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Is it a good idea to to re-impose taxes on expatriates like Saverin who make millions then flee the United States to take up residence in a foreign country?
Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again...
Andy Boyle (theboylefactor)'s profile photoJohn Tieso's profile photoMargaret McEvoy's profile photoFluke Splater's profile photo
Definitely. And all the corporations doing it too. If you do business in the US... you pay taxes in the US.
Um, the guy wasn't born in the US and hasn't lived in the US in a long time. He also hasn't been involved in the workings of FB for a long time either unless I'm mistaken. Not sure this guy is the best example.

In any case, if you tax people out the wazoo is it any surprise they go someplace where they're not going to be taxed as much?
Increasing taxes will create more incentive for people to leave (taking their money with them). Lowering taxes will do just the opposite. We need to encourage people and business to come to America (bringing their money with them), not Singapore. If they are HERE, they are spending their money HERE.
@Andy.... We tried the trickle down theory. And here we are.
It didn't work. Where are the jobs it was supposed to create? Off shore. Just an old falsity that has gotten into the dna of the right.
There are two sides to the equation. The other side is that you have to DECREASE government spending during the expansion. Once the theory has been tried (both parts), then lets see what the outcome is. All we have seen so far is more and more spending.
And that spending has been the difference between us and Europe. We need more spending in the short term to bring us completely out of the recession. And cuts to military and oil subsidies adn a fairer tax code would do much more. After all consumers need to have money to spend to buy products don't they?
That has been proven incorrect several times +Robert Graham . When we tax imports, other countries will retaliate and do the same. The last thing we need is for the price of American goods over seas to increase, thus, leaving us at an even larger competitive disadvantage. Free trade creates encourages more people to enter the market place, thus, creating more economic choice (choice equates to power) for consumers.
I am not worried about it. I have a job. I also understand economics. And how supply and demand work. I understand Keynesian economics and of the way the government SHOULD operate under those principles. I also understand the minimum wage CREATES unemployment. Not the other way around. I understand incentives and how people respond to them. I think about this with logic, not emotion. You may or may not agree politically with what is happening, but you cannot argue with economics.
Credit cards? What are those? I have one zero percent interest credit card. I keep it for emergencies. And we are not on the fast track with Europe. It is because we have provided stimuli for growth our situation is much better and getting better than EU who have put strong austerity programs on the people and they are now saddled with crushing debt. And stalled economies.
The government is not the answer to our problems. During a recession, according to Keynesian economics, government should increase spending and DECREASE taxes. And during the ensuing expansion, the roles should reverse.
Job creation comes from people and corporations. Not government. the way to get people and corporations to create more jobs is to incentivize job creation and/or lower the operating cost for those employers. Raising taxes does the complete opposite to both.
Job creation has gone over seas. Governments should act in the best interest of it's citizens and refuse to offer tax havens to corporations who send jobs over seas and then take advantage of huge tax loopholes to avoid paying taxes.
What kinds of jobs have gone over seas? And why? Businesses are in business for one reason. To make money (profit). If they cannot do that here, and we force them to stay here, they go out of business. Lose, Lose.
Semiconductors to start with. I lost my job and the company went elsewhere.. or look to Apple Computer? They employ about 200,000 in the usa. Know how many are employed by FoxConn the outsourcer? 920,000. Close to a half million jobs could be right here in the US. Does Apple get a ton of tax breaks. You betcha!!
The average MONTHLY salary for a foxconn worker is $350 a month. Do you want that job? Economic transition is a natural (and good) phenomenon. Tertiary economic activities bring with them, on average, higher salaries, better working conditions, and better working benefits, than do the primary and secondary activities that are leaving/have left.
What would happen to the cost of Apple products if those jobs did come back? After the prices increased exponentially, how many products would they sell? After the exponential decrease in sales, how many of those newly hired jobs would be lost? that is a vicious cycle we do not need to get into.
Did you see the Apple profits? Are they at Foxconn because they don't want to pay their workers a fair salary? in the US? Should they benefit from huge tax breaks for pushing American workers out for Chinese? Your cold assessment of the realities of economics will do nothing to understand the anger of a worker who spent 20 years growing a company only to have that company say.. we don't need you we can make this product in China and we don't have to follow all your stupid tax rules either.
Not a "cold assessment". Just the realities of economics and the American capitalist system. Again, I am not arguing politics or emotions. I may not agree with all that is happening. I just understand why it is happening. And that is the first step. We cannot propose a logical and meaningful fix without understanding it logically first.
I agree. Knowledge is power. Having said that... Corporations are NOT people but they do employ people. There has to be a synthesis around becoming a community based company that enjoys profit but also sees to the needs of it's workers. It is just good practice for keeping good employees and retaining brain power. Apple in the beginning was that company. When Woz left that part of the equation died.
Perhaps the solution is to force him to stay in the US so he can be forced to pay taxes here. Perhaps he could be labelled an 'enemy combatant' for his defiance of the IRS tax laws, or simply labelled a "republican" because he chooses to go to a country where the taxes are lower. Have we forgotten that we are a democracy, and people can make choices? Are we so far along in our socialist conversion under Obama that we need to create camps to force people to do what the Government wants? Or is Schumer doing once again what he always seems to do--create some crisis, issue press releases, and then go on to the next crisis?
it's his money, let him keep it. why do people think they should take other peoples money?
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