Eduardo Saverin, the billionaire co-founder of Facebook, renounced his U.S. citizenship before an initial public offering that values the social network at as much as $96 billion.
Saverin is a native of Brazil. He is young and possibly has few family ties here. The current unfunded liabilities for Social Security and Medicare are around $107 trillion. By the time he reaches retirement age, the U.S. tax rates necessary to pay for all the elderly entitlements promised to seniors will be outrageous (marginal rates of 70% to 90%).
Considering the tax bills that will inevitably come due, it makes sense for Saverin to cut his ties to the United States — especially before the IPO. It’s hard to say, but the difference in taxes might approach $500 million today — and quite possibly billions by the time he dies and passes his estate on to his heirs.
Regarding Eduardo Saverin, co-founder of Facebook, people are giving him hell about his decision. But his decision to renounce his citizenship shows just how bad parts of our tax code really are.
“Health-insurance companies must tell customers who get a premium rebate this summer that the check is the result of the Obama administration’s health-care law.”
I’m a fan of disclosure, when the information is something that people have a right to know. However, I would think requiring insurers to communicate that rebates are a requirement of the PPACA is interfering with corporate freedom of speech. Missing from this disclosure is that some products consumer may want are no longer available because of medical loss ratio regulations.
I’m not at all surprised that 50 percent of people discharged during busy times came back. Many of them are not getting their questions answered by staff and some probably don’t know how to take their medication when they get home because they were rushed out or because medication directions, do’s and don’ts, etc. weren’t explained well enough to them.
Eduardo Saverin is not an idiot. He is most likely making a very sound economic decision. It is very sad that this is the case because of our tax laws and what we do to the wealthy.
Apparently, the Obama Administration is trying to force insurance companies to put out election year propaganda on their behalf.
Saverin is a native of Brazil. He is young and possibly has few family ties here. The current unfunded liabilities for Social Security and Medicare are around $107 trillion. By the time he reaches retirement age, the U.S. tax rates necessary to pay for all the elderly entitlements promised to seniors will be outrageous (marginal rates of 70% to 90%).
Considering the tax bills that will inevitably come due, it makes sense for Saverin to cut his ties to the United States — especially before the IPO. It’s hard to say, but the difference in taxes might approach $500 million today — and quite possibly billions by the time he dies and passes his estate on to his heirs.
Regarding Eduardo Saverin, co-founder of Facebook, people are giving him hell about his decision. But his decision to renounce his citizenship shows just how bad parts of our tax code really are.
“Health-insurance companies must tell customers who get a premium rebate this summer that the check is the result of the Obama administration’s health-care law.”
I’m a fan of disclosure, when the information is something that people have a right to know. However, I would think requiring insurers to communicate that rebates are a requirement of the PPACA is interfering with corporate freedom of speech. Missing from this disclosure is that some products consumer may want are no longer available because of medical loss ratio regulations.
I’m not at all surprised that 50 percent of people discharged during busy times came back. Many of them are not getting their questions answered by staff and some probably don’t know how to take their medication when they get home because they were rushed out or because medication directions, do’s and don’ts, etc. weren’t explained well enough to them.
Eduardo Saverin is not an idiot. He is most likely making a very sound economic decision. It is very sad that this is the case because of our tax laws and what we do to the wealthy.