Friday, May 18, 2012

Does the State OWN You?

This week, the Facebook IPO was all over the news.  What a phenomenal story of how a few Harvard kids turned an idea into a global entity worth upwards of $100 Billion dollars.  Entrepreneurs created Facebook, not the State.

Now comes the side story of one of the founders, Eduardo Saverin, who is a native-born Brazilian.  In 1998, he became a U.S. citizen after his family fled Brazil.  Saverin now lives in Singapore and wants to become a citizen there.  The problem is that Singapore does not allow its citizens to retain dual citizenship.  It is also a plus that Singapore has a 20% income tax and no capital gains taxes.

This upsets the totalitarians that reside in Washington, D.C. - most especially Senator Chuck Schumer (D-NY) and Bob Casey (D-PA).  They find it "unfair" that a U.S. citizen would even think of escaping the benevolence of this fair country where people are asked to pay their "fair share" (whatever that means).

The two Senators have come forth with legislation called the "Ex-Patriot Act" (Patriot is short for the acronym: Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy).

Really?  Did George Orwell help craft this absurd and disgusting abomination?

This whole ordeal begs the fundamental question: do we all own ourselves or not?  According to these power drunk Senators, the answer to this question is an emphatic NO.  Of course (they would say), the State owns YOU and you must seek permission from it to do pretty much anything.

Here's a question.  What if Eduardo Saverin (or any other Facebook shareholder) wanted to take their company public on one of the other Stock Exchanges and relocate their company completely outside of the United States.  Would this be permitted by the State?

Our country is in a sad state of affairs when we have Senators who are so brazen and smitten by power to propose such an insidious piece of legislation as described above and THEN attach the word "Patriot" to it.

I could go on, but doing so would probably rupture a blood vessel.

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