“This pisses me off” tweets Mark Cuban on Singapore’s newest citizen and Facebook cofounder Eduardo Saverin’s renouncing of his U.S. citizenship… Yep, he was born in Brazil, came to the U.S., became a citizen, went to Harvard, almost got totally screwed by Zuckerberg, and is dodging $600 million in taxes to take his profits in Singapore where there’s no capital gains tax…
Mr. Cuban and God knows how many million Americans are mad as hell at youngMr. Saverin… How could he, after this country has been so good to him, turn his back on us, not pay his fair share, yada, yada, yada????
Hmm… Hmm… (this is me thinking how to best say what I’m thinking)…. Hmm… Okay: $600 million not going to the U.S. Government… Hmm… Saverin moving to Singapore, #2 on the Economic Freedom Index (I’m predicting that, now that Hong Kong has a minimum wage and some new regs, a #1 rank is in Singapore’s future)… $600 million not going to the U.S. Government, who sits at #10 (I think) on the E.F. Index… The U.S. Government; who’s burning a $trillion+ (budget deficit), third year running… The U.S. Government, who’s lost $billions on crony green energy investments… The U.S. Government, who vows to, in our President’s own words, “spread the wealth”… The U.S. Government who, in 3 years, has added $5 trillion to its debt burden…
Let’s say you’re a parent, a very bright, talented parent who just sold a business for $you-pick-the-number… Insert your kids name in the “U.S. Government” spots above (change the numbers to make it more real for you)… Would you? Would you hand your boy Sam, who blows money like a drunken U.S. politician, 15% of your huge gain? Would you? Seriously? Think about it; who’s going to do the most good with all that money, you (the one who earned it), or your profligate boy Sam? Wouldn’t it be a good lesson for Sam to see what he would’ve gained, had he a brain?
Read my praises of Singapore here…