This article is a prime example of the very rich having the finances to hire, employ and implement tactics which can save them millions in taxes. However, the moment this information becomes public, there is always somebody in Congress who needs some media attention.
When you put these factors together, you get a good, and some times bad, tax loophole exposed and "voted" on in Congress. Actually they vote on over 100 new tax laws a year, but with these votes, they know exactly, what they are voting on.
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Sparked by Facebook co-founder Eudardo Saverin's renouncement of his citizenship, two U.S. Senators are planning to unveil a new plan focused on preventing the super rich from dodging taxes.
Saverin has been taking quite a bit of heat over dropping his citizenship, which was announced coincidentally just weeks before Facebook goes public. Many viewed the action as a way for him to save an estimated $100 million on taxes, a sentiment Saverine dines, as VentureBeat reported yesterday.
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OK, why did he need to tell "anyone" except his immediate family and tax advisers?
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Sens. Charles Schumer, (D-NY) and Bob Casey (D-Pa.) plan, unofficially called the “Ex-Patriot Act,” seeks to bar people like Saverin from reentering the U.S. once they’ve renounced their citizenship to avoid heavy taxation. While I understand how it could be upsetting that some people don’t value their citizenship despite everything the U.S. offers, but deciding to block them from ever visiting the country is just asinine. The goal is to compel the super rich to continue paying taxes, not excommunicate them.
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Maybe he renounced his citizenship because he was frighten of becoming very, very, very, wealthy in America! Having lived in Europe for a year, I can tell you, people, all people are treated differently in Europe. Of course, I couldn't wait to get back to the US, but you must realize, I was poor when I left and I was poor when I returned.
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In grand dramatic political fashion, Schumer’s office labels Saverin’s renouncement as a “scheme,” and tries to bring a sense of urgency to the matter due to the recent news. What’s funny about this move is that its anything but urgent. Saverin filed the paperwork to give up his citizenship in January 2011, but was only approved the following September.
Also, people giving up their citizenship to avoid paying taxes is not a new concept. As my fellow staffer Jolie O’Dell previously pointed out, filing taxes as a U.S. citizen while living abroad can be an expensive and complicated nightmare. That said, nearly 1,800 people renounced their citizenship in 2011 to avoid having to deal with those taxes.
Generally speaking, Schumer does some really good things with his power, such as trying to speed up the process of adoption process for sweet German Shepherd dogs that served in the military. But when it comes to the “Ex-Patriot Act,” it seems like little more than banging pots and pans in a silent room filled with people for the sole purpose of grabbing attention.
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There are definite tax loopholes out there. You just have to know who to hire and employ to protect you. For sure you don't want to hire the tax professionals who worked on Wesley Snipes taxes. However, there are some sharp, tax attorneys out there. How can you identify them? Well if he shows up at a private airport with a small jet in he background and doesn't feel the need to hid the jet, because no one is trying to repo the jet, then you know for sure, he's your man, or woman.
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