Much ado has been made lately of the Facebook IPO, which if you’ve been following, was considered a fizzle. True, it only closed 23 cents above its launch price of $38 per share, but if you consider convincing millions of
investors suckers to pay 100 times earnings for a piece of a company that has no other revenue source but selling ads on the internet to be a failure, I’d have to disagree. Facebook is obnoxiously overhyped and overpriced. Mark Fuckerberg is an annoying little assclown who doesn’t even have the class to put a fucking tie on to ring the opening bell at NASDAQ. That’s what you’re buying. The image. The image of a hoodie-wearing dweeb with a totalitarian bent who decided a couple of years ago to just make all your “private” information public by refuckulating your privacy settings without your permission.
Because he felt like it.
“A lot of companies would be trapped by the conventions and their legacies of what they’ve built,” he said. “Doing a privacy change for 350 million users is not the kind of thing that a lot of companies would do.
“But we viewed that as a really important thing, to always keep a beginner’s mind and what would we do if we were starting the company now and we decided that these would be the social norms now and we just went for it.”
To quote Jon Lovitz:
“What a fucking asshole.”
However, it’s hard to fault him. After all, no one is forcing you to give him your personal information to help him create his online marketing database. It’s free to sign up, people – how did you think he was paying the bills?
So, as a result, Fuckerberg and several others involved with both the creation of and initial investment in Facebook have gotten fabulously wealthy. Bully for them. I approve of people making as much money as they are able, provided they break no laws and pay their fair share in taxes.
And there’s the rub. What is your “fair share?” How does this nebulous concept translate to a percentage or a dollar figure? It’s impossible to define, isn’t it? In the strictly metaphyical sense, you will never have universal agreement on what empirical value defines “fair.” And yet, we have a very complex tax code that determines who pays what. How complex? In 1913, the tax code was 400 pages long. As of 2010, it had grown to 71,684 pages. And the more money you make, the more of those pages apply to you.
So now the new media pasttime is to attack Eduardo Saverin, one of the early investors in Facebook, for renouncing his U.S. citizenship in 2009, seemingly to avoid millions of dollars of taxes that remaining a U.S. citizen would have required him to pay once the Facebook IPO revaluated his holdings. From a strictly financial standpoint:
GOOD FOR HIM.
We’re supposed to be glad that the IRS is able to put its greasy dickbeaters on a man’s money so Obama can spend it on bums and foreigners? We’re supposed to hate Saverin for finding a way to avoid that? And for those of you who don’t recall the difference between tax avoidance and tax evasion, here is a quick refresher:
Tax Evasion – Illegal.
Tax Avoidance – PERFECTLY LEGAL.
Those Are The Fucking Rules. He paid his taxes. LOTS of them. And he had to fork it over in cash. How does the “exit tax” work?
The first main provision is a tax on the “deemed sale” of all your assets the day before expatriation. In other words, you are taxed on the mark-to-market net gain of all your assets.
For the mark-to-market tax, you calculate as if you had sold all your assets on the day before expatriation. You have to pay tax on the theoretical profit which that sale would have given you.
Oh, and that includes everything. Property, stocks, bonds, real estate, ownership interests, retirement funds – everything. So what, exactly, did he “get away with?” Is he supposed to have the IRS’ best interest at heart? Is that what we are supposed to be working for? To fund the federal government to the maximum of our ability?
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”
Judge Learned Hand
And yet for many people, both on the left and the right, it doesn’t sit well with them. It doesn’t feel right. It doesn’t feel fair. If that’s you, let me explain what’s happening. Your inner child is expressing his jealousy and envy. Because, after all, Eduardo Saverin doesn’t deserve his billions. Because if life was fair, why YOU would be a billionaire! After all, you deserve it. You haven’t done a goddamn thing to EARN it, but fuck all that – you feel that way. How about telling your inner child to shut the fuck up when grownups are talking? Which brings us to the next argument I’m hearing way too much of:
He’s Unpatriotic for renouncing his citizenship, after all this country has done for him.
Since when is being “unpatriotic” a crime in the United States?
Officer, Arrest That Woman for Insufficient and Tardy Proudness
of the United States of America.
We are a nation of immigrants. Most came here seeking a better life for themselves and their families – and America is one of the best places on earth to make a better life. That’s the American Dream, isn’t it? The pursuit of happiness? This guy’s family moved here because in Brazil, like many Central and South American shitholes, those who have achieved any type of financial success are targeted for kidnapping for ransom. Unlike here, where they are only targeted for financial assrape or having their business’ raw materials confiscated without ever being charged with a crime. So what if you decide you’d be happier elsewhere?
As you’ve seen in Saverin’s case above, there already is a stiff financial penalty for renouncing your U.S. citizenship. A penalty that he has already paid. But that’s not enough, apparently. Noted cocksucker and New York Senator Charles Schumer is pushing to have this guy banned from ever entering the U.S. again, as well as anyone else who tries to escape. What good is freedom if you’re not free to leave?
We can’t build one to keep the Mexicans out, but they’ll damn sure build one to keep you in.
See how pissed Democrats get when you put their money out of reach of their greedy little fingers? What’s shocking is that I’m hearing the same arguments from the supposed “right.” Fox News, you’ve lost me. Fuck off.
IT’S NOT YOUR MONEY. HE PAID WHAT HE OWED.
Work on making your own fucking pile bigger and quit worrying about what other people have, you giant dickhole.