Eduardo Saverin, the co-founder of Facebook infamously played by Andrew Garfield in The Social Network, recently announced that he would be forfeiting his U.S. citizenship so that he could avoid paying taxes on Facebook’s upcoming initial public offering (IPO).
Reaction among the intertubes was mixed, however most, including many in the tech industry, rejected the idea and painted Saverin as some kind of sell-out.
Forbes magazine, on the other hand, praised Saverin as “an American Hero” for “de-friending the United States.”
Within the pages of Forbes, Saverin is seen as an American hero for leaving America behind because his example could teach politicians a lesson on over-taxation.
Saverin’s departure is also a reminder to politicians that while they can obnoxiously decree what percentage of our income we’ll hand them in taxes, what they vote for won’t necessarily reflect reality. Indeed, as evidenced by Saverin’s renunciation, tax rates and collection of monies on those rates are two different things. Assuming nosebleed rates of taxation were a driver of Saverin’s decision, politicians will hopefully see that if too greedy about collecting the money of others, they’ll eventually collect nothing.
Let that sink in.
Tax rates, described by Forbes as “nosebleed rates,” are lower now than they have been in over 50 years, and even the wealthiest Americans, who are among the richest men in the world (a club that does not include Saverin), have not renounced their citizenship.
Those who have proudly called for higher taxes on themselves are those who should be praised as American heroes, not tax-avoiding cheats who are no longer citizens of the United States.
To categorize someone who renounced his citizenship to avoid taxes as “an American hero” is an indescribable heresy. And GI Joe wept.