This is not that surprising. It does happen with individuals and corporations but not very much, or so one would think (the rich usual respond to higher tax rates by deferring income almost indefinitely, which is why you really can't soak the rich).

But it does highlight a kind of hypocritical dynamic....With all those rich liberals in CA so eager to pay their "fair share", why is CA's budget in worse shape than Greece?


http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html
"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. "

And from the WSJ:
"Facebook co-founder Eduardo Saverin has renounced his U.S. citizenship to move to Singapore, which has no capital gains tax. And now we learn the Golden State's budget deficit will come in at $16 billion, up from a merely awful $9.2 billion estimate in January.

California Controller John Chiang reported last week that April tax collections were a gigantic 20.2%, or $2.44 billion, below 2012-13 budget projections. You have to admire Mr. Chiang's capacity for understatement as he noted that "revenues disappointed." Yes, and J.P. Morgan's whale trade was a $2 billion rounding error. "

gut;1170102 wrote:Yes, and J.P. Morgan's whale trade was a $2 billion rounding error. "

ROFL, and JP Morgan is still gonna turn a $4b net profit this quarter. Stupid Cali

This is what will happen if you keep punishing success in this country.

The poor can get a job like the rest of us.

gut;1170102 wrote:But it does highlight a kind of hypocritical dynamic....With all those rich liberals in CA so eager to pay their "fair share", why is CA's budget in worse shape than Greece?

Because CA rich liberals - especially the folks from Hollyweird - have no issues spending other people's money just as long as we don't touch theirs.

sleeper;1170147 wrote:This is what will happen if you keep punishing success in this country.

What's frightening is, the proposed Ex-PATRIOT Act will also steer some foreign wealth away from investing into American business. So these guys try to tax the hell out of the most prosperous of the nation, but then they throw a tantrum when the prosperous leave for more competitive climate, AND they try to enact a plan to make sure they "get 'em" anyway with an act that will affect people who left the country UP TO TEN YEARS BEFORE THE ACT WAS EVER IN PLACE!

Eastern Bloc ahoy!

http://abcnews.go.com/blogs/politics/2012/05/senators-to-unveil-the-ex-patriot-act-to-respond-to-facebooks-saverins-tax-scheme/


PS - Sen. Chuck Schumer of New York is the Einstein behind this.

O-Trap;1174868 wrote:PS - Sen. Chuck Schumer of New York is the Einstein behind this.

Chuckie ranks in my Top 5 favorite neo libs.

America is a great and wonderful place, but if you were to ban me there IS a whole world out there. I think I could do just fine with $4B and never stepping on US soil again.

gut;1174946 wrote:America is a great and wonderful place, but if you were to ban me there IS a whole world out there. I think I could do just fine with $4B and never stepping on US soil again.

Or never investing directly into the US economy either, since they want to tax any money he earns in capital gains even as a foreign national.

believer;1174883 wrote:Chuckie ranks in my Top 5 favorite neo libs.

At the risk of being completely derogatory, the guy is a turd, and his opinion (at least on this issue) has zero value.

Well, actually less, since it's even detrimental. I'll say -pi.

O-Trap;1175302 wrote:Or never investing directly into the US economy either, since they want to tax any money he earns in capital gains even as a foreign national.

It's vote pandering at its finest. He knows that will never even make it to a vote. Just playing up the class warfare game to his constituents.

gut;1175321 wrote:It's vote pandering at its finest. He knows that will never even make it to a vote. Just playing up the class warfare game to his constituents.

This is new, though. He's now making the class warfare global.

As that continues, it's gonna get ugly.

O-Trap;1175402 wrote:This is new, though. He's now making the class warfare global.

As that continues, it's gonna get ugly.

We can only hope.