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| Eduardo Saverin's tax-free global citizenship | Eduardo Saverin's tax-free global citizenship |
| (2 days later) | |
| Eduardo Saverin imagines himself a "citizen of the world". His is an unofficial description, but one that an elite class of super-rich people and multinational companies increasingly take for granted. | Eduardo Saverin imagines himself a "citizen of the world". His is an unofficial description, but one that an elite class of super-rich people and multinational companies increasingly take for granted. |
| Saverin's name stood out when the US government published its latest list of Americans who had renounced their citizenship. He is the co-founder of Facebook, owner of about 4% of the company; and with this week's public offering of shares, he is about to move from rich to super-rich. | Saverin's name stood out when the US government published its latest list of Americans who had renounced their citizenship. He is the co-founder of Facebook, owner of about 4% of the company; and with this week's public offering of shares, he is about to move from rich to super-rich. |
| But apparently, not sufficiently rich. Despite his claim to the New York Times – an example of PR backfilling if ever there was one – it's blatantly obvious that taxes were deeply implicated in Saverin's move, which took place last year, but has only now been publicized. | But apparently, not sufficiently rich. Despite his claim to the New York Times – an example of PR backfilling if ever there was one – it's blatantly obvious that taxes were deeply implicated in Saverin's move, which took place last year, but has only now been publicized. |
| He's apparently paid some taxes on his windfall, based on a Facebook valuation from 2011 that is certainly much lower than the IPO price will be Friday; if he'd stayed in the US and sold shares after the IPO, he'd be required to pay capital gains taxes on the value at the time of the sale, which, based on prior speculation, is likely to be much higher than the offering price. | He's apparently paid some taxes on his windfall, based on a Facebook valuation from 2011 that is certainly much lower than the IPO price will be Friday; if he'd stayed in the US and sold shares after the IPO, he'd be required to pay capital gains taxes on the value at the time of the sale, which, based on prior speculation, is likely to be much higher than the offering price. |
| Now, he's home free, because in Singapore, where he's spent much of his time during the past several years, there are no capital gains taxes. | Now, he's home free, because in Singapore, where he's spent much of his time during the past several years, there are no capital gains taxes. |
| Perhaps the difference in capital gains and other taxes amounts to a mere $100m, as the Times suggested, or $600m – the latter based on the likely value of his shares this week (and on an assumption that he'd sell them at once). To almost everyone, this is real money, even to someone who stands to have wealth in excess of $4bn. | Perhaps the difference in capital gains and other taxes amounts to a mere $100m, as the Times suggested, or $600m – the latter based on the likely value of his shares this week (and on an assumption that he'd sell them at once). To almost everyone, this is real money, even to someone who stands to have wealth in excess of $4bn. |
| Saverin's self-serving move has drawn the contempt it deserves from a number of commentators, though much of the criticism has been inaccurate in some details. Farhad Manjoo's blog post, entitled "What Eduardo Saverin Owes America (Hint: Nearly Everything)", is one such blast against the Brazilian native who now professes allegiance, sort of, to Singapore. Manjoo pointed out that Saverin would almost certainly be a nonentity had it not been for what he gained after his family's move to the US from his native land. Naturally, meanwhile, this new monument to selfishness is a hero to the crowd that loathes taxes in general, but especially progressive taxation. | Saverin's self-serving move has drawn the contempt it deserves from a number of commentators, though much of the criticism has been inaccurate in some details. Farhad Manjoo's blog post, entitled "What Eduardo Saverin Owes America (Hint: Nearly Everything)", is one such blast against the Brazilian native who now professes allegiance, sort of, to Singapore. Manjoo pointed out that Saverin would almost certainly be a nonentity had it not been for what he gained after his family's move to the US from his native land. Naturally, meanwhile, this new monument to selfishness is a hero to the crowd that loathes taxes in general, but especially progressive taxation. |
| Saverin's case should be seen in context. Tax havens are not new. The super-rich have been relocating for decades. Increasingly, however, these people and any number of corporate entities are making it plain that they now belong to a new elite: a global class whose only serious obligation is to its own interests. And as beggar-thy-neighbor economic policies spread, these nomads can always find regimes that will cater to them. | Saverin's case should be seen in context. Tax havens are not new. The super-rich have been relocating for decades. Increasingly, however, these people and any number of corporate entities are making it plain that they now belong to a new elite: a global class whose only serious obligation is to its own interests. And as beggar-thy-neighbor economic policies spread, these nomads can always find regimes that will cater to them. |
| So, it is not remotely surprising that Apple, the most valuable company on the planet, is also a world-class tax avoider, as the New York Times reported recently. Apple is far from alone in using multinational operations and a variety of corporate fronts to reduce the taxes it pays, especially at home. But its strategies lend a certain hollowness to one of its slogans – that its products are proudly "Designed by Apple in California", even if they're built in China. Like so many other global enterprises, Apple spends millions on lawyers and accountants whose sole job is to use various nations' laws as gears in their own financial engines. | So, it is not remotely surprising that Apple, the most valuable company on the planet, is also a world-class tax avoider, as the New York Times reported recently. Apple is far from alone in using multinational operations and a variety of corporate fronts to reduce the taxes it pays, especially at home. But its strategies lend a certain hollowness to one of its slogans – that its products are proudly "Designed by Apple in California", even if they're built in China. Like so many other global enterprises, Apple spends millions on lawyers and accountants whose sole job is to use various nations' laws as gears in their own financial engines. |
| It's pointless to suggest to the Apples and Severins of our world that they would never have achieved such heights of prosperity had it not been for, among many other things, America's economic and legal systems (among other benefits they've enjoyed). Contrary to conservative dogma, the US has nurtured wealth creation. And our government, despite many misguided policies (including some tax policies), goes to extraordinary lengths to take care of the interests of the top 1% of the 1%. But why should the Apples and Severins care, when as "global citizens", they can work the system and get more of what they want? | It's pointless to suggest to the Apples and Severins of our world that they would never have achieved such heights of prosperity had it not been for, among many other things, America's economic and legal systems (among other benefits they've enjoyed). Contrary to conservative dogma, the US has nurtured wealth creation. And our government, despite many misguided policies (including some tax policies), goes to extraordinary lengths to take care of the interests of the top 1% of the 1%. But why should the Apples and Severins care, when as "global citizens", they can work the system and get more of what they want? |
| Perhaps the rest of us should care. Not because these people and companies lack even a shred of loyalty to the nations that helped make them what they are. We should care because the rest of us, ultimately, bear the tax burdens the new global elite shirks. | Perhaps the rest of us should care. Not because these people and companies lack even a shred of loyalty to the nations that helped make them what they are. We should care because the rest of us, ultimately, bear the tax burdens the new global elite shirks. |
| There's no easy way to do anything about this. But we should ask ourselves whether we're satisfied with a world where the global elite enjoys its special perks as it pursues wealth and power, but makes everyone else foot the bill. | There's no easy way to do anything about this. But we should ask ourselves whether we're satisfied with a world where the global elite enjoys its special perks as it pursues wealth and power, but makes everyone else foot the bill. |
| Comments | Comments |
| 135 comments, displaying first | 135 comments, displaying first |
| 17 May 2012 9:20PM | 17 May 2012 9:20PM |
| I guess we have two ways of stopping this - Ban people from emigrating or force Singapore to increase it's taxes (another invasion?) | I guess we have two ways of stopping this - Ban people from emigrating or force Singapore to increase it's taxes (another invasion?) |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:21PM | 17 May 2012 9:21PM |
| Nothing is making the tax-avoidance of the trans-national rich easier than the desire of people like the Scots and Welsh Nationalists to divide already small nations into yet more even smaller ones. | Nothing is making the tax-avoidance of the trans-national rich easier than the desire of people like the Scots and Welsh Nationalists to divide already small nations into yet more even smaller ones. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:22PM | 17 May 2012 9:22PM |
| Tax avoiders shouldn't be alloud to trade simple as that they should be closed from markets in nations where they carry out avoidance. | Tax avoiders shouldn't be alloud to trade simple as that they should be closed from markets in nations where they carry out avoidance. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:24PM | 17 May 2012 9:24PM |
| No Cameron and the UK government have aided in turning some financial services in the UK into tax havens all off their own. They didn't even need additional competition to encourage them to do it. | No Cameron and the UK government have aided in turning some financial services in the UK into tax havens all off their own. They didn't even need additional competition to encourage them to do it. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:27PM | 17 May 2012 9:27PM |
| cbarr 17 May 2012 9:24PM Response to 1nn1t, 17 May 2012 9:21PM No Cameron and the UK government have aided in turning some financial services in the UK into tax havens all off their own. They didn't even need additional competition to encourage them to do it. | cbarr 17 May 2012 9:24PM Response to 1nn1t, 17 May 2012 9:21PM No Cameron and the UK government have aided in turning some financial services in the UK into tax havens all off their own. They didn't even need additional competition to encourage them to do it. |
Of course they have. The UK no more produces what it consumes than the Channel Islands do. | Of course they have. The UK no more produces what it consumes than the Channel Islands do. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:30PM | 17 May 2012 9:30PM |
| Maybe $4billion dollars in the hands of a smart, young dude can be put to good effect. | Maybe $4billion dollars in the hands of a smart, young dude can be put to good effect. |
| In some quite small way perhaps the Facebook story puts power into refreshingly new and optimistic hands. A taste of things to come. | In some quite small way perhaps the Facebook story puts power into refreshingly new and optimistic hands. A taste of things to come. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:31PM | 17 May 2012 9:31PM |
| Of course they have. The UK no more produces what it consumes than the Channel Islands do. | Of course they have. The UK no more produces what it consumes than the Channel Islands do. |
| So how will Scottish or Welsh independence change the current situation then? | So how will Scottish or Welsh independence change the current situation then? |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:32PM | 17 May 2012 9:32PM |
| Amazon is one of the worst companies for tax avoidance, and people wonder why record shops and book stores go out of business. Tax avoidance should be punished with asset confiscation. | Amazon is one of the worst companies for tax avoidance, and people wonder why record shops and book stores go out of business. Tax avoidance should be punished with asset confiscation. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:32PM | 17 May 2012 9:32PM |
| Use large nations' power to force tax havens to change their corrupting influence and stop acting as sinks for the world's corrupt, self serving parasites. If the parasites want to avoid tax let them blast off from earth and live in a space station - but with no return to earth ... ever. | Use large nations' power to force tax havens to change their corrupting influence and stop acting as sinks for the world's corrupt, self serving parasites. If the parasites want to avoid tax let them blast off from earth and live in a space station - but with no return to earth ... ever. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:33PM | 17 May 2012 9:33PM |
| Do we have to tolerate them at all?.. | Do we have to tolerate them at all?.. |
| These people do not create wealth as the hackneyed capitalist blather suggests but have instead utilised one of the most destructive and evil...(yes...evil)...forms of exploitation to not only fleece the lives of the majority of the world...and set in motion a possible epochal disaster of environmental degradation...but to increase their greed and avarice to the point where their answer to monopoly capitalism's endless crisis is to stamp harder on the heads of the already crushed... | These people do not create wealth as the hackneyed capitalist blather suggests but have instead utilised one of the most destructive and evil...(yes...evil)...forms of exploitation to not only fleece the lives of the majority of the world...and set in motion a possible epochal disaster of environmental degradation...but to increase their greed and avarice to the point where their answer to monopoly capitalism's endless crisis is to stamp harder on the heads of the already crushed... |
| ...they benefited from a stupendous perfect storm of consumer liquidity...cheap energy...and social conditions created after the 2nd WW that temporarily countered capitalism's tendency to permanent stagnation and clawed the surplus created for themselves to such a degree that were now suffering from a horrendous crisis of distribution...and they want to escape taxes too?!? | ...they benefited from a stupendous perfect storm of consumer liquidity...cheap energy...and social conditions created after the 2nd WW that temporarily countered capitalism's tendency to permanent stagnation and clawed the surplus created for themselves to such a degree that were now suffering from a horrendous crisis of distribution...and they want to escape taxes too?!? |
| Simply...if they don't pay full tax...at much higher than current rates...then their products and/or services should be barred from the markets in which ever country they avoid tax...just for starters... | Simply...if they don't pay full tax...at much higher than current rates...then their products and/or services should be barred from the markets in which ever country they avoid tax...just for starters... |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:36PM | 17 May 2012 9:36PM |
| I imagine Eduardo Saverin has paid a lot more in taxes than Dan Gillmor and so has probably paid his way already and a lot more besides. | I imagine Eduardo Saverin has paid a lot more in taxes than Dan Gillmor and so has probably paid his way already and a lot more besides. |
| I would have thought most Guardian readers would be delighted that Mr Saverin denies to pay the money for the US government to spend on arms and invade foreign countries - but oh no. Some people are never happy. | I would have thought most Guardian readers would be delighted that Mr Saverin denies to pay the money for the US government to spend on arms and invade foreign countries - but oh no. Some people are never happy. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:38PM | 17 May 2012 9:38PM |
| Editors, please | Editors, please |
| Naturally, meanwhile, this new monument to selfishness is a hero to the crowd that loathes taxes in general, but especially progressive taxation. | Naturally, meanwhile, this new monument to selfishness is a hero to the crowd that loathes taxes in general, but especially progressive taxation. |
| Looks like a broken link. | Looks like a broken link. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:40PM | 17 May 2012 9:40PM |
| Those of us who use and write our stuff on face book should be PAID for doing so...my page is viewed by thousands, but I never get a cent for the column inches I write....its been a con since it started, just like twitter...always some shark ready to capitalize on other peoples talents... | Those of us who use and write our stuff on face book should be PAID for doing so...my page is viewed by thousands, but I never get a cent for the column inches I write....its been a con since it started, just like twitter...always some shark ready to capitalize on other peoples talents... |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:46PM | 17 May 2012 9:46PM |
| So who is going to do anything about it. | So who is going to do anything about it. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:47PM | 17 May 2012 9:47PM |
| always some shark ready to capitalize on other peoples talents... | always some shark ready to capitalize on other peoples talents... |
| twas ever thus. | twas ever thus. |
| The good thing about the web/twitter etc is that the 99% are finding out what the 1%ers have been doing and beginning to question the entitlement culture that maintains the 1% in power. | The good thing about the web/twitter etc is that the 99% are finding out what the 1%ers have been doing and beginning to question the entitlement culture that maintains the 1% in power. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:48PM | 17 May 2012 9:48PM |
| We could always end the enforcement of unequal access to our resources and the resulting imbalance of power which allows them to leech all that money out of other people's work in the first place. Enormous wealth disparity is due to extortion, exploitation, and abuse by those who control our resources and opportunities. Remove their power and we'll all be contributing more equally, so it's less of an issue if these vermin decide to dodge their responsibility. | We could always end the enforcement of unequal access to our resources and the resulting imbalance of power which allows them to leech all that money out of other people's work in the first place. Enormous wealth disparity is due to extortion, exploitation, and abuse by those who control our resources and opportunities. Remove their power and we'll all be contributing more equally, so it's less of an issue if these vermin decide to dodge their responsibility. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:50PM | 17 May 2012 9:50PM |
| The US government is one of very few (2 or 3) countries in the world that expects non-resident citizens to continue to pay taxes. | The US government is one of very few (2 or 3) countries in the world that expects non-resident citizens to continue to pay taxes. |
| If you earn under a certain amount, you just have to file a tax return with the IRS every year for the rest of your life wherever you live. If you earn over a certain amount, the US wants its share whether or not you've already paid them to the country in which you're resident. | If you earn under a certain amount, you just have to file a tax return with the IRS every year for the rest of your life wherever you live. If you earn over a certain amount, the US wants its share whether or not you've already paid them to the country in which you're resident. |
| I hate tax-avoidance, but this is not tax-avoidance. The US taxes him more because of his nationality. That's not fair. If he'd never naturalised, he wouldn't have to renounce his citizenship to pay fair rates when he moved to Singapore. | I hate tax-avoidance, but this is not tax-avoidance. The US taxes him more because of his nationality. That's not fair. If he'd never naturalised, he wouldn't have to renounce his citizenship to pay fair rates when he moved to Singapore. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:51PM | 17 May 2012 9:51PM |
| He thinks of himself as a global citizen, then moves to a country with one of the lowest taxation levels. | He thinks of himself as a global citizen, then moves to a country with one of the lowest taxation levels. |
| Just like Ken Livingstone, tax dodgers like this are a part of the reason why this world is turning to s**t. People unwilling to give back to a society which has allowed them to do so well. | Just like Ken Livingstone, tax dodgers like this are a part of the reason why this world is turning to s**t. People unwilling to give back to a society which has allowed them to do so well. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:54PM | 17 May 2012 9:54PM |
| Indeed, the vast size of the surplus that has been hoovered out of the global economy is perfectly illustrated by the fact that just one digital company can change hands for £100billion. The scale of the wealth-grab that has been perpetrated across the last thirty years alone is staggering and the rate of transfer from public to private - which means from billions of ordinary citizens to a tiny clique of individuals - is increasing as wages are driven down and social earnings are squeezed harder and harder to fill the marinas of the very super mega rich, | Indeed, the vast size of the surplus that has been hoovered out of the global economy is perfectly illustrated by the fact that just one digital company can change hands for £100billion. The scale of the wealth-grab that has been perpetrated across the last thirty years alone is staggering and the rate of transfer from public to private - which means from billions of ordinary citizens to a tiny clique of individuals - is increasing as wages are driven down and social earnings are squeezed harder and harder to fill the marinas of the very super mega rich, |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:55PM | 17 May 2012 9:55PM |
| I hate tax-avoidance, but this is not tax-avoidance. | I hate tax-avoidance, but this is not tax-avoidance. |
| He moved to a country were he will pay no tax on his capitial gains. It is complete tax avoidance. I have no idea what he will do with all his billons, like so many rich people it will probably sit rotting in bank accounts and shares. Or perhaps he will buy a ton of property pushing the price up for everyone else. | He moved to a country were he will pay no tax on his capitial gains. It is complete tax avoidance. I have no idea what he will do with all his billons, like so many rich people it will probably sit rotting in bank accounts and shares. Or perhaps he will buy a ton of property pushing the price up for everyone else. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 9:57PM | 17 May 2012 9:57PM |
| I was referring to him renouncing his US citizenship. I agree that moving to a tax-haven for tax reasons is avoidance. | I was referring to him renouncing his US citizenship. I agree that moving to a tax-haven for tax reasons is avoidance. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:01PM | 17 May 2012 10:01PM |
| There's no easy way to do anything about this. | There's no easy way to do anything about this. |
| Harmonize tax codes among countries. We live in a globalized world, and we need to stop pretending we don't. We can't survive a race to the bottom as each country makes cuts to attract rich businesses and individuals. We need a flat and level playing field, and that includes the tax system. | Harmonize tax codes among countries. We live in a globalized world, and we need to stop pretending we don't. We can't survive a race to the bottom as each country makes cuts to attract rich businesses and individuals. We need a flat and level playing field, and that includes the tax system. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:01PM | 17 May 2012 10:01PM |
| And people who avoid tax should not be allowed to vote let alone stand as a politician (so says Ken Livingstone). | And people who avoid tax should not be allowed to vote let alone stand as a politician (so says Ken Livingstone). |
| Tax Avoiders are merely people/companies that use legal methods to reduce their Tax Liabilities. Take issue with the politicians whose stupidity caused them to frame laws so badly as to create such loopholes. Also the next set of them that, when the loopholes are uncovered, either do not plug them or do so sufficiently badly as to create other loopholes. | Tax Avoiders are merely people/companies that use legal methods to reduce their Tax Liabilities. Take issue with the politicians whose stupidity caused them to frame laws so badly as to create such loopholes. Also the next set of them that, when the loopholes are uncovered, either do not plug them or do so sufficiently badly as to create other loopholes. |
| PS I happen to agree with Ken in principle. Shame he could not actually follow his own beliefs. | PS I happen to agree with Ken in principle. Shame he could not actually follow his own beliefs. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:01PM | 17 May 2012 10:01PM |
| In Abglo-Saxon England being made an outlaw, meaning outside the protection of thr law, was considered a particularly nasty punishment, as anyone could kill you without having to account for their actions. | In Abglo-Saxon England being made an outlaw, meaning outside the protection of thr law, was considered a particularly nasty punishment, as anyone could kill you without having to account for their actions. |
| Maybe we should just declare Savarin an outlaw? | Maybe we should just declare Savarin an outlaw? |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:03PM | 17 May 2012 10:03PM |
| So why the HELL do you think he became a naturalized citizen in the first place?! | So why the HELL do you think he became a naturalized citizen in the first place?! |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:03PM | 17 May 2012 10:03PM |
| Global Buffett tax quadrupled is the answer. | Global Buffett tax quadrupled is the answer. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:05PM | 17 May 2012 10:05PM |
| Take issue with the politicians whose stupidity caused them to frame laws so badly as to create such loopholes. | Take issue with the politicians whose stupidity caused them to frame laws so badly as to create such loopholes. |
| Aw...bless. Never occurred to you those laws were pre-written by well-paid lobbyists? Who exchanged "something of value" with those politicians? You're a remarkably trusting soul to blame it on simple stupidity. | Aw...bless. Never occurred to you those laws were pre-written by well-paid lobbyists? Who exchanged "something of value" with those politicians? You're a remarkably trusting soul to blame it on simple stupidity. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:05PM | 17 May 2012 10:05PM |
| Those of us who use and write our stuff on face book should be PAID for doing so...my page is viewed by thousands, but I never get a cent for the column inches I write....its been a con since it started, just like twitter...always some shark ready to capitalize on other peoples talents... | Those of us who use and write our stuff on face book should be PAID for doing so...my page is viewed by thousands, but I never get a cent for the column inches I write....its been a con since it started, just like twitter...always some shark ready to capitalize on other peoples talents... |
| Undoubtedly, one of the main the aims behind FB as a commercially viable business model was to 'mine' our private data and sell it on to various private organisations such as advertisers so that they may be able to more efficently influence our patterns of consumption. It also raises the issue of ownership of any material produced by users (such as yourself). | Undoubtedly, one of the main the aims behind FB as a commercially viable business model was to 'mine' our private data and sell it on to various private organisations such as advertisers so that they may be able to more efficently influence our patterns of consumption. It also raises the issue of ownership of any material produced by users (such as yourself). |
| There has been a lot of academic research into this increasingly important concern at the lack of control we have over our private data. This pdf file by Lindamood (2008) is a useful place to start pondering the social and financial implications of this development. | There has been a lot of academic research into this increasingly important concern at the lack of control we have over our private data. This pdf file by Lindamood (2008) is a useful place to start pondering the social and financial implications of this development. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:08PM | 17 May 2012 10:08PM |
| Of course, everyone screaming for Mr. Saverin to pay his "fair share" and "full taxes" could always follow his example and set up a company and sell it at a profit. What's stopping you? Or perhaps it might involve too much effort and it's easier just to demand that somebody else pays for everything. | Of course, everyone screaming for Mr. Saverin to pay his "fair share" and "full taxes" could always follow his example and set up a company and sell it at a profit. What's stopping you? Or perhaps it might involve too much effort and it's easier just to demand that somebody else pays for everything. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:09PM | 17 May 2012 10:09PM |
| The scale of the wealth-grab that has been perpetrated across the last thirty years alone is staggering and the rate of transfer from public to private - which means from billions of ordinary citizens to a tiny clique of individuals - is increasing as wages are driven down and social earnings are squeezed harder and harder to fill the marinas of the very super mega rich | The scale of the wealth-grab that has been perpetrated across the last thirty years alone is staggering and the rate of transfer from public to private - which means from billions of ordinary citizens to a tiny clique of individuals - is increasing as wages are driven down and social earnings are squeezed harder and harder to fill the marinas of the very super mega rich |
| Absolutely...and this day-light robbery is made more staggering by the fact that real growth-rates in Western nations have been declining in the same period...in fact data from the US bureau of Economic Analysis shows that in 2011 the rate of growth was 63% less than in the 1960s... | Absolutely...and this day-light robbery is made more staggering by the fact that real growth-rates in Western nations have been declining in the same period...in fact data from the US bureau of Economic Analysis shows that in 2011 the rate of growth was 63% less than in the 1960s... |
| ...vicious bubbles and financialisation masked some of these trends but now we are suffering a major blowback and frankly raising taxes/actually collecting owed taxes from these parasites won't be enough...but it's a start... | ...vicious bubbles and financialisation masked some of these trends but now we are suffering a major blowback and frankly raising taxes/actually collecting owed taxes from these parasites won't be enough...but it's a start... |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:09PM | 17 May 2012 10:09PM |
| So how will Scottish or Welsh independence change the current situation then? | So how will Scottish or Welsh independence change the current situation then? |
In the Uk we used to have Parish Relief for the poor funded by taxes on the rich and administered on a parish-by-parish basis. The poor moved to parishes where the relief was most generous and the rich to parishes where the taxes were least onerous. | In the Uk we used to have Parish Relief for the poor funded by taxes on the rich and administered on a parish-by-parish basis. The poor moved to parishes where the relief was most generous and the rich to parishes where the taxes were least onerous. |
| By the middle of the twentieth century we had moved to a system of National Assistance funded by national taxation. Today national governments find themselves in the same situation as nineteenth century parishes, responsible for the local poor while the mobile rich move to countries with lower taxes just as parents move to areas with better schools. | By the middle of the twentieth century we had moved to a system of National Assistance funded by national taxation. Today national governments find themselves in the same situation as nineteenth century parishes, responsible for the local poor while the mobile rich move to countries with lower taxes just as parents move to areas with better schools. |
| The US has sought to combat this by taxings its citizens regardless of their country of residence. Saverin has avoided this solution by changing his nationality. | The US has sought to combat this by taxings its citizens regardless of their country of residence. Saverin has avoided this solution by changing his nationality. |
| Soon the differences in taxes and benefits between Wales and Scotland and England will lead to all sorts of cross border arbitrage where, for example, people pay lower English taxes but send their children to cheaper Scottish (or even Dutch) Universities. | Soon the differences in taxes and benefits between Wales and Scotland and England will lead to all sorts of cross border arbitrage where, for example, people pay lower English taxes but send their children to cheaper Scottish (or even Dutch) Universities. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:13PM | 17 May 2012 10:13PM |
| Whatever one thinks of Saverin, it points out a fundamental weakness in those proposals to massively increase taxes on the rich. | Whatever one thinks of Saverin, it points out a fundamental weakness in those proposals to massively increase taxes on the rich. |
| And that is, people have feet. | And that is, people have feet. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:14PM | 17 May 2012 10:14PM |
| What is wrong, if you don't want your rich to leave with their money: | What is wrong, if you don't want your rich to leave with their money: |
| a) arrest and imprison them | a) arrest and imprison them |
| OR | OR |
| b) Have competitive taxation rates so they don't want to leave. | b) Have competitive taxation rates so they don't want to leave. |
| What are you going to do to countries that under cut your punitive tax regimes, bomb and invade them? | What are you going to do to countries that under cut your punitive tax regimes, bomb and invade them? |
| The Left..... Just don't get it do you! | The Left..... Just don't get it do you! |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:17PM | 17 May 2012 10:17PM |
| No, not that trusting. Would I be surprised to find that such loopholes were 'created creatively'? No, definately not. It was, however, the politicians that framed the laws that included the loopholes and who have not then closed them. | No, not that trusting. Would I be surprised to find that such loopholes were 'created creatively'? No, definately not. It was, however, the politicians that framed the laws that included the loopholes and who have not then closed them. |
| The more complex our tax laws the greater possibility that such loopholes will exist. I understand that over the past 20 years or so our Tax Code has more than doubled in size. This is not (or should not anyway) be a party-political issue. ALL parties should work together to make our Tax Code as simple as possible - that way it is more likely to remove these loopholes. | The more complex our tax laws the greater possibility that such loopholes will exist. I understand that over the past 20 years or so our Tax Code has more than doubled in size. This is not (or should not anyway) be a party-political issue. ALL parties should work together to make our Tax Code as simple as possible - that way it is more likely to remove these loopholes. |
| Yes, idealistic! | Yes, idealistic! |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:20PM | 17 May 2012 10:20PM |
| Of course, everyone screaming for Mr. Saverin to pay his "fair share" and "full taxes" could always follow his example and set up a company and sell it at a profit. | Of course, everyone screaming for Mr. Saverin to pay his "fair share" and "full taxes" could always follow his example and set up a company and sell it at a profit. |
| What has this got to do with Mr Saverin actually paying his fair share back to the country which has enabled him to be so successful. | What has this got to do with Mr Saverin actually paying his fair share back to the country which has enabled him to be so successful. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:20PM | 17 May 2012 10:20PM |
| it points out a fundamental weakness in those proposals to massively increase taxes on the rich | it points out a fundamental weakness in those proposals to massively increase taxes on the rich |
| It's more to do with the power than the money. Deliberately preventing our equals from sharing their own planet leaves them desperate and having to kowtow to the overprivileged to get enough scraps to live on. If people like Saverin had to pay us our fair share for our resources and labour, nobody would give two shits if he decided to walk. There would always be other equals waiting to stand up and fill the void. | It's more to do with the power than the money. Deliberately preventing our equals from sharing their own planet leaves them desperate and having to kowtow to the overprivileged to get enough scraps to live on. If people like Saverin had to pay us our fair share for our resources and labour, nobody would give two shits if he decided to walk. There would always be other equals waiting to stand up and fill the void. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:21PM | 17 May 2012 10:21PM |
| Do you pay to be able to use FaceBook? (Serious question as I do not use it myself). | Do you pay to be able to use FaceBook? (Serious question as I do not use it myself). |
| Surely you are using it KNOWING the situation. You post information (articles and the like) without any reasonable expectation of payment so what is the problem? If you do not wany anyone to obtain information about you from FaceBook then do not use it. | Surely you are using it KNOWING the situation. You post information (articles and the like) without any reasonable expectation of payment so what is the problem? If you do not wany anyone to obtain information about you from FaceBook then do not use it. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:23PM | 17 May 2012 10:23PM |
| What is wrong, if you don't want your rich to leave with their money: | What is wrong, if you don't want your rich to leave with their money: |
| a) arrest and imprison them | a) arrest and imprison them |
| OR | OR |
| b) Have competitive taxation rates so they don't want to leave. | b) Have competitive taxation rates so they don't want to leave. |
| What are you going to do to countries that under cut your punitive tax regimes, bomb and invade them? | What are you going to do to countries that under cut your punitive tax regimes, bomb and invade them? |
| The Left..... Just don't get it do you! | The Left..... Just don't get it do you! |
| c) Stop enforcing inequality and the inability for people to access our resources, preventing the powerful from exploiting the vulnerable which leads to them transferring the wealth everyone else works for to themselves. | c) Stop enforcing inequality and the inability for people to access our resources, preventing the powerful from exploiting the vulnerable which leads to them transferring the wealth everyone else works for to themselves. |
| The Right... Just don't get it do you! | The Right... Just don't get it do you! |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:23PM | 17 May 2012 10:23PM |
| What is wrong, if you don't want your rich to leave with their money: | What is wrong, if you don't want your rich to leave with their money: |
| a) arrest and imprison them | a) arrest and imprison them |
| OR | OR |
| b) Have competitive taxation rates so they don't want to leave. | b) Have competitive taxation rates so they don't want to leave. |
| What are you going to do to countries that under cut your punitive tax regimes, bomb and invade them? | What are you going to do to countries that under cut your punitive tax regimes, bomb and invade them? |
| The Left..... Just don't get it do you! | The Left..... Just don't get it do you! |
| We don't much care if they get dysentry in Belize, sweat in Singapore or freeze in Antarctica. These people do nothing for the benefit of anyone but themselves | We don't much care if they get dysentry in Belize, sweat in Singapore or freeze in Antarctica. These people do nothing for the benefit of anyone but themselves |
| But they should all be prosecuted and sent to jail | But they should all be prosecuted and sent to jail |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:25PM | 17 May 2012 10:25PM |
| Are you trolling or are you really this naive? | Are you trolling or are you really this naive? |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:30PM | 17 May 2012 10:30PM |
| Because he was 16 and didn't have an accountant to dissuade him from doing it? | Because he was 16 and didn't have an accountant to dissuade him from doing it? |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:35PM | 17 May 2012 10:35PM |
| I hate tax-avoidance, but this is not tax-avoidance. The US taxes him more because of his nationality. That's not fair. | I hate tax-avoidance, but this is not tax-avoidance. The US taxes him more because of his nationality. That's not fair. |
Civis Romanus sum. When Saverin had US citizenship, he paid taxes to and had the protection of the US government. Should he be taken hostage now, I doubt the Singapore government has the military means to rescue him while the US government no longer has the obligation. | Civis Romanus sum. When Saverin had US citizenship, he paid taxes to and had the protection of the US government. Should he be taken hostage now, I doubt the Singapore government has the military means to rescue him while the US government no longer has the obligation. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:43PM | 17 May 2012 10:43PM |
| b) Have competitive taxation rates so they don't want to leave. | b) Have competitive taxation rates so they don't want to leave. |
| I would hardly call US taxation rates excessive... | I would hardly call US taxation rates excessive... |
The Left..... Just don't get it do you! | The Left..... Just don't get it do you! |
| I am a what is known as a right wing Tory c*nt on here. If this is how little they give a crap about the country that helped them gain such levels of wealth, and they are unwilling to pay fair taxes back to benefit the people and the nation, I wouldn't let them back in. | I am a what is known as a right wing Tory c*nt on here. If this is how little they give a crap about the country that helped them gain such levels of wealth, and they are unwilling to pay fair taxes back to benefit the people and the nation, I wouldn't let them back in. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:46PM | 17 May 2012 10:46PM |
| America isn't good enough for him. They don't have any rich people there, of course, all reduced to beggary by socialists. | America isn't good enough for him. They don't have any rich people there, of course, all reduced to beggary by socialists. |
| So he's forced to move to a place where they really appreciate wealth creators and he can live in freedom. A one party police state. | So he's forced to move to a place where they really appreciate wealth creators and he can live in freedom. A one party police state. |
| Who needs democracy and human rights when you have money? Money can buy you all this. There is at least a sort of low honesty to people like Saverin. He knows how the world really works. It works for people like him. | Who needs democracy and human rights when you have money? Money can buy you all this. There is at least a sort of low honesty to people like Saverin. He knows how the world really works. It works for people like him. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:46PM | 17 May 2012 10:46PM |
| imagine Eduardo Saverin has paid a lot more in taxes than Dan Gillmor and so has probably paid his way already and a lot more besides. | imagine Eduardo Saverin has paid a lot more in taxes than Dan Gillmor and so has probably paid his way already and a lot more besides. |
| Ah, but you would imagine wrong. The great thing with taxation is that there is no limit on how much money you make, so there is no predefined limit on how much you owe in taxes. Anyone who tells you different is stealing value from society. | Ah, but you would imagine wrong. The great thing with taxation is that there is no limit on how much money you make, so there is no predefined limit on how much you owe in taxes. Anyone who tells you different is stealing value from society. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:48PM | 17 May 2012 10:48PM |
| taxation is obsolete. a nation should offer a market and money, and charge for the use of both by clipping off a percentage of each transaction. electronic money makes this easy, cheap and inescapable. | taxation is obsolete. a nation should offer a market and money, and charge for the use of both by clipping off a percentage of each transaction. electronic money makes this easy, cheap and inescapable. |
| but nations have always been merely a convenience for the rich, and now are of trivial importance. | but nations have always been merely a convenience for the rich, and now are of trivial importance. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:50PM | 17 May 2012 10:50PM |
| A most disturbing aspect of this is that these people and corporations could afford to pay their fair share of tax like ordinary citizens. They are so wealthy that it wouldn't make much difference to them. So sad that there is so much blatant greed. | A most disturbing aspect of this is that these people and corporations could afford to pay their fair share of tax like ordinary citizens. They are so wealthy that it wouldn't make much difference to them. So sad that there is so much blatant greed. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:51PM | 17 May 2012 10:51PM |
| My own suggestion is that states need to make a global agreement to collect and share taxes on multi-national persons such as Saverin. So the US would get a slice because he lived there and made his money there, Brazil would get a slice as he lived there, Singapore would get a slice. | My own suggestion is that states need to make a global agreement to collect and share taxes on multi-national persons such as Saverin. So the US would get a slice because he lived there and made his money there, Brazil would get a slice as he lived there, Singapore would get a slice. |
| Countries could still set their own taxes, but those with higher taxes would get a correspondingly larger share of the revenue compared to the low tax countries. This way, countries have an incentive to set taxes higher as well as lower. Its therefore a way of giving a counter-incentive without requiring some kind of international tax police, global tax system or something. | Countries could still set their own taxes, but those with higher taxes would get a correspondingly larger share of the revenue compared to the low tax countries. This way, countries have an incentive to set taxes higher as well as lower. Its therefore a way of giving a counter-incentive without requiring some kind of international tax police, global tax system or something. |
| Very hard to do because some countries make a lot of money out being a tax haven, unfortunately that seems to include the UK and the US. | Very hard to do because some countries make a lot of money out being a tax haven, unfortunately that seems to include the UK and the US. |
| I presented this proposal at a conference a couple of years ago; if anyone is interested in reading the paper get in touch. | I presented this proposal at a conference a couple of years ago; if anyone is interested in reading the paper get in touch. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 10:54PM | 17 May 2012 10:54PM |
| A most disturbing aspect of this is that these people and corporations could afford to pay their fair share of tax like ordinary citizens. They are so wealthy that it wouldn't make much difference to them. So sad that there is so much blatant greed. | A most disturbing aspect of this is that these people and corporations could afford to pay their fair share of tax like ordinary citizens. They are so wealthy that it wouldn't make much difference to them. So sad that there is so much blatant greed. |
| Link to this comment: | Link to this comment: |
| 17 May 2012 11:05PM | 17 May 2012 11:05PM |
| And let's be clear, it's not as if his filthy lucre popped out of a wormhole immaculate. He has to pay the DOD--in the form of DARPA--(and Al Gore) back for taking the initiative to create the internet, without which there wouldn't be that gigantic social engineering honey-trap that is Facebook. | And let's be clear, it's not as if his filthy lucre popped out of a wormhole immaculate. He has to pay the DOD--in the form of DARPA--(and Al Gore) back for taking the initiative to create the internet, without which there wouldn't be that gigantic social engineering honey-trap that is Facebook. |
| Hmmf, it's typical: entrepreneurs only like socialism when it's on the R&D side of things. As soon as the l'addition comes due, they're all "leave Eduardo alooooooone!" | Hmmf, it's typical: entrepreneurs only like socialism when it's on the R&D side of things. As soon as the l'addition comes due, they're all "leave Eduardo alooooooone!" |
| Link to this comment: | Link to this comment: |
| Comments on this page are now closed. | Comments on this page are now closed. |
| More from On digital being | More from On digital being |
| Dan Gillmor is director of the Knight centre for digital media entrepreneurship at Arizona State University's Walter Cronkite school of journalism and mass communication. His most recent book is Mediactive (2010), also a blog of the same name, about how people can be empowered as new media users. This series focuses on technological developments, especially as they affect media, and aims to show how people can move from being passive consumers of media to active users. Follow Dan on Twitter @dangillmor | Dan Gillmor is director of the Knight centre for digital media entrepreneurship at Arizona State University's Walter Cronkite school of journalism and mass communication. His most recent book is Mediactive (2010), also a blog of the same name, about how people can be empowered as new media users. This series focuses on technological developments, especially as they affect media, and aims to show how people can move from being passive consumers of media to active users. Follow Dan on Twitter @dangillmor |
| 28 Oct 2012: Android's smartphone OS upgrade issues need more than a quick fix | Dan Gillmor | |
| 25 May 2012: SpaceX via Twitter: the everyday miracle of modern technologies | Dan Gillmor | 25 May 2012: SpaceX via Twitter: the everyday miracle of modern technologies | Dan Gillmor |
| 7 May 2012: If Facebook's IPO kicks off a new tech bubble, where will you put your money? | 7 May 2012: If Facebook's IPO kicks off a new tech bubble, where will you put your money? |
| On digital being index | On digital being index |
| The truth about 'class war' in America | The truth about 'class war' in America |
| 19 Sep 2011 | 19 Sep 2011 |
| Richard Wolff: Republicans claim, in Orwellian fashion, that Obama's millionaire tax is 'class war'. The reality is that the super-rich won the war | Richard Wolff: Republicans claim, in Orwellian fashion, that Obama's millionaire tax is 'class war'. The reality is that the super-rich won the war |
| 27 Jan 2012 | 27 Jan 2012 |
| Can Apple become the world's first trillion-dollar company? | Can Apple become the world's first trillion-dollar company? |
| 2 Jun 2008 | 2 Jun 2008 |
| The gods of greed | The gods of greed |
| 17 Dec 2010 | 17 Dec 2010 |
| Barack Obama stokes liberal fury as tax cuts pushed through Congress | Barack Obama stokes liberal fury as tax cuts pushed through Congress |
| 14 Dec 2009 | 14 Dec 2009 |
| Time to tax hot money | Time to tax hot money |
| Chinese billionaires accused of stinginess after charity banquet snub | Chinese billionaires accused of stinginess after charity banquet snub |
| 29 Sep 2010 | 29 Sep 2010 |
| Dinner sparks debate about social responsibilities of country's new super-rich | Dinner sparks debate about social responsibilities of country's new super-rich |
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| Must we tolerate this new global elite of the super-rich and mega-corporations dodging tax obligations in any one country? | Must we tolerate this new global elite of the super-rich and mega-corporations dodging tax obligations in any one country? |
| Eduardo Saverin imagines himself a "citizen of the world". His is an unofficial description, but one that an elite class of super-rich people and multinational companies increasingly take for granted. | Eduardo Saverin imagines himself a "citizen of the world". His is an unofficial description, but one that an elite class of super-rich people and multinational companies increasingly take for granted. |
| Saverin's name stood out when the US government published its latest list of Americans who had renounced their citizenship. He is the co-founder of Facebook, owner of about 4% of the company; and with this week's public offering of shares, he is about to move from rich to super-rich. | Saverin's name stood out when the US government published its latest list of Americans who had renounced their citizenship. He is the co-founder of Facebook, owner of about 4% of the company; and with this week's public offering of shares, he is about to move from rich to super-rich. |
| But apparently, not sufficiently rich. Despite his claim to the New York Times – an example of PR backfilling if ever there was one – it's blatantly obvious that taxes were deeply implicated in Saverin's move, which took place last year, but has only now been publicized. | But apparently, not sufficiently rich. Despite his claim to the New York Times – an example of PR backfilling if ever there was one – it's blatantly obvious that taxes were deeply implicated in Saverin's move, which took place last year, but has only now been publicized. |
| He's apparently paid some taxes on his windfall, based on a Facebook valuation from 2011 that is certainly much lower than the IPO price will be Friday; if he'd stayed in the US and sold shares after the IPO, he'd be required to pay capital gains taxes on the value at the time of the sale, which, based on prior speculation, is likely to be much higher than the offering price. | He's apparently paid some taxes on his windfall, based on a Facebook valuation from 2011 that is certainly much lower than the IPO price will be Friday; if he'd stayed in the US and sold shares after the IPO, he'd be required to pay capital gains taxes on the value at the time of the sale, which, based on prior speculation, is likely to be much higher than the offering price. |
| Now, he's home free, because in Singapore, where he's spent much of his time during the past several years, there are no capital gains taxes. | Now, he's home free, because in Singapore, where he's spent much of his time during the past several years, there are no capital gains taxes. |
| Perhaps the difference in capital gains and other taxes amounts to a mere $100m, as the Times suggested, or $600m – the latter based on the likely value of his shares this week (and on an assumption that he'd sell them at once). To almost everyone, this is real money, even to someone who stands to have wealth in excess of $4bn. | Perhaps the difference in capital gains and other taxes amounts to a mere $100m, as the Times suggested, or $600m – the latter based on the likely value of his shares this week (and on an assumption that he'd sell them at once). To almost everyone, this is real money, even to someone who stands to have wealth in excess of $4bn. |
| Saverin's self-serving move has drawn the contempt it deserves from a number of commentators, though much of the criticism has been inaccurate in some details. Farhad Manjoo's blog post, entitled "What Eduardo Saverin Owes America (Hint: Nearly Everything)", is one such blast against the Brazilian native who now professes allegiance, sort of, to Singapore. Manjoo pointed out that Saverin would almost certainly be a nonentity had it not been for what he gained after his family's move to the US from his native land. Naturally, meanwhile, this new monument to selfishness is a hero to the crowd that loathes taxes in general, but especially progressive taxation. | Saverin's self-serving move has drawn the contempt it deserves from a number of commentators, though much of the criticism has been inaccurate in some details. Farhad Manjoo's blog post, entitled "What Eduardo Saverin Owes America (Hint: Nearly Everything)", is one such blast against the Brazilian native who now professes allegiance, sort of, to Singapore. Manjoo pointed out that Saverin would almost certainly be a nonentity had it not been for what he gained after his family's move to the US from his native land. Naturally, meanwhile, this new monument to selfishness is a hero to the crowd that loathes taxes in general, but especially progressive taxation. |
| Saverin's case should be seen in context. Tax havens are not new. The super-rich have been relocating for decades. Increasingly, however, these people and any number of corporate entities are making it plain that they now belong to a new elite: a global class whose only serious obligation is to its own interests. And as beggar-thy-neighbor economic policies spread, these nomads can always find regimes that will cater to them. | Saverin's case should be seen in context. Tax havens are not new. The super-rich have been relocating for decades. Increasingly, however, these people and any number of corporate entities are making it plain that they now belong to a new elite: a global class whose only serious obligation is to its own interests. And as beggar-thy-neighbor economic policies spread, these nomads can always find regimes that will cater to them. |
| So, it is not remotely surprising that Apple, the most valuable company on the planet, is also a world-class tax avoider, as the New York Times reported recently. Apple is far from alone in using multinational operations and a variety of corporate fronts to reduce the taxes it pays, especially at home. But its strategies lend a certain hollowness to one of its slogans – that its products are proudly "Designed by Apple in California", even if they're built in China. Like so many other global enterprises, Apple spends millions on lawyers and accountants whose sole job is to use various nations' laws as gears in their own financial engines. | So, it is not remotely surprising that Apple, the most valuable company on the planet, is also a world-class tax avoider, as the New York Times reported recently. Apple is far from alone in using multinational operations and a variety of corporate fronts to reduce the taxes it pays, especially at home. But its strategies lend a certain hollowness to one of its slogans – that its products are proudly "Designed by Apple in California", even if they're built in China. Like so many other global enterprises, Apple spends millions on lawyers and accountants whose sole job is to use various nations' laws as gears in their own financial engines. |
| It's pointless to suggest to the Apples and Severins of our world that they would never have achieved such heights of prosperity had it not been for, among many other things, America's economic and legal systems (among other benefits they've enjoyed). Contrary to conservative dogma, the US has nurtured wealth creation. And our government, despite many misguided policies (including some tax policies), goes to extraordinary lengths to take care of the interests of the top 1% of the 1%. But why should the Apples and Severins care, when as "global citizens", they can work the system and get more of what they want? | It's pointless to suggest to the Apples and Severins of our world that they would never have achieved such heights of prosperity had it not been for, among many other things, America's economic and legal systems (among other benefits they've enjoyed). Contrary to conservative dogma, the US has nurtured wealth creation. And our government, despite many misguided policies (including some tax policies), goes to extraordinary lengths to take care of the interests of the top 1% of the 1%. But why should the Apples and Severins care, when as "global citizens", they can work the system and get more of what they want? |
| Perhaps the rest of us should care. Not because these people and companies lack even a shred of loyalty to the nations that helped make them what they are. We should care because the rest of us, ultimately, bear the tax burdens the new global elite shirks. | Perhaps the rest of us should care. Not because these people and companies lack even a shred of loyalty to the nations that helped make them what they are. We should care because the rest of us, ultimately, bear the tax burdens the new global elite shirks. |
| There's no easy way to do anything about this. But we should ask ourselves whether we're satisfied with a world where the global elite enjoys its special perks as it pursues wealth and power, but makes everyone else foot the bill. | There's no easy way to do anything about this. But we should ask ourselves whether we're satisfied with a world where the global elite enjoys its special perks as it pursues wealth and power, but makes everyone else foot the bill. |