Senators to Unveil the 'Ex-Patriot Act'

bailing out corporations != Captialism LULZZZZZZZZZ

lollerskates.gif

I absolutely agree, bailing out the banks and buying their giant sack of toxic waste after they made so many fraudulent loans to people they knew wouldn't be able to pay them back, then shorted the same mortgage backed securities (the very definition of fraud) is pretty ridiculous.

But there's one missing link to the puzzle. And here it is: http://news.firedoglake.com/2012/05/14/glass-steagall-or-bank-size-why-not-both-and-more/

We need to get the Glass-Steagall Act back again. If investment banks want to underwrite securities for risky investments, then fine by me. But they have no business using the Average Joe's bank account to do it. Because if those risky investments go belly up, so does Average Joe, and so does Main St.

The truth is, the financial sector knew that if a catastrophe happened, that they would get bailed out by the government. They were banking on that the whole time. It's a win-win-win for them.

Not everyone saw it coming, but a few people did. Here is what Senator Byron Dorgan (D-ND) said on the Senate floor when he explained why he would vote against the repeal of Glass-Steagall. http://www.youtube.com/watch?v=w2nZbo8SKbg

You can call me a regulation lover or whatever you want, but we learned our lesson after the Great Depression when we passed it, and we didn't have any serious problems for almost 65 years. Then less than ten years after repealing it, the shit hit the fan. In 1999, the year Glass-Steagall was repealed, subprime loans made up 5% of all housing loans. In 2008, those same risky loans made up 30% of the total loans.
 
Democrats in the Federal Government have this idea that what people make belongs to the government first, and they get to keep whatever the government decides to let them hold onto. This is proof of that behavior. The man is breaking no law, but since it might deprive the government of some tax money then he MUST be punished at all costs, including passing new laws. Yet, the overly complicated tax code allows wealthy lawyers (who else can understand it?) and congressmen (often lawyers prior) to avoid paying taxes on a lot of what they make. Talk about a load of hypocrisy.

How about stop spending the people's money before you've even taxed it from them? Before Schumer and his ilk go griping about a single private citizen they could, I don't know, actually pass a budget for the first time in three years and stop spending the country into oblivion. How many trillion in debt is the US up to now anyway?

Look how wonderfully Capitalism worked during the sub prime mortgage crisis. Boy that free market sure did function well for the middle class in this country.

The sub prime mortgage crisis occurred precisely because the market was NOT free. Fannie and Freddie, which were being managed by Chris Dodd and Barney Frank, bought up troubled assets in bundles from banks that wanted to dump them. Why did they want to dump them? Because of the Community Reinvestment Act, signed by Jimmy Carter in 1977. Banks were forced to make high-risk loans or face the wrath of federal regulators. Sub-prime lending made it possible to make high-risk loans that otherwise would not have been made. Any sane person would not loan large sums of money to people that were not likely to be able to pay it back, but because the Federal Government, and in particular, Democrats decided that banks were being "unfair" to minorities by simply doing what is fiscally responsible, they had no choice. Then when the economy went sour and people started losing jobs and defaulted on their loans once the payments doubled after the full interest rate kicked in after the introductory rate expired (as if nobody could see that coming) the whole house of cards came tumbling down. Yet, that's Capitalism's fault? I thought that when the State made major economic decisions, especially for social reasons, that it was called Socialism.

Free market Capitalism doesn't work because it does not exist. As long as government regulators and bureaucrats keep telling businesses what they have to do and keep meddling in the market there can be no free market. Some regulation is necessary to prevent fraud and abuse, that's only sane, but if you want to blame someone for the sub prime crisis the blame goes to idiot politicians that don't understand squat about how Capitalism is supposed to work. Frank, Dodd, Carter... those are the idiots responsible for this mess. The invisible hand can only work if politicians stop swatting it all the time. Maybe if people would stop brainwashing college kids that Capitalism equates to greediness and evil it would not be used as such a dirty word either.
 
Sorry guys, this is no more than the man deserves.

I'm no globalist. You do in fact OWE the country you reside in for the advantages it provides you. Make several billion, and give your country of citizenship the finger and run to avoid taxes... hell yes you deserve to be at the least banished from setting foot on its soil again.

Except, from what I'm given to understand, the guy hasn't been living in the US for a bit of time. If I'm living in France, and don't plan to move back "home", I'm sure as hell not going to give up a big chunk of change for "benefits" I'd never see.

The real issue is why a loophole exists to allow skating on paying taxes on 4+ billion at all? It's another one of those situations where these "loopholes" only exist when you are talking about monstrous amounts of money in high finance situations.

So what you're saying is "this guy is planning on making a fuck ton of money, so let's tax him now?"

Let's put that on the Joe Six Pack level.

"Joe, you're going to make 500k in your lifetime. Give us all your tax money now, and then go make the 500k you're going to make over the next 50 years. kthxbai" lolwut?

We probably need to bar him from LEAVING until taxes are paid. That's harsh, but that's reality.

That's REAL LIFE.

Don't take this the wrong way, but no matter how you cut it, that's a fantasy world. In real life, he's going to bring his happy ass overseas and live like a king.

And what are they going to do if he doesn't pay? "Ooh Eddy, we're so intent on getting your money, we will arrest you...for working inside the same laws corporations do." Any lawyer worth his salt would get whatever they charge him with thrown out so fast it would make your head spin. Remember, corporations are still "people".
 
QUIT WITH ALL THE LIBERAL-DEMOCRAT-REPUBLICAN CRAP! (Unless you want me to be "liberal" with the bans) :mad:
 
>>Republicans
>> Horde as much money as possible

So what? Its my money and I earned it. Its none of your business if I horde it or not.

>> Pay no taxes on it but want a fully functional Government

Who's saying zero taxes? No problem paying taxes. Problem paying half my money in taxes while half the country pays none.

>> brb , country falling apart at the seems while the 1 percent continue to dominate us all and the middle class disappears.

Well you liberal boys have been in charge since 2006 and we're spending record amounts in the tens of trillions. Hows taking more of other peoples money sonar can spend a few billion more gonna help?
 
QUIT WITH ALL THE LIBERAL-DEMOCRAT-REPUBLICAN CRAP! (Unless you want me to be "liberal" with the bans) :mad:

Not sure why, but that gave me a bad case of the giggles.

I just picture Steve banging his head on his desk and think "Oh shit, not again!"
 
Typical bad law from the smoke-and-mirrors group we know as congress. They're using a headline to make more bad laws.
 
Sorry guys, this is no more than the man deserves.

I'm no globalist. You do in fact OWE the country you reside in for the advantages it provides you. Make several billion, and give your country of citizenship the finger and run to avoid taxes... hell yes you deserve to be at the least banished from setting foot on its soil again.

The real issue is why a loophole exists to allow skating on paying taxes on 4+ billion at all? It's another one of those situations where these "loopholes" only exist when you are talking about monstrous amounts of money in high finance situations. There's no way to do something similar at the joe six pack level.

We probably need to bar him from LEAVING until taxes are paid. That's harsh, but that's reality.

That's REAL LIFE.
You mean like an exit tax? From the article it sounds like he already paid it :rolleyes:
 
AND didn't he pay his taxes while he lived here?? If he doesn't live here anymore, why does he need to pay?
 
They should ban him, why not. And while there at it they should start banning people that horde their money offshore to avoid paying taxes.
 
Got to love all these "patriots".

If you really love this country that much, why don't you all go after the fuquers that are killing our rights, liberties and overall, the country with their corruption?

Go after all the dirty politicians, instead of a guy that is not living here, has no plans in coming back and by the way, he renounced the citizenship last year, waaayy ahead of the IPO.
 
They should ban him, why not. And while there at it they should start banning people that horde their money offshore to avoid paying taxes.

Or change the tax code to where half the country pays no taxes so the top half don't have to pay the whole bill. Flat tax across the board and no deductions. That's the best idea IMO.
 
Liberals have this odd thought process that people that are poor are just people who want to work as hard as everyone else that does make money.

....maybe that whole process of "got off work, better pick up a 12 pack of beer and a carton of cigarettes" isn't tossing clues out to the retards. Maybe we need to scream it as loud as possible.

Luckily there are no republicans that drink or are on government programs.
 
But honestly, that dude is pretty cheap to try and dodge $67 M right after making $4 B. Think about it this way:

$67 M = $0.067 B

That amount is literally 0.017% of what he is going to make. In other words, if you made $5,882, you would have to pay $1 in taxes. I mean really, this dude is stingy man.
 
Bullshit. If you're getting 4 billion and you renounce your citizenship to keep a paltry 67 million of that, you're simply a dirtbag.

^^^^ This ^^^^

I scratch and crawl to make a living, and this assbag pulls something like this.

I hope it not only passes, but they make it retroactive to a certain date so this scumbag has to pay anyway.

There. You lost your citizenship AND your money. Serves you right.
 
I'm sorry, but he came to the USA to prosper, and he did. Now he can pay the frickin'
Toll involved.

Except, from what I'm given to understand, the guy hasn't been living in the US for a bit of time. If I'm living in France, and don't plan to move back "home", I'm sure as hell not going to give up a big chunk of change for "benefits" I'd never see.



So what you're saying is "this guy is planning on making a fuck ton of money, so let's tax him now?"

Let's put that on the Joe Six Pack level.

"Joe, you're going to make 500k in your lifetime. Give us all your tax money now, and then go make the 500k you're going to make over the next 50 years. kthxbai" lolwut?



Don't take this the wrong way, but no matter how you cut it, that's a fantasy world. In real life, he's going to bring his happy ass overseas and live like a king.

And what are they going to do if he doesn't pay? "Ooh Eddy, we're so intent on getting your money, we will arrest you...for working inside the same laws corporations do." Any lawyer worth his salt would get whatever they charge him with thrown out so fast it would make your head spin. Remember, corporations are still "people".
 
^^^^ This ^^^^

I scratch and crawl to make a living, and this assbag pulls something like this.

I hope it not only passes, but they make it retroactive to a certain date so this scumbag has to pay anyway.

There. You lost your citizenship AND your money. Serves you right.

Like I've stated. He pays $365 million in exit taxes. He paid taxes all the way up until September 2011, when he renounced his citizenship.

We can't just enact laws because we are angry that someone wanted to live in Songapore instead (which he already did, but was paying US taxes anyway). Justice is blind, not angry mob fueled.
 
But honestly, that dude is pretty cheap to try and dodge $67 M right after making $4 B. Think about it this way:

$67 M = $0.067 B

That amount is literally 0.017% of what he is going to make. In other words, if you made $5,882, you would have to pay $1 in taxes. I mean really, this dude is stingy man.

Meh, maybe I'm just too poor, but if I find change on the ground, I pick it up. Over time the "little things" add up. Every year due to change found + random grocery store runs, I come up with about an "extra" $100+.

I'd rather have the $67m in my pocket as opposed to a government that doesn't do anything for me.
 
And by "Bunch of useless fucks" I mean the Government , not people in this thread. To clear up any possible confusion.

Also as its been pointed out Corporations renounce there citizenship's all the time to dodge paying taxes , some how that's ok but what Ed is doing is not?

Typical.

If Ed took the time to hire lobbyists and bribe people, he likely wouldn't have had to renounce his citizenship and could have just gone the way of the corporations.
 
I don't see the problem with him giving up with US citizenship if he's not living there and doesn't plan to go back in the foreseeable future and is going to get taxed to hell by them. It might seem a little sucky to the poor bastards still paying taxes, but it's up to him, for a country that harps on about freedom you sure are annoyed by a man who wants out :p

I also have no problem with the US government telling him to fuck off. If he doesn't want to be in the US he doesn't want to be in the US, there's a whole big world out there to live in and despite what Americans might think, a lot of it is actually a nice place to live, especially if you have a few billion in the bank ;)
 
I'm sorry, but he came to the USA to prosper, and he did. Now he can pay the frickin'
Toll involved.

If he wasn't paying taxes while he was here, that's one thing. AFAIK, he paid his taxes up until the time he left.

By all means, I'm sure the treasury would love for you to give them the 67m. Don't want to do it, huh?

Then why should he?
 
WTF does that mean.

it means this -

^^^^ This ^^^^

I scratch and crawl to make a living, and this assbag pulls something like this.

I hope it not only passes, but they make it retroactive to a certain date so this scumbag has to pay anyway.

There. You lost your citizenship AND your money. Serves you right.

That would be the definition of reactionary.
 
He can never naturalize again under current law. The US never took kindly to renunciation of citizenship.

I was going to say this. I thought once you denounce your citizenship you can't get it back anyways?

Perhaps the extra measure not only continue to enforce current expat laws, but also keeps him from re-entering the country for any reasons at all - residing, business or pleasure.
 
Like I've stated. He pays $365 million in exit taxes. He paid taxes all the way up until September 2011, when he renounced his citizenship.

We can't just enact laws because we are angry that someone wanted to live in Songapore instead (which he already did, but was paying US taxes anyway). Justice is blind, not angry mob fueled.

If he already renounced, and AT THIS TIME is no longer a US Citizen, then this is all a moot point. I suspect there has to be some sort of tax levy though. At least you would think.

However, if his US Citizenship is STILL IN EFFECT when the IPO happens, and he makes money, then he pays the taxes as far as I'm concerned.
 
Listen, I am NOT against taxing at all...its just that if you are going to tax ME, the individual, I want MY money to go towards things that I want it to fund.

AHhahahaahahhaahahahahaha.a.. wait you're serious? Ok think for a minute, when has that EVER been the case, hint... it's never been that way, even pre-welfare days.

You seriously only want your taxes to go toward what only you want? Guess there goes all the schools out there, there goes all the roadways, there goes all the environmental protections, national parks, etc... I don't have kids, why should I pay for schools, I work from home, why do I care about freeways, I don't live near a lot of people why should I pay for the pollution of those big cities, I don't live anywhere near Yellowstone why should I fund that park?

In a nut shell, that is what would happen.

You don't want your tax dollars going towards things you want, then vote and/or lobby (even though I think lobbying needs to be regulated severely, thanks a lot SCOTUS). Still can't get your way? TOUGH SHIT! You live in a society, that's how societies work, you don't always get your fucking way.
 
If he already renounced, and AT THIS TIME is no longer a US Citizen, then this is all a moot point. I suspect there has to be some sort of tax levy though. At least you would think.

However, if his US Citizenship is STILL IN EFFECT when the IPO happens, and he makes money, then he pays the taxes as far as I'm concerned.

He renounced last September.
 
If he wasn't paying taxes while he was here, that's one thing. AFAIK, he paid his taxes up until the time he left.
AFAIK he has never paid taxes on his shares of Facebook, they never had any value, and like any stock, they only have monetary value once you sell them (and then they're taxed). He got charged an exit tax based upon the estimated worth, and to be perfectly frank there's no problem with that. The value of which was argued based upon his paperwork I believe, so yeah the shares might have been worth less then as a result he saved nearly $70M.

My biggest piss about all this is that he was charged at capital gains rates, and not the income rate which are basically the same rates that someone making $30k a year pays for taxes. If he got a check for $4B (or whatever they argued his shares are worth) from Facebook today, it'd be charged at 35%, what he paid was maybe a third of that. If I win the lottery, I get charged 35% rate, if I enter the World Series of Poker and win, I get charged the 35% rate, if I inherit a fortune from my long lost Aunt Jemima and her syrup empire, get charged the 35% rate, I get paid $2M a year as CEO of the company, I get charged the 35% rate, I buy $2M worth of stocks and sit on them for some years then sell them as I need money, or even cash out big... I get charged only 15% on the difference in price, even if those stocks ended up being worth $20 billion.
 
US citizenship is indentured servitude. They are just proving it more and more.
 
We can't keep 25 million illegals out, what makes people think they can keep this guy out?
 
I was going to say this. I thought once you denounce your citizenship you can't get it back anyways?

Perhaps the extra measure not only continue to enforce current expat laws, but also keeps him from re-entering the country for any reasons at all - residing, business or pleasure.

Even worse. Then he would have no desire to invest in US business.
 
AFAIK he has never paid taxes on his shares of Facebook, they never had any value, and like any stock, they only have monetary value once you sell them (and then they're taxed). He got charged an exit tax based upon the estimated worth, and to be perfectly frank there's no problem with that. The value of which was argued based upon his paperwork I believe, so yeah the shares might have been worth less then as a result he saved nearly $70M.

My biggest piss about all this is that he was charged at capital gains rates, and not the income rate which are basically the same rates that someone making $30k a year pays for taxes. If he got a check for $4B (or whatever they argued his shares are worth) from Facebook today, it'd be charged at 35%, what he paid was maybe a third of that. If I win the lottery, I get charged 35% rate, if I enter the World Series of Poker and win, I get charged the 35% rate, if I inherit a fortune from my long lost Aunt Jemima and her syrup empire, get charged the 35% rate, I get paid $2M a year as CEO of the company, I get charged the 35% rate, I buy $2M worth of stocks and sit on them for some years then sell them as I need money, or even cash out big... I get charged only 15% on the difference in price, even if those stocks ended up being worth $20 billion.

I agree, the capital gains rate is too low, but that's a completely different issue. If he pays anything, it's going to be based on a 15% tax rate.

We can't keep 25 million illegals out, what makes people think they can keep this guy out?

It's not that we can't, we choose not to. Illegal immigrants provide cheap and abundant labor for American corporations. The agricultural industry, the construction industry, and other unskilled labor industries don't want the border to be closed. If they can pay $6 an hour under the table, for them, that's better than $8.25/hour which they have to declare and pay taxes for. Either of our political parties can try to pander to whites by saying that illegal immigration takes our jobs, but in the end, when they do get rid of the illegals, no one wants to do the jobs they were doing. This has occurred more than once, so I'm not just spouting an opinion here.
 
Not sure why, but that gave me a bad case of the giggles.

I just picture Steve banging his head on his desk and think "Oh shit, not again!"
He knew what he was doing when he hit submit for this post. He knows his users, and he has seen the tomfoolery that happens on his command with nothing more than a splash of sensationalism in the headlines.

Quoting myself because the facts seem to get ignored. This guy really isn't "skipping out" on taxes.
Your quote has been ignored about 20 times already in this thread. This further proves my theory that most [H] FP post commentators don't read shit but the headline. *shrug*

It surprises me how many people have chips on their shoulders regarding people who are more successful than them. 67mil is a lot of fucking money and I would save it anyway I could as well.
 
AND didn't he pay his taxes while he lived here?? If he doesn't live here anymore, why does he need to pay?

You pay taxes on money or assets that were made in the US while you were a US citizen. He used the legal system in the US to get those shares, and the legal system in the US isn't cheap.

You make money on the US stock exchange, but don't want to pay taxes on it? What makes him more entitled to keep that money than the people who live here? He's still using that part of the system.

I also talked to my wife on this, who's an attorney that has researched tax laws, and she informed me that even after he renounces his US citizenship, he'll likely have to pay a majority of the money he owes anyways. I think that's why the senators are talking about 67 million instead of 600 million.

BTW, for people saying that "He could just get US citizenship anytime he wants" afterwards (Or was that another forum post? Eh, whatever), no he can't. Getting US citizenship is HARD, even for someone who hasn't renounced it in the past. I only got mine in 2006 because my mother was born in the US and lived here for 26 years before moving to be with my father. That's the only reason I was eligible. It still took 6 months for it to process, and that's a huge shortcut for those that don't have that qualification. Funnily enough, after it was approved it only took 2 weeks to get my US passport.
 
If I was in his position I would have done the same thing. He knows who worked hard for his money, he did. Not the government. I'd tell them to go fuck themselves too.
 
You pay taxes on money or assets that were made in the US while you were a US citizen. He used the legal system in the US to get those shares, and the legal system in the US isn't cheap.

You make money on the US stock exchange, but don't want to pay taxes on it? What makes him more entitled to keep that money than the people who live here? He's still using that part of the system.

I also talked to my wife on this, who's an attorney that has researched tax laws, and she informed me that even after he renounces his US citizenship, he'll likely have to pay a majority of the money he owes anyways. I think that's why the senators are talking about 67 million instead of 600 million.

BTW, for people saying that "He could just get US citizenship anytime he wants" afterwards (Or was that another forum post? Eh, whatever), no he can't. Getting US citizenship is HARD, even for someone who hasn't renounced it in the past. I only got mine in 2006 because my mother was born in the US and lived here for 26 years before moving to be with my father. That's the only reason I was eligible. It still took 6 months for it to process, and that's a huge shortcut for those that don't have that qualification. Funnily enough, after it was approved it only took 2 weeks to get my US passport.

He is paying tax on the Facebook shares. IE the exit tax.
 
Your quote has been ignored about 20 times already in this thread. This further proves my theory that most [H] FP post commentators don't read shit but the headline. *shrug*

It surprises me how many people have chips on their shoulders regarding people who are more successful than them. 67mil is a lot of fucking money and I would save it anyway I could as well.

Couldn't have said it any better myself. As said before... a lot of knee jerk reactionary bullshit going on in this thread. It pains me... because it's this kind of sensational reactionary bullshit that riles up the protests and short sighted politicians looking for more votes from the greater whole.

Think about that... they thought this would be a great idea to push along because they felt the majority of Americans would ignorantly follow because they were too lazy to educate themselves on the matter. The posts in this thread only help to reaffirm this thought... :(
 
AHhahahaahahhaahahahahaha.a.. wait you're serious? Ok think for a minute, when has that EVER been the case, hint... it's never been that way, even pre-welfare days.

You seriously only want your taxes to go toward what only you want? Guess there goes all the schools out there, there goes all the roadways, there goes all the environmental protections, national parks, etc... I don't have kids, why should I pay for schools, I work from home, why do I care about freeways, I don't live near a lot of people why should I pay for the pollution of those big cities, I don't live anywhere near Yellowstone why should I fund that park?

In a nut shell, that is what would happen.

You don't want your tax dollars going towards things you want, then vote and/or lobby (even though I think lobbying needs to be regulated severely, thanks a lot SCOTUS). Still can't get your way? TOUGH SHIT! You live in a society, that's how societies work, you don't always get your fucking way.

Let me break this down for you.

I want my taxes to go towards things that MATTER. Schools, roads, environment, parks, etc are alllllll things that MATTER. They are things that we, as a human race, need to SURVIVE in our CURRENT state as to continue our evolution both physically and socially.

In a nut shell, I don't want MY money going towards things that have ZERO moral grounds like armies that are created to CONTROL NOT PROTECT, blowing up millions of innocent civilians, and bailing out establishments that got fucked up due to THEIR incompetence and greediness.

I'm sick of MY money being diverted and going to the above fuck ups (that the American population has NO FUCKING SAY IN) then going towards our sub-decent to outright AWFUL public schools, our shitty ass highways byways freeways, our downright pathetic attempt to help our environment, the nearly non-existent health care system that we have - which does exist in a very limited and unfair way - explain how a illegal immigrant with her 4 kids can get free health care but a hard working tax paying American 90% of the time can't.

AND FINALLY I'm sick and tired of people like YOU that think everyone is as greedy and single minded as yourself. Every single person I know that either DOESN'T have kids or doesn't even WANT kids would be MORE than happy to send half their taxes towards public education. WHY YOU ASK?! BECAUSE CHILDREN ARE THE FUCKING FUTURE! Any moron can see that having dumb ass kids grow into dumb ass adults is OBVIOUSLY going to screw shit up not know their ABC's from their 123's! I would support schools because its the right thing to do. Period.

YOUR LAST POINT IS LAUGHABLE! BECAUSE WE ALLLLLL KNOW THAT "VOTING" CHANGES EVERYTHING! 90% of the population could vote on something and NONE OF THAT MATTERS BECAUSE WE AS THE AMERICAN PEOPLE DON'T HAVE A SAY IN SHIT BECAUSE WE AREN'T IN CONTROL OF SHIT! If IF you think we do have a say then why are we still in the Middle East? You think a majority of people here still want our soldiers over there??? EVERY SOLDIER I KNOW HATES THE MILITARY AND WHAT THEY WERE FORCED TO DO OVER THERE!

So, to wrap this all up I'll go back to my first post and say...

Fuck the government, screw those that support this shit and OPEN YOUR EYES TO WHAT IS REALLY GOING ON!

Thank you for your time and thank you to all those that think clearly, logically, and morally correct as I do.
 
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