The co-founder of the Facebook Eduardo Saverin decided to cancel its American citizenship and to live for a long time in Singapore. The decision is just before the Facebook IPO that if successful will make him an official billionaire. And also - a big taxpayer to comrade Barack Obama - secretary general of the Socialist States of America... :)

Saverin who became a citizen in 1998 now is joining the group of over 1800 wealthy men that renounced their citizenship since the beginning of 2011. In a real-world remake of Ayn Rand's novel "Atlas Shrugged" some of the most progressive Americans are escaping from USA to their own Galt-valley. And just like in a book, they make this in an effort to save themselves from political populism against the rich and wealthy, blamed for not paying enough for the common good.

Up to now Warren Buffet is the icon of socialist government religion to increase the taxes of rich people. He, being himself very rich, propagates for higher taxes. But as we see not all rich and successful people think like him. Buffet has an multi-billion dollar business, but it is doubtful if this business is bigger and more important than can the summation of businesses of all these that are cancelling their citizenship. In Ayn Rand's novel there also is a pro-government businessmen but they are part of the problem and not part of the decision...

Tax specialists comment that making this before the IPO Saverin will pay much and much lower taxes. Severin has an important role in creating Facebook by finding initial finance in early stages of the project. It is not sure Facebook would succeed without him. It was possible it to became just one of thousands failed hi-tech projects. So people like Severin are needed for the successful economy.

Dobri
May 12th 2012