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  1. #1
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    Default Actor Moves Due to Tax Increase - Called Unpatriotic

    http://www.huffingtonpost.com/2012/1...n_2311561.html




    Wonder how long it will be before it happens in the U.S.?
    "How does it feel to be one of the beautiful people?" Julian Lennon



  2. #2
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    When England's tax rates skyrocketed many actors and other really wealthy people moved overseas. But their tax rates were hideously high.
    You can't fix stupid-Ron White


    1 members found this post helpful.

  3. #3
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    To reveal my cards: What an a-hole.

    But it has happened here. Didn't a Facebook principal bail on his US citizenship to avoid paying taxes, just after the IPO?
    The armchair saddler
    Politically Pro-Cat


    4 members found this post helpful.

  4. #4
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    Quote Originally Posted by mvp View Post
    To reveal my cards: What an a-hole.

    But it has happened here. Didn't a Facebook principal bail on his US citizenship to avoid paying taxes, just after the IPO?
    Yeah, Eduardo Saverin. He was a naturalized US Citizen, born in Brazil. Came here with his family (his father was rich and he was a potential kidnapping target, they were offered asylum), became a citizen, made his fortune, renounced his citizenship and fled for Singapore. Big, whiny, opportunistic, baby man.


    7 members found this post helpful.

  5. #5
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    40 years ago my Uncle in Norway moved his legal residence to Spain to escape their extrodinarily high taxes. It's nothing new. I think now most of them just bank it all offshore.


    5 members found this post helpful.

  6. #6
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    A lot of Europeans do it. It's considered normal behaviour to relocate for tax purposes.
    Thus do we growl that our big toes have, at this moment, been thrown up from below!


    6 members found this post helpful.

  7. #7
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    85% of his revenue to taxes is insane. I don't blame him. The article says that taxes were raised on those making over 1 million to reduce the deficit. Why should the most successful citizens be forced to pay for the deficit that was caused by government mismanagement of the budget?


    41 members found this post helpful.

  8. #8
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    Quote Originally Posted by kathy s. View Post
    Wonder how long it will be before it happens in the U.S.?
    Several high profile American's who posses dual citizenship or were in the position to assume citizenship have done so for economic reasons. Nothing new there. Simple examples: as cited Facebook co-founder Eduardo Saverin - now of Singapore - along with Bill Clinton chum Denise Rich who is "now" Austrian. Others who made massive fortunes with well known brands in the US: Billionaire Ted Arison - Carnival Cruise Lines - renounced his for Israel. John Dorrance III - Campbell Soup - renounced his for lower taxes in Ireland.

    The music business in particular is chock full of exceedingly successful acts from Ireland and England who are tax exiles. Most often cited is the Rolling Stones who have paid less than 2% on their earnings to the British government.

    France has enacted an extraordinarily high tax rate on their highest earners - 75 per cent tax rate on people earning more than €1m a year. That is absolutely insane! Not even the Danes are that crazy in crushing the wealthy of their nation.

    Before anyone bashes a washed-up actor for trying to preserve his salad days of earning good money keep in mind that Bernard Arnault, chief executive of LVMH and France’s richest man, has also sought to establish residency in Belgium. He has insisted this is not for tax reasons. Ha!


    8 members found this post helpful.

  9. #9
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    Quote Originally Posted by kathy s. View Post
    http://www.huffingtonpost.com/2012/1...n_2311561.html

    Wonder how long it will be before it happens in the U.S.?
    Hasn't it happened already, at least off-shoring of assets/accounts by US citizens? I thought that was a big deal in the last Prez election in the US?


    8 members found this post helpful.

  10. #10
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    Default

    And then there's J. K. Rowling, who says that she has no intention of moving because her country did so much for her when she was poor and desperate and she welcomes the chance to pay it back somewhat.
    Originally Posted by Alagirl
    We just love to shame poor people...when in reality, we are all just peasants.


    21 members found this post helpful.

  11. #11
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    This is such old news it has mold growing on it. Anyone who hasn't been aware of Europeans - particularly actors/actresses - moving their citizenship due to tax issues has been living under a rock.

    Even decades ago it was laughable how many film stars planned their trips between their homes in Europe & the U.S. based on how much time they were allowed to stay before tax issues kicked in.


    5 members found this post helpful.

  12. #12
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    Cool

    And with a proposed tax rate of 52% being bandied about in California, expect to see A-listers streaming out of Hollywood like lemmings over a cliff. Being BHO's buddy just got real expensive.
    In loving memory of Laura Jahnke.
    A life lived by example, done too soon.
    www.caringbridge.org/page/laurajahnke/


    7 members found this post helpful.

  13. #13

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    Quote Originally Posted by mvp View Post
    To reveal my cards: What an a-hole.

    But it has happened here. Didn't a Facebook principal bail on his US citizenship to avoid paying taxes, just after the IPO?
    Yes, one of them did. Though he is far from the first American individual to do so.

    Do not see why anyone would be up in arms over this, when the American Corp.'s long ago went off shore, & so did the jobs too... *just saying*


    7 members found this post helpful.

  14. #14
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    One of the Beatles' hit songs was "Tax Man". Written in the 1960's when the "lads" discovered just how much they were taxed. Many of the UK artists, song and actors, took up residence in other countries get away from the taxes, IIRC something like 75+%.
    "Never do anything that you have to explain twice to the paramedics."
    Courtesy my cousin Tim


    3 members found this post helpful.

  15. #15
    kathy s. is offline Grand Prix Premium Member
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    Quote Originally Posted by AffirmedHope View Post
    85% of his revenue to taxes is insane. I don't blame him. The article says that taxes were raised on those making over 1 million to reduce the deficit. Why should the most successful citizens be forced to pay for the deficit that was caused by government mismanagement of the budget?
    I agree. And isn't that what the current administration hopes to accomplish?
    "How does it feel to be one of the beautiful people?" Julian Lennon


    7 members found this post helpful.

  16. #16

    Default 1,780 American's gave up their US citizenship last year

    About 1,780 expatriates gave up their nationality at U.S. embassies last year, up from 235 in 2008, according to Andy Sundberg, secretary of Geneva’s Overseas American Academy, citing figures from the government’s Federal Register. The embassy in Bern, the Swiss capital, redeployed staff to clear a backlog as Americans queued to relinquish their passports.

    rest of article here: http://www.bloomberg.com/news/2012-0...s-capital.html


    3 members found this post helpful.

  17. #17
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    Quote Originally Posted by Bacardi1 View Post
    This is such old news it has mold growing on it. Anyone who hasn't been aware of Europeans - particularly actors/actresses - moving their citizenship due to tax issues has been living under a rock.
    When were they publicly called out for it by the President of their (former) country, though?

    And he's being completely reasonable. If I were expected to pay 85% of my income in taxes I'd move, too. If I were wealthy enough I'd certainly consider tax shelter citizenship (supposedly the Channel Islands and the Isle of Man are friendly to self-supporting rich people-heck, I've seen the former advertising in the Financial Times for residents. And I like the weather better than the Caymans.)


    4 members found this post helpful.

  18. #18
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    Rich people didn't get rich because they're stupid. They will find ways to reduce or avoid taxes. The higher the tax, the more effort and thought devoted to avoidance instead of productive effort. Not evade taxes, that's illegal.


    4 members found this post helpful.

  19. #19
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    Well the brits have had the same experience. They increased their top tax rate from 40% to 50% on the top bracket (taxing the rich theory two years ago. Increased tax revenues, right? Instead they actually had reduced revenue with three year projections of losing almost 10,000,000,000 pounds compared to the original projected gain of 20,000,000,000 pounds.

    So this year they are reducing the rates.

    So when Obama claims he'll get $1.6T from raising the rates consider the British example.
    "I couldn't find my keys, so I put her in the trunk"


    8 members found this post helpful.

  20. #20
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    If I had to pay an 85% tax rate than I'd be moving too. Many rich people work hard for their money and while those who make more should pay a higher percentage in taxes, 85% is ridiculous. Whenever I hear about make the rich pay more taxes I'm reminded of this scene from The West Wing.

    https://www.youtube.com/watch?v=716qbOv3a4M
    Hanlon's Razor

    Never attribute to malice that which is adequately explained by stupidity.


    5 members found this post helpful.

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