They do what you expect them to do and lets be factually correct here, the millionaires do it as well, they hide it. The Democrats continue to push Americans to let them raise taxes on this group who are already paying MORE than their fair share for the welfare state. The Democrats will pass “budgets” which include these imaginary dollars from millionaires and billionaires or as Occupied Wall Street, a subsidiary of Barack Obama Inc. call them, the 1%. The 1%, in turn, pay high priced lawyers to hide it. They also do what this enterprising young man did Facebook Co-Founder Says Screw You Barack Hussein Obama.
He lived the American Dream–and then he packed up and left.
Facebook co-founder Eduardo Saverin, who made billions off the world’s most popular social network, stands to rake in about $3.84 billion from his 4 percent share of Facebook, Bloomberg reported.
American citizens pay several taxes, including taxes on salary and investments. Saverin would be hit with about $600 million in capital gains taxes whenever he sold the Facebook shares (or “realized the income,” in financial speak).
But Saverin may not have to pay–he’s chosen to renounce his U.S. citizenship for residence in Singapore, Bloomberg reported, where there is no capital gains tax.
Tom Goodman, a spokesman for Saverin, told Bloomberg the move was “practical.”
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.
‘Eduardo recently found it more practical to become a resident of Singapore.’
– Tom Goodman, a spokesman for Saverin
He filed to renounce his citizenship “around September” of last year,Goodman told Bloomberg.
Once these millionaires and billionaires exit stage left or hide their wealth in foundations like the Kennedys and the Fords do, that just leaves little old you and me (the middle class), or as #OWS, a subsidiary of Barack Hussein Obama Inc., would call the 99%.