15 May 2012

On Its Dying Breath

Here’s another sign that the united states are toast:

Mr. Saverin, who now lives in Singapore, decided last year to renounce his U.S. citizenship, a decision that was made public a few days ago. The move sparked an outcry among some tax experts who suspect he’s aiming to save on taxes. [Ya think?]  Although Mr. Saverin will have to pay a hefty exit tax for renouncing his citizenship, based on some calculation of his assets, Singapore is a relatively low-tax jurisdiction, particularly for foreign investors, and does not levy capital gains tax. Thus he could save in the longer term.

Here’s a hint:  it’s no longer the “land of the free” when citizens find it less taxing to live somewhere else.

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