Sunday, May 13, 2012

$5 Billion Or US Passport?

I don't understand what's the big deal about Facebook co-founder Eduardo Saverin renouncing his US citizenship to dodge tax on $5 billion dollars he stands to earn after facebook IPO. 

Talk about a smart tax move. 

If you stand to earn $5 billion without having done any real hardwork [except maybe a really smart investment decision at a very young age] and Uncle Sam will take half of it upfront, and you're living outside the US anyway, wouldn't you do what Saverin has done? 

Why sacrifice $2.5 billion for a passport that wasn't yours to start with? [Saverin is Brazilian-born.]

Isn't this the American Dream? 

Farhad Manjoo, a brilliant American journalist, wrote a piece criticizing Saverin's move, reminding him that he owes his money and fame to America and that his action proves he's ungrateful.

That may be true but Saverin has been smart enough to milk the American Dream like any smart American, even if it means easing himself out of the country's citizenship!

And this is, really, what makes America a great place.

Well done to Saverin for pursuing the American Dream it in its most crudest form!

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