Eduardo Saverin, who co-founded Facebook with Mark Zuckerberg, moved to Singapore last September in advance of Facebook's public offering of stock. In doing so, Saverin will avoid a significant portion of taxes he would owe if he had remained in the United Sates.
After his relationship soured with Zuckerberg, he was booted out of the company, but he won a four percent share in a lengthy court battle.
So why does Ham on Wry care what Eduardo Saverin does? Because his actions illustrate the mindset some members of the One Percent have, and it has a connection to the blog's May 12 post.
In theory, the uber rich will reinvest money into the economy here and will increase the wealth of the middle class eventually. What a bunch of bunk! He helped to create something that no one really needs. Many people have a Facebook addiction, but that doesn't mean they need it.
Saverin, the son of a wealthy Brazilian, moved to the United States to avoid being kidnapped for ransom and met Zuckerberg at Harvard University. This country offered him the opportunity to create wealth.and attend a world-class university. His gratitude is truly underwhelming (yes, it's a legitimate word). People like Saverin care mainly about retaining wealth and not so much about giving back to the country where he made the money.
He received citizenship as a means of escaping possible harm and renounced it so he could hold on to this money. That, readers, blows a hole in the notion propounded by so many Republicans that the wealthy pay their fair share already. Oh, a few people like Warren Buffett are committed to stepping up to the plate to pay more taxes, but too many are consumed by greed and the power that money buys. They prefer to keep it and use if for themselves.
Shame on Eduardo Saverin for his selfishness and his manipulation of our system. Moving to Singapore isn't illegal, but it certainly smacks of ingratitude. The same can be said of people like Mitt Romney who have offshore accounts so that they can avoid paying taxes. Most readers don't have the luxury of having so much money that they can ship it out of the country clandestinely. I'm tired of Americans succumbing to the wool pulled over their eyes. These people would have plenty of money, even if they paid 50% in taxes, because the have so many loopholes.
Eduardo Saverin has shown total disregard for American citizenship. Good riddance!
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