30 PM

A pair of Democratic Senators have introduced legislation that would punish anyone who renounces their American citizenship with the intent to avoid taxes. The bill comes shortly after Facebook co-founder Eduardo Saverin allegedly did just that, relocating to Singapore and relinquishing his US citizenship in a move that many feel was done to avoid paying capital gains taxes.

Saverin’s shares in Facebook are expected to be worth nearly $3 billion tomorrow when the social network goes public. As such, he would likely be billed around $100 million in capital gains taxes, hardly a drop in the bucket at that point.

Under the new bill introduced by Sen. Chuck  Schumer and Sen. Bob Casey, the IRS will assume that anyone with a net worth of $2 million or a tax liability of $148,000 or more that renounces their citizenship is doing so to avoid the tax burden.

Laws are already in place that prevent such individuals from re-entering the country but Schumer says there have been issues with enforcement. Their legislation would stiffen up re-entry laws and further state that any future investments in the US would be taxed at a 30 percent rate.

For his part, Saverin says that his departure had nothing to do with taxes and that he complied with all known laws. By this, he means paying an exit tax (estimated around 15 percent), a fee that is based on assets the person has when leaving the country.

Some tax experts, however, feel that Saverin’s decision to leave now could have been influenced not by capital gains taxes, but estate and gift taxes. Had he remained a US citizen, he wouldn’t have had to pay capital gains taxes until he sold his shares. But at the time of his death, his heirs would face an estate tax rate of 35 percent or more. Under gift tax laws, a living individual can only give $13,000 per calendar year per person without being taxed.




User Comments: 52

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Guest said:

I would just like to say a few things.

1. I, A US citizen cant think of a country that I would rather live in. Although Singapore is much nicer for business and other tax purposes, has its own mess of problems (including government control over many aspects of regular life).

2. I cant blame him though. The American society has turned against the rich. The people no longer want to work, create, invent, and innovate anything any more to become "the rich". All the masses want it is to destroy the rich.

TomSEA TomSEA, TechSpot Chancellor, said:

This story would have a lot more validity to it if we knew what the tax rate of Singapore citizens are.

LNCPapa LNCPapa said:

I believe it's 20% - but not completely sure about that.

Darkshadoe Darkshadoe said:

Half these senators don't pay their own taxes, why should they worry that Saverin pay his?

Darkshadoe Darkshadoe said:

"The American society has turned against the rich. The people no longer want to work, create, invent, and innovate anything any more to become "the rich""

I think you mean that People no longer want to work, create, invent, and innovate anything anymore to make OTHERS rich.

Guest said:

Exactly, and leave it to two enterprising Democrats to introduce yet more useless legislation with the intent to punish others and increase governmental control. That loss of money in capital gains tax (Which should be eliminated or at least reduced anyway) would have gone to what exactly? More ineffective and/or corrupt agencies?

RunningMerchant said:

"The American society has turned against the rich. The people no longer want to work, create, invent, and innovate anything any more to become "the rich""

I think you mean that People no longer want to work, create, invent, and innovate anything anymore to make OTHERS rich.

Hey, you do know that that is how the economy works right? You work and spend your money somewhere, making someone else wealthier. The only exception seems to be perpetual welfare recipients and politicians who just take your money.

Wagan8r Wagan8r said:

It's sad how "progressives" love to penalize those who actually progress in their respective fields. Doesn't Saverin typify what the American Dream is? Immigrating to this country, becoming a citizen, applying himself, and becoming rich and successful?

No, no! Tax his a$$, cause he isn't paying his "fair share"!

Darkshadoe Darkshadoe said:

Hey, you do know that that is how the economy works right? You work and spend your money somewhere, making someone else wealthier. The only exception seems to be perpetual welfare recipients and politicians who just take your money.

Read deeper into my statement. Corporations do everything in their power to, for the lack of a better word, screw their employees. Cutting wages, insurance, and other benefits yet posting that they had record setting profits. Even the government is getting into the action with trying to break up unions. Then the rich complain they have to pay taxes and support welfare recipients? Guess what..if these corporations and businesses had treated those people with a little dignity and paid them a fair wage when they were employees, they might not be on welfare now. (yes I know there are those that abuse the privilege). Who wants to work for a company they know is going to screw them over just to save a dollar?

You want to know why the U.S. is in the toilet...GREED. Plain and simple greed.

Guest said:

Ha, it was Congress that mad this BS legal in the first place:

I wanted to ask Newt Gingrich about all the 1990's hidden legislation such as the "Expatriate Clause" in Clinton's Family Leave bill. It allowed the super rich (multinational Corporations, Saudi royals, drug trafficers, etc) take their billions out of the country PENALTY FREE!

Newt Gingrich oversaw legislation/policy that paved the way for loss of American jobs, off-shore tax evasion, media consolidation, predatory lending and a "Corporate Crime Wave" of EPIC proportions

While Republicans were waving the American flag and professing love of the USA, behind the scenes they were busy selling out our children's future. Explain to me please Newt, what good can come from the US Congress insuring the venture capital of Corporations that move American jobs to Communist China? Why should Americans TRUST Gingrich or ANY Republican ever again. I am somebody who knows

QUOTE OF THE DAY

"...Even with all the evidence, Americans haven't woke up to the fact that Republicans voters are f***'n insane, becoming a danger to themselves and society . The best thing that could happen for the USA is to whack all those million/billionaires who've been turning the Republican Party into a bunch of high priced prostitutes. Occupy Wall St failed because they didn't have the ciones to storm Wall St, K-St and the FOX News building, drag it's occupants out to the street and punish the vain, greed stricken, power mad *****'s for their crimes against humanity. Managia la America..." Charlie Stunats

Removed link to blogspam.

Raswan Raswan said:

<p>This story would have a lot more validity to it if we knew what the tax rate of Singapore citizens are.</p>

Aside from this comment, this thread holds nothing of value. Sometimes, I'm flabbergasted by the surety with which the uninformed mouth the (mostly empty, naive, superficial) opinions they get spoon-fed to them by their parents, their favorite news channel, and their equally clueless friends. You guys are polluting the internet, and that's saying something.

gwailo247, TechSpot Chancellor, said:

You know another thing that a US citizenship buys you? Navy SEALS that will rescue your ass when you're kidnapped by pirates or other such ne'er-do-wells. I hardly see Brazil dispatching an aircraft carrier to the South China Sea to rescue this guy should his extremely affluent butt gets kidnapped.

Guest said:

"All the masses want to do is destroy the rich"

REALLY. In the past 30 years, jobs are fleeing the country-even though taxes are lower than they have been in decades. In the past 30 years, the rich got to take most of their money in capital gains taxed at 15 percent, while the average American sees taxes of 18 percent (nominal rate for wages) PLUS another 7 percent plus for Social Security/Medicare/Medicaid taxes (hence someone like Mitt Romney pays roughly 15 percent-while at 65K a year WORKERS pay over 25 percent). In the past 30 years, we have seen our manufacturing base destroyed, middle incomes are stagnant (no matter how hard you work), health care costs are through the roof....and we KEEP ON giving tax breaks to the rich.

Since 1980, over 90 percent of ALL economic growth went to the top 1 percent. Since 2009, that number has increased to NINETY-THREE PERCENT going to the top 1 percent.

All they want to do is destroy the rich? No-all they WANT is a fair system. Your post is offensive to EVERY SINGLE working class American who goes in, does there job, works hard and can't even get raises that keep pace with inflation. And given the past 30 years-I would say that IF there is a class war-it was STARTED 30 years ago BY THE WEATHY. If "tax breaks" for the "rich" and for business are SOOOO wonderful-then given that we've done it for 30 years, where are ALL those wonderful JOBS, and all that WEALTH they were supposed to create.

And "boo hoo" if I have enough money to have an estate worth MILLIONS then I have to pay estate taxes-and I can only give away 13K a year...well POOR YOU. My heart just bleeds...

Guest said:

Yes yes, the American Dream is to come to America, becomes successful, accumulate wealth, and avoid paying taxes by legally fleeing to another country that's well-known as one of the great money laundering capitals of the world.

Because "beating the system" and "fighting the 'government'" trumps giving back to the country that made you successful, or paving roads, or funding schools, or investing in your country's future.

Because it's so unfair that people are trying to "slam a tax" on me after I deftly wormed my way out of having to pay an existing tax.

Because after making $30 I can't be damned to spend a dollar on a poor orphan.

Because I can't sleep at night if I'm only worth 2.9 billion USD and not an even 3 billion USD.

Because that money is mine and no one can lay their fingers on my precious. How DARE you punish me for skipping out on rent. How DARE you call me out on dodging tax laws.

Yes yes, that is the "American Dream."

Guest said:

"I think you mean that People no longer want to work, create, invent, and innovate anything anymore to make OTHERS rich."

Nice future low income country you are building, be happy there.

Guest said:

The fact is, the US is the only western country that taxes its citizens living abroad, without allowing them to deduct the tax they have to pay to the country in which they're living. For this reason, many native-born Americans are choosing to renounce their citizenship when they otherwise would keep it. Most people simply can't afford to pay double income taxes. Even if they could, it's still fundamentally unfair. Maybe those 2 senator should spend their efforts in correcting this unfairness rather than writing an extreme law inspired by one man in one unique situation.

Guest said:

This is right out of Atlas Shrugged.

Oh well. Who is John Galt?

Guest said:

When you say there is no other country you'd rather live in, my guess is that you have never traveled and have no idea what it's like to live anywhere else.

Guest said:

great point my friend. great point

Guest said:

what about all this companies that relocate their headquaters in order to avoid paying there fair share, what about all this companies that park their billions of shore to avoid paying taxes here where they make and take billions and billions some where else to avoid taxes???????

Guest said:

You know that system that all that money was created from the INTERNET. Oh yah, another one of those government INVESTMENTS that others didn't have to invest in the infrastructure ti build, yet benefit from as if it was a insignificant occurrence. . If we were applying strict business metrics to what one(a company) would have to paid the government(the investor) for willing to bear the risk back in the 70's and 80's in such a unproven and wildly speculative enterprise as something called, the net, the government would take home something like 60% of all revenue generated from it. I only hope the RICH expatriate never needs SEAL TEAM 6 (the government) to pull his butt out of the fire in a foreign country by those only live to die so long as their doing harm to a westerner. Another one joins the TRAITOR CLASS.

Guest said:

Right you are - this experiment in unmitigated greed is not going so well these days...it turns out that the market does not know best. The market does not care, it has no compassion or concern - it feels no responsibility. If the market can make a buck today by doing something despicable to the environment or the people it feels obligated to make that quick buck. If you can drill an off-shore oil well for a few million dollars less by avoiding operating safely you are obligated to do so for your shareholders.

Republicans seem to think that unions and regulations were conjured out of thin air, with no horrendous abuses by the wealthy having caused them to be created.

The idea that 'he who dies with the most wins' has long been the drive behind America, and it is stupid. Quality of life, not quantity of wealth should be our primary concern.

Guest said:

How long has the Seante been stalling on starting legislation on assuring unique cancer treatment medications will always be available? Ans: A year and counting. . .

Guest said:

Good kid, he understood perfectly well the greedy american way ;)

Guest said:

Why do our leaders have a knee-jerk response to make more rules to penalize people? Why can't we just fix the rules so that American citizens doing business abroad can function, but the rules will still help the G-men fight terrorism and tax fraud. The rules should not be so onerous that people are willing to give up their US citizenship--even people who are Brazilian. The rules should not be so onerous for banks that they try to avoid having US citizens as customers.

I worked for one organization where management sucked (like that is news!). Management noted a lot of employees were leaving. Their reaction? Did they start making good management decisions? Did they create a work environment where everyone could be highly productive and had high job satisfaction? Do pigs fly? Their reaction was to "punish" people for leaving, by making the non-compete clause more onerous. Ya think I am going to become a better worker because you make it more painful for me to leave? Ya think!

If rules were all it took to be a great organization, the IRS and the VA would be the models to which all other organizations aspired.

Guest said:

I'm sure Saverin is a really smart guy, and I'm sure he worked really, really hard. But face it, this enormous wealth is largely--some might say virtually exclusively--a case of right place/right time, dumb luck. And although this sort of story can play out elsehere, it's much more likely to play out in this country. If I were in his shoes, I would be more than happy to pay whatever taxes are due, and I'd thank my lucky stars for the opportunity.

Then I'd just figure out how to make do on $2 billion.

(And fwiw, I've spent most of my career as an investment banker at big Wall Street firms and I do not dislike wealth or the wealthy.)

Guest said:

Well put. The greedy (not successful) in our society could never measure up to the GREATEST GENERATION for example. I people who put country first. As you said, it was largely doubt luck.. Oh, and by the way, alot of people are about to takin on a OVER EVALUATED ride via a over priced IPO. Really? I been around long enough, I've seen this movie before.... GM will no longer advertise with FB. They realize what those who will be duped into buying this stock dont know. Systems like NING will forever nipp at the margins of FB market share.... at their just the beginning.. Watch. I heist is about to occur in this IPO.

Night Hacker Night Hacker said:

"allegedly did just that".... sorry, innocent until proven guilty. It pisses me off when I see people accused of things without proof, based on a hunch.

Come back when you have some solid proof he did something wrong.

Guest said:

A very sad story. Not sad that he can do it. No its sad because he want to do it. I dont believe in over taxing the rich.. not do I believe in overly supporting those who choose not to support themselves. But this man by leaving the country that has lead to his wealth and good on him for that he is abandoning only to save money, when he clearly has more now than he could ever hope to spend. I think that is sad. Sad that he is so driven to make more maoney he will sacrifice some fo his own happiness. Sad that he hasnt realise that there is a price to pay to live in great countries. I imagine he will end up rich lonely and surrounded my non friends. A very sad story and a reflection on where we are heading as a soicety.

davislane1 davislane1 said:

"Fairness," "Greed," "Patriotism," "Globalization," "Entitlements," "Atlas Shrugged," "Tax evasion," "Political Hypocrisy," "Punishing Success," "Taxation by Comparison," "Unions," "Wages," "the Market" and "Dumb Luck." Looks like we've pretty much covered all of the mainstream talking points. Well, except for the rants specifically detailing the evils of socialism and/or capitalism. I'm sure those will follow.

As for Saverin... It's his freedom to choose where to take his money. There are more important issues to get riled about than this triviality.

Guest said:

It is just so amazing how naive politicians and especially americans are. Just like reinventing the wheel with healthcare when practically EVERY single country has socialized medicine and we did EVERYTHING wrong. Couldn't look to our neighbors, huh? It doesn't seem any american has ever even left his hometown. Orthodox communism has NO taxes. Put that in your pipe and smoke on it. Why not put import taxes on foreign products to return some of those jobs, if you need more taxes?

Guest said:

3 billions in share value and couple hundred million in tax is to much to share, with all you get from being an American.

What is that ...004 percent tax

How much does a person need to have, to feel better that the ones that have little.

I made 20 ,000 last year and paid 16 percent pay roll tax

Guest said:

Obviously taxes are a hot issue as noted from all the coments, so I'll jump right in. I feel the problem with Corporate America is it based on Taking the most while Giving the least. It used to be people were happy to Give back and some still are, though many just want to take. We don't need the rich to pay for the poor, what we need is a more fair and balanced system that allows all people to get the best from society and not just a few.

stewi0001 stewi0001 said:

Yup my government is corrupt...

Guest said:

"Obviously taxes are a hot issue as noted from all the comments, so I'll jump right in. I feel the problem with Corporate America is it based on Taking the most while Giving the least. It used to be people were happy to Give back and some still are, though many just want to take. We don't need the rich to pay for the poor, what we need is a more fair and balanced system that allows all people to get the best from society and not just a few."

+10 Karma (y)

Night Hacker Night Hacker said:

A very sad story. Not sad that he can do it. No its sad because he want to do it. I dont believe in over taxing the rich.. not do I believe in overly supporting those who choose not to support themselves. But this man by leaving the country that has lead to his wealth and good on him for that he is abandoning only to save money, when he clearly has more now than he could ever hope to spend. I think that is sad. Sad that he is so driven to make more maoney he will sacrifice some fo his own happiness. Sad that he hasnt realise that there is a price to pay to live in great countries. I imagine he will end up rich lonely and surrounded my non friends. A very sad story and a reflection on where we are heading as a soicety.

You realize there are other countries in the world one can be happy in, especially if you're filthy rich. To assume that the USA is the only place one can be truly happy and have friends is the height of arrogance. I don't live in USA, I don't know how I have been happy until now, strange isn't it?

Also, people keep assuming he left to avoid paying money. This could be true, but I believe in "innocent until proven guilty", if the man says that wasn't the reason he left, than I believe him until someone can prove otherwise.

Tygerstrike said:

Innocent until proven guilty would apply in a court of Law. Not the court of public opinion. The FACT that he bailed out of America before his shares went public makes what he has done suspect. Add on to the fact that Americans really do hate the rich. Not because they are rich per say. But because most of the RICH never had to actually work for any of their money. I highly doubt that any CEO or executive has ever had to dig a ditch. Or try and decide if they should pay a bill or feed their family. There are a few noteable exceptions but nearly 99% of the really rich have never had to do a honest days work in their misirable lives. It doesnt matter if they are Replublicans or Democrats. The simple fact of the matter is their lives were made easier by the money. Everyone else has to work hard and try and make tough decisions with a very limited income.

That is why there is such an outcry against the rich. The general unfairness and doublestandards that the rich get.

Guest said:

All your citizens are belong to us.

davislane1 davislane1 said:

I highly doubt that any CEO or executive has ever had to dig a ditch.

Because the only labor that counts is manual labor.

There are a few noteable exceptions but nearly 99% of the really rich have never had to do a honest days work in their misirable lives.

Pure emotional speculation.

. . . try and decide if they should pay a bill or feed their family.

Because being financially secure is inherently evil.

The simple fact of the matter is their lives were made easier by the money.

Profound observation.

Everyone else has to work hard and try and make tough decisions with a very limited income.

And now we've hit the real issue, which is wealth envy. As economies have become more globalized over the past two decades the resultant local market saturation (see: increase in labor supply) and structural unemployment has caught millions of people with their pants down. Instead of acquiring new skills and adapting to the changing environment, we here in America have come to loathe those who have managed to insulate themselves from this phenomenon either by consciously putting themselves in an advantageous position or thru pure serendipity. And instead of looking up to highly successful individuals (millionaires and billionaires) and seeking to learn something, we've stereotyped the whole lot because of a few ethical and legal bad apples (oh yes, and a few serendipitous guys and gals). The problem with America isn't the rich. It's the masses of individuals who've been duped into hating the very thing they apparently long for (see: financial security) and those who fail to understand how basic economics affects the achievement of that goal.

Guest said:

It is incorrect to say that "people no longer like to work"... when it is people like Mitt ROmney thet relocate manufacturing job oversees so that americans no longer work.

Sitting @ an office all day is not work... u do nothing, no physical work get done, u just have a job u must show up @ and get paid! Amrican don't need more worless jobs, where all people do is collect income for using a keyboard. They have producesd ZERO for thsi country to sell elsewhere to make us rich..

Guest said:

Poor child... can't wait till He's kidnapped for ransom and has no US to vie for him, etc....

Tygerstrike said:

@Davislane

Its not wealth envy. Its hating the ppl who get to coast through life while the rest of America has to suffer. Have you ever had to apply for food stamps? Have you ever had to stand in line trying to get a job? The ppl with money dont have to do these tasks. And no manual labor isnt the only labor that is viable. Its used to show that they have no skill set beyond playing golf. It has nothing to do with economics. It has everything to do with Americans making the rich richer while any chance the regular guy has is stomped on.

davislane1 davislane1 said:

Its hating the ppl who get to coast through life while the rest of America has to suffer.
. That, my friend, is the product of envy. If someone is able to escape the plights of the masses, good for them. Mutual fate/outcome is the philosophy of hypocrites.

And yes, unemployment, rising household expenses, and wages have everything to do with economics. Globalization -- the mechanism that sends "our" jobs overseas -- is an economic behavior. Low wages for digging ditches? A product of labor market supply and demand. Higher pay for managerial and executive positions? Labor market supply and demand. Rising cost of goods? A product of inflation and other market forces.

The argument that business owners and people who occupy high-salary positions only occupy such positions because they lack any legitimate skills is ludicrous. It's equally ludicrous to suggest that most of them have poor work ethics. If high-salary jobs required no "real" skills and CEOs never had to do any "real" work, then such individuals would be a dime a dozen. This is not to say that there isn't a population of numbskulls who are simply lucky enough to be put in such positions, as the ineptitude of the brass in several large companies over the past decade has shown. But the stereotyping of the whole group is absurd.

The stomping of the "regular guy" comes from our collective ignorance of economics, market dynamics, and the effects of government policy on the U.S economy. Not to mention the backward management of finances we seem to have an affinity for. We vote for people who appeal exclusively to our emotions. Because we are oblivious to the actual effects of their policies, we get screwed each and every time. The "little guy" has done it to himself by voting for money.

And yes, I've experienced the short end of the stick in the labor force. If I had a penny for every time I've been told "Yeah, we'll call you" or hearing "Sorry, I/we decided to go with someone else" I'd be typing this from a yacht. The reason I didn't get those jobs is because I wasn't seen as a good investment by the employers. Period. Not the system's fault, not the employer's "greed," just the fact that there was someone else there who was seen as a better candidate. That, or they simply didn't need any new workers. The solution? Get better skills that are worth more than a pittance to employers, which is why I've spent the last year and a half balancing full-time school and a fledging career while forgoing all of the pleasantries and social pleasures that my peers enjoy.

Tygerstrike said:

@Davislane

I had written a nice scathing post, pointing out the flaws of your argument. Then I deleted it. I realized that you are only spouting the information you have that you have experienced. So kudos to you for getting into school. Not everyone can have the luck you have experienced. The rest of us have to work for a living. I dearly pray that you dont end up like the rest of us. A nice fancy diploma that you are going to be in debt for about 10yrs on, and no job prospects other then flipping burgers or waiting tables to try and make it from week to week.

davislane1 davislane1 said:

Look, if I'm wrong, point it out - scathing or otherwise. That's the purpose of discussion forums. I'm not here just to regurgitate popular talking points from my little social bubble and/or call names. But if my opinions are validated only by my experience and not grounded in anything objective, by all means, give me yours (that are free from any experiential biases)?

I'm not trying to be an apologist for the millions of individuals out there who game the system, rich and poor alike. Nor am I trying to suggest that people who find themselves in tough patches or even in dire situations are there simply because "they did it to themselves" or because of "tough luck." My issue is with the apparent lack of a rational basis for the contempt and hate that people seem to have with anyone who is better off than they are? How do millionaires commit an objective wrong by being millionaires? How is an individual who makes $250,000/yr. managing someone's retirement portfolio inherently less virtuous than the $20,000/yr. laborer who digs ditches? More importantly, what justifies the double-standard that says I shouldn't stereotype people because of their religious or political beliefs or their race, but it's perfectly okay to hate them for their wealth? If my arguments thus far on the issue are deficient, please, point out the flaws in my reasoning.

Guest said:

I find it interesting that all the posters missed this part:

"But at the time of his death, his heirs would face an estate tax rate of 35 percent or more. Under gift tax laws, a living individual can only give $13,000 per calendar year per person without being taxed."

Now for the life of me, I cannot understand why we as individuals are taxed when we die even though we have paid all of our dividend, capital gains and income taxes throughout out life? Why should the US or any other gov't be entitled to an estate/gift tax of any kind? THAT is the real story here.

Estate tax should be completely abolished since it's straight up redistribution of wealth through the means of legal theft.

Also, I 100% agree that any American living abroad should only pay the difference in taxes between the foreign country and the US tax rate. US is the only country in the world that taxes individuals on their worldwide income. The reason no other country has such tax laws in place is because THEY MAKE NO SENSE. When you are in another country, you use their roads, their security, their health care, your kids go to that foreign country's schools, not US services. Period.

davislane1 davislane1 said:

@Guest

See 'Myth 4': http://www.cbpp.org/files/estatetaxmyths.pdf

Once you get past the hilarity of the reasoning, it's just a money grab popular with voters to pay for an ever-increasing federal budget.

OUTLAWXXX said:

Didn't realize their was so many people here that would defend the ridiculously rich 0_o

I'm all for capitalism but after a person amasses tens of millions of dollars and above... It becomes absurd. They really weren't that much smarter or hardworking than the next person. Becoming wealthy takes skill/hard work but becoming filthy rich is just luck and at that point it's only right to be taxed 50% and higher to repay society for the opportunity of being so ridiculously fortunate.

Again... Nothing wrong w/ having more money than others if you worked for it but their does reach a point when one can suck too much money from the economy. Most rich people sit on their cash. If you really think it's wrong to tax the ridiculously rich than your probably a bit on the greedy side.

Rasta211 said:

<p>You know another thing that a US citizenship buys you? Navy SEALS that will rescue your ass...</p>

Amen to that and I'm not even American! When America wants to come and take your wealth there ain't shit you going to do about it, unless you pay off the Americans.

Night Hacker Night Hacker said:

Funny, I have read quite a few rags to riches stories of people that started out with nothing and they worked their asses off, saved their money and eventually bought a small business which was successful due to their hard work, they expanded it, bought another etc... until eventually they have a chain of stores and they can finally hire people to do the work for them and enjoy the wealth they worked hard for. In the process they end up creating jobs so that resentful slobs can take their money and blame all their problems on the "greedy corporations" that employ them.

Most of the wealthy I have seen or heard of worked hard to get to where they are or made wise investments, some may have inherited fortunes, but only because their families they inherited it from worked hard to get it. In any case, I don't see how anyone else feels they have a right to someone else's money and how someone should be forced to pay more in taxes simply because they were harder workers or smart enough to be able to EARN more. Wealthy individuals often run companies that provide a lot of JOBS.

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