05.14.12

The likely story: Facebook co-founder/US tax dodger sez Iyamnotataxdodger

Posted in Culture of Lickspittle at 11:15 am by George Smith

See, when you make money on the clicks and data-mining of US Facebook users who do pay taxes, you take that swag to Singapore, the famous wart-on-the-tip-of-Malaya that masquerades as an important country, to cheat Uncle Sam. From the wires, the likely story, filed under ‘P’ for ‘Parasites:’

Eduardo Saverin, the Facebook co-founder who gave up his U.S. citizenship, has nothing against the U.S., just its complicated rules on U.S. citizens holding money overseas, a spokesman said.

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. 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.

This story, just another item to add to the now popular niche fad in which the wealthy renounce citizenship in overseas consulates so as to avoid the income tax, aka the much easier to remember “rats deserting the sinking ship” thing.

“[Eduardo Saverin] also plans a charitable foundation,” it reads.

From the archives — other pieces on the wart on the tip of Malaya, one of many little nothing countries made for the wealthy and where the economic product increasingly is legal money laundering services.


Sing along: ‘Gonna go to Grand Cayman, if he don’t get it back …’ And that’s famous Jamie Dimon, Aemrica’s most well-known financial crook, at 42 seconds in.


None of the little legal money-laundering countries have militaries worth shit. US Special Operations and an airborne brigade could knock them over in an afternoon.

Since their business is increasingly to deprive the US government of legitimate revenue, money which could be employed to repair US infrastructure, retain jobs at the local level, and — in general — provide the necessary services of good civilization to Americans, they can be viewed as threats to security.

Wouldn’t it be nice to see a clever short story about a US military assault on the banking districts of Luxembourg, Singapore or Grand Cayman?

It used to be the other way around. Movie scripts could be written about a small nothing country, like the Duchy of Grand Fenwick, declaring war on the US so as to lose and get American reconstruction dollars.

“There isn’t a more profitable undertaking of any country than to declare war on the United States and to be defeated … No sooner is the aggressor defeated than the Americans pour in food, machinery, technical aid and lots and lots of money …” — trailer from The Mouse That Roared

Time for a rewrite of that script.

Now wars are the revenue stream of American arms manufacturing and national security businesses.

So it’s just plain easier to offer personal services which enable wealthy Americans and businesses to be tax cheats for a percentage of the action.

Wouldn’t you like to see a movie of Singapore or Luxembourg banks and financial server farms knocked over by American troopers? Hilarious.


And just in time for convergence, another of the Silicon Valley’s rich men, another fellow wants to live together, wanting his own tax cheaters’ micro-nation on a barge:

Imagine living on a serene, man-made floating city where you can live and work with other like-minded individuals from all over the globe, without direct influence from any government entity. If Paypal co-founder Peter Thiel has his way, that wild idea may be just a few years away. The wealthy venture capitalist is putting his money behind Blueseed, a company that promises to create an offshore luxury barge where young entrepreneurs can work, live, and socialize, all without the constraints of a modern city — or pesky immigration laws.

This perhaps because the starship needed to leave the planet seems just a bit out of reach. Even claiming an asteroid or a piece of the moon seems logistically impossible.

Previously — venture capitalist to conquer all viral disease, too.

In the culture of lickspittle people with super-rmoney always attract sappy cult folllowings. Money can’t buy you love but it goes pretty far with whores and boot-licks.

2 Comments

  1. Sam Cel Roman said,

    May 14, 2012 at 12:16 pm

    Bro, I love your stuff and this is going to make me sound like a 1%er or a defender of same but you’re slightly missing what’s going on here. Yeah Singapore and other places are havens for rich people but American tax laws are fucking pure lunacy.

    I live in Romania and theoretically if I sell apples (or anything else) here then I am obliged by law to report this income to the American authorities, even if not one tiny bit of this business has any link to the United States other than my citizenship.

    If I’m Brazlian and live in Singapore then what in the hell does my stock holdings have to do with American taxes? Or put it this way, this guy isn’t losing any of his Facebook stocks, only renouncing his citizenship. So according to your reaction he’s somehow depriving the US of some money that’s being spent on services he obviously isn’t receiving since he doesn’t live in the US and drive on US roads and all that other stuff (infrastructure, et al).

    I don’t have a million bucks but I’m in the same boat – a dollar earned here in Romania is “taxable income” in America because I’m a US citizen – total and utter bullshit as the only “services of a good civilization” I receive is the luxury of standing in a different line at the embassy to renew my passport. Golly gee so wonderful.

    Meanwhile I can’t think of a single other nation that taxes income made entirely in a foreign country. Sorry bro, again I love your stuff and this makes me seem like some 1%er apologist et al but even a stopped clock is right sometimes.

  2. George Smith said,

    May 14, 2012 at 5:39 pm

    The tax laws aren’t lunacy for me. Or anyone in my circle of friends. Or anyone I’ve known in the real world, not cyberspace, for the last 20 years, at least.

    Anyway, as written the linked piece was about someone employing a tax dodge to preserve a fortune and, apparently feeling the need to fudge the issue with assertions that he still believes something is good about America and that, boy, he’ll still make some investments and start a charitable foundation. Which is kind of dog ate my homework stuff delivered by the p.r. mouthpiece.