Quotes of the day

posted at 10:10 pm on May 17, 2012 by Allahpundit

Facebook co-founder Eduardo Saverin may not be allowed to return to the United States after he renounced his citizenship to save millions in tax

The timing of the move has raised eyebrows since Singapore does not have a capital gains tax, which could vastly reduce his bill on any [IPO] payout…

Despite leaving the U.S. behind, he will not avoid all taxes in the country.

He owes what is effectively an exit tax on capital gains from stock holdings, even if he doesn’t sell the shares, Reuven S. Avi-Yonah, from the University of Michigan’s law school, told Bloomberg.

***

This will be a brief note, because the likes of Eduardo Saverin merit only the tiniest slice of our attention. I will merely note that for some people, their citizenship is worth everything they have to give. For others, such as Saverin, it’s apparently worth a few million dollars. He fled to this country to save his life; now he’s fleeing from it to save his bank account?

The Schumer bill strikes me as a gimmicky waste of time, one that ironically enough treats citizenship in Saverin-style economic terms when it means much more. Mr. Saverin, you are certainly free to leave. I would merely ask that you never come back. Your very presence dishonors the memory of the men who died to create the refuge you so desperately needed when your family fled here almost two decades ago.

***

Whatever Mr. Saverin’s motivation, the more important point is that it is his decision, however misguided. America was built on millions of similar individual decisions to come to our shores. It is precisely that ability to decide for oneself that has made America such a magnet for two centuries.

The way to continue to be a magnet for the best and brightest is not to impose Soviet-style exit taxes to punish people who want to leave the country. That is what oppressive and demagogic regimes do, and it’s humiliating to see U.S. Senators posture in such fashion. The way to punish Mr. Saverin is to make the U.S. so appealing and dynamic again that he’ll be sorry he ever left.

***

It is the foolish and counter-productive tax policies of the left that are chasing Eduardo Saverin to another country, just as they are chasing companies away in increasing numbers. It is even more foolish to punish those people for leaving — what we should do is stop punishing them with high taxes so that they stay. We need to compete against the likes of Singapore. Singapore doesn’t make enemies of its most dynamic entrepreneurs and instead adopts pro-growth policies rationally aimed at improving everyone’s living standards. Naturally, when other countries adopt rational tax regimes, those countries with irrational ones (likes us) are put at a terrible disadvantage, but it’s our own fault. In particular it’s the fault of those who now propose the “Eduardo Law.”

As for Saverin being “ungrateful” in renouncing his citizenship, he might say the same of the U.S. government. After all, isn’t the U.S. being ungrateful to him by punishing his entrepreneurship?

The “Eduardo Law” is a terrible idea, and conservatives should fight it and everything like it tooth-and-nail. This is no time for cheap indignation targeted at individuals that are only doing what U.S. law impels them to do.

***

If high taxation chases successful people out of the country, that’s the country’s fault. Daniel Mitchell at the Cato Institute likens this to a “fiscal version of blaming the victim.” Obviously, attaching the word “victim” to a billionaire in an age of class warfare is not going to do much to bolster Saverin’s case. But human beings will act in their self interest. WE can’t stop it. Surely, with every person, there are a host of reasons for making these kinds of decisions – who knows, maybe Saverin hates eating American cuisine or the weather – but once the tax code pushes people away rather than entice them to come, something is wrong…

But even more irksome is the implicit message by some of those complaining about Saverin’s departure. Paying taxes is no measure of how grateful you are. Government should have no claim to a person’s wealth. We’re not letting him “keep” anything that isn’t his to begin with even if we don’t like what’s done.

There is a myth –often perpetuated by Democrats , and most (in)famously by Elizabeth Warren – that private sector success is predicated on a robust government. The reverse is true.

***

“I’m not a tax expert,” [Saverin] said. “We complied with all the known laws. There was an exit tax.” That tax is based on the assets held by a citizen leaving America. The exit tax was intended to make sure the departing wealthy paid something before they decamped.

He professes ignorance about his taxes and refuses to discuss his finances. “This had nothing to do with taxes,” he insisted. “I was born in Brazil, I was an American citizen for about 10 years. I thought of myself as a global citizen.”

***

At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

***


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Bishop?

RINO in Name Only on May 17, 2012 at 10:13 PM

Bishop?

RINO in Name Only on May 17, 2012 at 10:13 PM

Bishop!

I’m the king of the world!!!

RINO in Name Only on May 17, 2012 at 10:14 PM

Wait, this is the right thread, right?

RINO in Name Only on May 17, 2012 at 10:14 PM

Oh crap no one’s here.

RINO in Name Only on May 17, 2012 at 10:14 PM

Ok ok, you’re famous for a minute. Now get the hell out.

Bishop on May 17, 2012 at 10:15 PM

If you really want Saverin dead, just stand him between Chuck Schumer and a TV camera.

OhioCoastie on May 17, 2012 at 10:15 PM

“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

Resist We Much on May 17, 2012 at 10:16 PM

Is this the right address?

RINO in Name Only on May 17, 2012 at 10:16 PM

Ok ok, you’re famous for a minute. Now get the hell out.

Bishop on May 17, 2012 at 10:15 PM

I still have 14 to go, thank you very much.

RINO in Name Only on May 17, 2012 at 10:16 PM

Schumer is a shameless buffoon…

d1carter on May 17, 2012 at 10:18 PM

27 comments or bust!

Bishop on May 17, 2012 at 10:20 PM

Does Schumer’s bill cover all of the illegal aliens going back home because Obowma and the Democrat’s policies have destroyed this economy…?

… Silly me, they were never Citizens, just voters.

Oh, wait…!

Seven Percent Solution on May 17, 2012 at 10:20 PM

Maybe, just maybe, America isn’t all that it’s cracked up to be anymore. Look at where we rank in education and test results, life expectancy, life satisfaction, etc. Yes, even business friendliness and taxation. A lot of water and change has gone under the bridge since the 1950′s, yet that ideal lives on. The reality is very different, yet acknowledged by few. Everyone wants the dream to be true.

Scotsman on May 17, 2012 at 10:22 PM

Meh. You know who I feel really bad for? The Winklevoss twins. They got robbed blind by this lot.

Punchenko on May 17, 2012 at 10:24 PM

Move to Greece…

Occupy Greece will lov ya…

Electrongod on May 17, 2012 at 10:25 PM

This will be a brief note, because the likes of Eduardo Saverin merit only the tiniest slice of our attention. I will merely note that for some people, their citizenship is worth everything they have to give.
==============

Citizenship vrs. Taxes…hmmmmm!

canopfor on May 17, 2012 at 10:26 PM

27 comments or bust!

Bishop on May 17, 2012 at 10:20 PM

28…

Sorry..

Oops

29

Electrongod on May 17, 2012 at 10:26 PM

Scotsman on May 17, 2012 at 10:22 PM

People are starting to wake up.

Punchenko on May 17, 2012 at 10:26 PM

He fled to this country to save his life; now he’s fleeing from it to save his bank account?

Millions of mexicans do that too.
No one has a problem with them doing it.
Why does this one person bother you oh Congress critters ?
BTW Congress, have you passed a budget yet ?

burrata on May 17, 2012 at 10:27 PM

The Winklevoss twins. They got robbed blind by this lot.

Punchenko on May 17, 2012 at 10:24 PM

They settled for $60+ million. Not exactly blind, methinks.

John the Libertarian on May 17, 2012 at 10:29 PM

…Chuck Schumer… he’s a millionaire because he made his money how?

KOOLAID2 on May 17, 2012 at 10:29 PM

How about a bill aimed at Senators and House Members that have given us this +$16 Trillion dollar debt and refuse to stop the spending and cut the budget…?

Seven Percent Solution on May 17, 2012 at 10:29 PM

Quotes of the day
POSTED AT 10:10 PM ON MAY 17, 2012 BY ALLAHPUNDIT

Weak Tea tonight AP. Any chance we see you post Sketch’s flippy on the Rev Wright is off the table comment?

Uppereastside on May 17, 2012 at 10:31 PM

24!

Bishop on May 17, 2012 at 10:31 PM

Le Oops!!

Special Report:
***************

Tax time pushes some Americans to take a hike
Mon Apr 16, 2012 12:34pm EDT
****************************

Reuters) – A year ago, in Action Comics, Superman declared plans to renounce his U.S. citizenship.

["'Truth, justice, and the American way' - it's not enough anymore," the comic book superhero said,]

after both the Iranian and American governments criticized him for joining a peaceful anti-government protest in Tehran.

Last year, almost 1,800 people followed Superman’s lead, renouncing their U.S. citizenship or handing in their Green Cards. That’s a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It’s also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined.

But not everyone’s motivations are as lofty as Superman’s. Many say they parted ways with America for tax reasons.

The United States is one of the only countries to tax its citizens on income earned while they’re living abroad. And just as Americans stateside must file tax returns each April – this year, the deadline is Tuesday – an estimated 6.3 million U.S. citizens living abroad brace for what they describe as an even tougher process of reporting their income and foreign accounts to the IRS. For them, the deadline is June.
(More….)
===========

http://www.reuters.com/article/2012/04/16/us-usa-citizen-renounce-idUSBRE83F0UF20120416

canopfor on May 17, 2012 at 10:34 PM

…Eduardo Saverin…

He professes ignorance about his taxes and refuses to discuss his finances

…call John Kerry…call John Kerry!

KOOLAID2 on May 17, 2012 at 10:35 PM

24!

Bishop on May 17, 2012 at 10:31 PM

26!

I feel guilty not participating to the thread :)

Electrongod on May 17, 2012 at 10:36 PM

Any chance we see you post Sketch’s flippy on the Rev Wright is off the table comment?

Uppereastside on May 17, 2012 at 10:31 PM

Was that before or after David I-got-Ryan’s-divorce-papers-illegally-unsealed Axelrod slime-meister accused Romney’s supporters as being slime?

John the Libertarian on May 17, 2012 at 10:36 PM

Only unpatriotic pansies flee tyrannical fascism

-sewerpedalian

tom daschle concerned on May 17, 2012 at 10:37 PM

The senators will call Saverin’s move an “outrage”

Has there ever been a time in US history when some jackass in the senate wasn’t outraged over something?

RINO in Name Only on May 17, 2012 at 10:37 PM

24!

Bishop on May 17, 2012 at 10:31 PM

Bishop:Sounds like a new plot,on the old 24 TV show,where,
in Hopeys Kingdom,under Big Sis,US Tax Flee’rs are
rounded up,world-wide,and renditioned back to the
other John edward’s America,for their comeuppance!
(sarc):)

canopfor on May 17, 2012 at 10:38 PM

Weak Tea tonight AP. Any chance we see you post Sketch’s flippy on the Rev Wright is off the table comment?

Uppereastside on May 17, 2012 at 10:31 PM

I see that perusing the front page is somehow difficult for you.

It’s right here

JPeterman on May 17, 2012 at 10:38 PM

will merely note that for some people, their citizenship is worth everything they have to give.

Nice words, but is that really true? Doesn’t your country owe you something in return? Were Germans, who opposed the Nazis, wrong for immigrating to the US and becoming citizens? Were Russians, who left the Soviet Union? If the Federal government decided to impose a 90% income tax on everyone, would you still believe that your citizenship is worth 9 out of every $10 you earn? Really? What else would you give at that point? Your wife, if El Presidente demanded her? Your firstborn son?

No, Saverin and people like him are renouncing their citizenship because being an American doesn’t have the same value as it did has little as a decade ago when I became one. The country has the most progressive income tax system in the world; yet, the 50% of the populace, who doesn’t pay a dime in Federal income taxes, believes it is entitled by right to the property of others. The dollar is on its way to being a Reichmark. The national debt will enslave generations. Neither party is capable of or willing to address the real issues.

In addition to the most progressive income tax system, we also have the highest corporate tax rate and are increasing dividend and capital gain tax rates while expanding economies are cutting them. Further, the bureaucratic tangle of red tape answers the question “Where are the jobs?” They are overseas because the US government has created a hostile environment to job creation. It isn’t at the stage of Greece — where a stool sample is required of some people before they can obtain an operating licence to begin an internet business — but it is rapidly following in the country’s footsteps.

The question shouldn’t be whether Saverin is a bad guy for renouncing. The question should be why the US has decided that it doesn’t want people like Saverin. Obviously, it can’t. If it did, it would make itself competitive.

Resist We Much on May 17, 2012 at 10:38 PM

Maybe, just maybe, America isn’t all that it’s cracked up to be anymore. Look at where we rank in education and test results, life expectancy, life satisfaction, etc. Yes, even business friendliness and taxation. A lot of water and change has gone under the bridge since the 1950′s, yet that ideal lives on. The reality is very different, yet acknowledged by few. Everyone wants the dream to be true.

Scotsman on May 17, 2012 at 10:22 PM

The democrats won’t stop until all of America looks like detroit. It is the logical outworking of their stupid ideology.

And the sycophants say YAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

tom daschle concerned on May 17, 2012 at 10:39 PM

Any chance we see you post Sketch’s flippy on the Rev Wright is off the table comment?

Uppereastside on May 17, 2012 at 10:31 PM

Any chance we will see you acknowledge that Obama is a prostitute?

Buwhahahhahahah.

Electrongod on May 17, 2012 at 10:40 PM

Weak Tea tonight AP.

Yeah, I agree, this seems kind of boring. In fact, I’m not sure that anything could be more dull than this topic.

Any chance we see you post Sketch’s flippy on the Rev Wright is off the table comment?

Uppereastside on May 17, 2012 at 10:31 PM

Oh, ok, you’re right, I stand corrected.

Seriously. Altering your campaign strategy is a flip-flip now?

RINO in Name Only on May 17, 2012 at 10:41 PM

In the battleground states, y’all better Start Wearing Purple!

tom daschle concerned on May 17, 2012 at 10:42 PM

At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

Kind of like mooring your yacht in an adjacent state to avoid the tax on it??

Paging Mr. Kerry, Mr. John “Heinz” Kerry…

Tim Zank on May 17, 2012 at 10:42 PM

The way to continue to be a magnet for the best and brightest is not to impose Soviet-style exit taxes to punish people who want to leave the country. That is what oppressive and demagogic regimes do, and it’s humiliating to see U.S. Senators posture in such fashion.

The way to punish Mr. Saverin is to make the U.S. so appealing and dynamic again that he’ll be sorry he ever left.

Best take of the day.
Rack ‘im

Sacramento on May 17, 2012 at 10:44 PM

Maybe’s the Occupiers should git off there derriers,er,
Gluteus Maximus/Minimus,and raise holy h*ll over this,

after all these 1%’s are taking everything with them,and hence,
zero anything to occupy,and nutt’n to grab!!

Oh da Outragey!!
(sarc)

canopfor on May 17, 2012 at 10:44 PM

They settled for $60+ million. Not exactly blind, methinks.

John the Libertarian on May 17, 2012 at 10:29 PM

OK, they were wearing sunglasses in a poorly lit room. With that said, Zuckerberg is about to become the second richest man in the US, has international celebrity, and is heralded as a genius. Yes, I still feel bad for the Winklevoss twins and hope they’ve become savvier business men.

Punchenko on May 17, 2012 at 10:45 PM

He can always go to Israel, right?

aryeung on May 17, 2012 at 10:45 PM

canopfor on May 17, 2012 at 10:44 PM

Dude….

How is my neighbor to the North?

Are you rested up?

Electrongod on May 17, 2012 at 10:47 PM

Kind of like mooring your yacht in an adjacent state to avoid the tax on it??

Paging Mr. Kerry, Mr. John “Heinz” Kerry…

Tim Zank on May 17, 2012 at 10:42 PM

Tim Zank:Good point,and adding insult to injury,Kerry also denied
Americans in jobs,over building of said yacht!!

canopfor on May 17, 2012 at 10:47 PM

Dems: Hmm, our draconian tax policies are causing people to flee.

What should we do? I know, let’s make them even more draconian!

SMRT POWER!

These scumbags are ruining the US! Repeal the 16th Amendment now!

WhatSlushfund on May 17, 2012 at 10:47 PM

Maybe, just maybe, America isn’t all that it’s cracked up to be anymore. Look at where we rank in education and test results, life expectancy, life satisfaction, etc. Yes, even business friendliness and taxation. A lot of water and change has gone under the bridge since the 1950′s, yet that ideal lives on. The reality is very different, yet acknowledged by few. Everyone wants the dream to be true.

Scotsman on May 17, 2012 at 10:22 PM

Do we let it fall or do we fight??!!!

thebrokenrattle on May 17, 2012 at 10:48 PM

Some run, some stand and fight. Story of mankind. Saverin is just one of mankind’s majority. He ran.

Hog Wild on May 17, 2012 at 10:48 PM

Any chance we see you post Sketch’s flippy on the Rev Wright is off the table comment?

Uppereastside on May 17, 2012 at 10:31 PM

Why? Everyone knows Revered Wright — and all of his disgraceful comments — are still very, very much on the table and will be broadcast into every home in the US. Oh, and Mitt Romney will be powerless to do anything about it since candidates cannot control the super PAC. :-)

Punchenko on May 17, 2012 at 10:48 PM

Its not about the taxes. You can no longer open an account with Singapore Banks due to US regulation changes that kicks in. US regulation is causing many problems for US citizens living overseas. The cost for the “local” banks to meet US regulation is too costly. Take a look at this article: http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

MikeRossTky on May 17, 2012 at 10:48 PM

Yeah, I agree, this seems kind of boring. In fact, I’m not sure that anything could be more dull than this topic.

Not to worry. These threads are usually hijacked so individuals can bring their personal life front and center.

aryeung on May 17, 2012 at 10:48 PM

canopfor on May 17, 2012 at 10:44 PM
Dude….

How is my neighbor to the North?

Are you rested up?

Electrongod on May 17, 2012 at 10:47 PM

Electrongod:Yes I am,good lord,those little rug-rats take up all
ones time,they can manouvre quickly to cause Kaos!:)

canopfor on May 17, 2012 at 10:49 PM

Yes, I still feel bad for the Winklevoss twins and hope they’ve become savvier business men.

Punchenko on May 17, 2012 at 10:45 PM

Have you seen The Social Network yet? It’s a good movie.

John the Libertarian on May 17, 2012 at 10:49 PM

Some run, some stand and fight. Story of mankind. Saverin is just one of mankind’s majority. He ran.
Hog Wild on May 17, 2012 at 10:48 PM

Like father, like son eh?

aryeung on May 17, 2012 at 10:50 PM

Schemer is that doofus Senator in THE AVENGERS, I’m convinced.

Pity those that stand in the way of Schumer and the Spenders in Congress…

….They are the only pure at heart people allowed to wisely “invest” Americas’ money.

PappyD61 on May 17, 2012 at 10:51 PM

Its a good thing that Maxine Waters can’t some how
“Nationalize” ones citizenship,like her threatenig the
Oil Companies!!

I’m sure she’s mulling over a plan!!

canopfor on May 17, 2012 at 10:51 PM

I’m with Schumer. He made his money the honest way and doesn’t hide from the taxman.

CorporatePiggy on May 17, 2012 at 10:52 PM

Schemer….. Schumer……

That Clymer from New York.

PappyD61 on May 17, 2012 at 10:52 PM

Electrongod:Yes I am,good lord,those little rug-rats take up all
ones time,they can manouvre quickly to cause Kaos!:)

canopfor on May 17, 2012 at 10:49 PM

I will be experiencing rugrats…well..
When my daughter gets married..
Never ..I hope.
I joke..

Electrongod on May 17, 2012 at 10:52 PM

As a commentor put it elsewhere, “The lament shouldn’t be for his leaving, it should be for our role in making him rich. IP laws aren’t inescapable rules of nature, like gravity. They’re wholly man-made (and enforced).”

If one prison guard beats you twenty times a day while the other guards beat you fifty times a day, then you’ll certainly prefer the first guard to the others – but should you be grateful to him? Or should you jump at the chance to switch to a guard who beats you only ten times a day? All the examples of things for which Saverin “owes” the u.s. are respects in which u.s. laws are less oppressive than the laws of many other countries. Being less oppressed is like being beaten less often.

Gratitude is an appropriate response to receiving a favour or a privilege. Freedom is a right, not a privilege; demanding that people be “grateful” for not having their freedom violated so much is morally obscene. In any case, the freedom that Saverin enjoyed in this country was the result not of the government (which would happily expand to totalitarian dimensions if it could) or of the ruling class (ditto), but of many generations of citizens working to restrain both. So asking Saverin to feel grateful to the government, and surrender his money to it, is like asking a patient to be grateful to a virus because, thanks to inoculations, he doesn’t suffer too badly from it.

Jingoistic, hyper-nationalist rants like Manjoo’s are incompatible with the principles of the Declaration of Independence. Governments owe allegiance to their citizens, not vice versa.

link

Dante on May 17, 2012 at 10:53 PM

27 comments or bust!

Bishop on May 17, 2012 at 10:20 PM

Bishop:Need to find a “Gay Angle” to increase the hits!(sarc):)

canopfor on May 17, 2012 at 10:53 PM

Bishop:Need to find a “Gay Angle” to increase the hits!(sarc):)

canopfor on May 17, 2012 at 10:53 PM

I think you are right…

Just that our newly Gay President is hogging the limelight…

Electrongod on May 17, 2012 at 10:55 PM

I would merely ask that you never come back. Your very presence dishonors the memory of the men who died to create the refuge you so desperately needed when your family fled here almost two decades ago.

They didn’t sacrifice their lives to turn America into the stinking cesspool of corrupt cronyism America has become, in fact the American Re\/olution was fought against less oppressive tyranny than prevails today. Most of our wars were against tyranny, so if somebody renounces their citizenship to escape oppressive taxation, I don’t think that’s an affront to people who fought and died to defend America from oppression.

On the other hand, if it were me I would stay and use my wealth and resources to further the cause of freedom and liberty and help patriotic Americans retake the country. That would be the best way to honor those who fought and died for freedom and liberty in the past, not fleeing.

FloatingRock on May 17, 2012 at 10:56 PM

Le Oops Part Deux!
=================

Tick – Tick – Tick
The Economy Bomb
Oct 20 2010
***********

Legislative attacks on America’s most successful, productive and prolific taxpayers represent a ticking time-bomb for our economy.

That’s a pretty bold statement. But I’ll back it up. However, before I go into the details of this virtual economic time bomb, I want to make sure that we’re all on the same page. So let’s establish a few basic facts, about taxes and taxpayers, as a foundation.

Fact: The top-earning 1% of US taxpayers pay more than one third (38.02%) of all federal individual income taxes collected. (Source: IRS)

Fact: The top-earning 1% of US taxpayers earn just over one fifth (20.0%) of all federally taxable individual income. (Source: IRS)

Fact: The top-earning 1% of US taxpayers pay more than half again (50.6%) more of the total individual income tax load than they did when President Reagan left office (1989 tax year – 25.24% of tax load). (Source: IRS)

Fact: The top-earning 1% of US taxpayers are facing frivolous lawsuits in phenomenal numbers, simply because our lax tort laws make them easy targets of opportunity.
Fact: The top-earning 1% of US taxpayers are in more danger of government seizure (forfeiture*) of their private property than ever before in our history, due in part, to the Patriot Act.

Fact: The top-earning 1% of US taxpayers are Leaving the USA at the highest rate in history. (Source: INS/Census Bureau & Zogby International estimates)

The percentages cited above are not some bureaucrat’s pie-in-the-sky projections, but rather, they are the totals of actual IRS receipts, that are released every year by the IRS, roughly 18 months after the close of each tax year. A link to the file on the IRS web site, containing the raw IRS data for this year (in Excel format) and an explanation of it can be found in the the companion article to this article, “1986-2008 IRS Collections Data by Income Category”.

Let’s start by looking closer at some of that IRS data and see how those numbers work out.

(More….)

http://actionamerica.org/taxecon/ticktick.shtml
================================================

canopfor on May 17, 2012 at 11:00 PM

Well…
Bishop was off a bit…

64 comments or bust..

Maybe some chit chat is in order…

Along with some music…

Electrongod on May 17, 2012 at 11:00 PM

Bishop?

RINO in Name Only on May 17, 2012 at 10:13 PM

.
Bishop!

I’m the king of the world!!!

RINO in Name Only on May 17, 2012 at 10:14 PM
.

Wait, this is the right thread, right?

RINO in Name Only on May 17, 2012 at 10:14 PM

.
Oh crap no one’s here.

RINO in Name Only on May 17, 2012 at 10:14 PM
.

Ok ok, you’re famous for a minute. Now get the hell out.

Bishop on May 17, 2012 at 10:15 PM

.
What a life! : )

listens2glenn on May 17, 2012 at 11:00 PM

Not to worry. These threads are usually hijacked so individuals can bring their personal life front and center.

aryeung on May 17, 2012 at 10:48 PM

Yeah it’s pretty disgraceful. These people just come right in, and they gossip, or post off-topic links, or try to be all cute and make the very first post when they have nothing intelligent to say. Don’t you just hate that?

RINO in Name Only on May 17, 2012 at 11:01 PM

canopfor on May 17, 2012 at 10:53 PM
————————————-

I think you are right…

Just that our newly Gay President is hogging the limelight…

Electrongod on May 17, 2012 at 10:55 PM

electrongod:Lol,yup,on a side-note Hopey probably has a Kenya
Bank account hiding some of his loot!!(sarc):)

canopfor on May 17, 2012 at 11:02 PM

The obvious..Beatles song is in order

Electrongod on May 17, 2012 at 11:02 PM

electrongod:Lol,yup,on a side-note Hopey probably has a Kenya
Bank account hiding some of his loot!!(sarc):)

canopfor on May 17, 2012 at 11:02 PM

I am not laughing….

Barrack Botox Obama…….
Just inject a new evolution…

Skin deep

Electrongod on May 17, 2012 at 11:06 PM

I hate it when people talk about what kind of cheese they would be if they had to be a cheese.

Bishop on May 17, 2012 at 11:06 PM

Have you seen The Social Network yet? It’s a good movie.

John the Libertarian on May 17, 2012 at 10:49 PM

I did and it was a good movie. Aaron Sorkin does put on a good show even if he is politically ignorant.

Punchenko on May 17, 2012 at 11:06 PM

Just inject a new evolution…

Skin deep

Electrongod on May 17, 2012 at 11:06 PM

Is here a Beatle’s song about that?

Jude?

Electrongod on May 17, 2012 at 11:07 PM

BTW, I would be Gouda because it tastes Gouda.

HAHAHAHAHAHA! I crack myself up. Well…that and I need some sleep.

Bishop on May 17, 2012 at 11:09 PM

The obvious..Beatles song is in order

Electrongod on May 17, 2012 at 11:02 PM

This one maybe more appropriate.

RickB on May 17, 2012 at 11:09 PM

like i said on the original post, marx has the confiscation of wealth of emigres as number four on his list of demand in his manifesto.

in polite company this is a subset of what are call Capital Controls. countries often do this when they need the money. Iceland has controls now so that you can’t transfer more than 2000 krona out of the country.

we have capital controls, and i think they’ll get worse. in a sense what the fed is doing in the treasury market is controlling capital..price fixing essentially. controlling the yield curve

r keller on May 17, 2012 at 11:09 PM

Weak Tea tonight AP. Any chance we see you post Sketch’s flippy on the Rev Wright is off the table comment?

Uppereastside on May 17, 2012 at 10:31 PM

Uppereastside:I sent this gem to tips early this morning.

If there is any related Lefty goodies,
AP will expose those as well!

Btw,do you mean the Sketchers $40 million dollar
fine???

canopfor on May 17, 2012 at 11:09 PM

So you’re telling me the guy is a dual citizen right now so it’s easy for him to disacknowledge one of his citizenships, his American citizenship, once an obligation appears?

This is the perfect opportunity to ban dual citizenship. They can’t even call you a racist because of the basis this incident provides, Republicans!

Buddahpundit on May 17, 2012 at 11:10 PM

This one maybe more appropriate.

RickB on May 17, 2012 at 11:09 PM

I solute you..

And the late Donna Summer..

She will be missed..

Electrongod on May 17, 2012 at 11:10 PM

Any chance we see you post Sketch’s flippy on the Rev Wright is off the table comment?

Uppereastside on May 17, 2012 at 10:31 PM

UES will never disappoint unlike the GOP.

RickB on May 17, 2012 at 11:11 PM

You don’t have to leave the country and renounce your citizenship to avoid paying taxes in the good ol’ USofA. Just get elected to Congress or appointed to the Prezuhdunce’s cabinet, you know, like Secretary of the Treasury, then you get no problem, no hassle treatment when you fail to pay your taxes, and any old excuse for it is acceptable–like calling it a fact-checking error.

stukinIL4now on May 17, 2012 at 11:11 PM

Eduardo Saverin…

He professes ignorance about his taxes and refuses to discuss his finances

…call John Kerry…call John Kerry!

KOOLAID2 on May 17, 2012 at 10:35 PM

Tim Geithner…and Tom Dasshel…plz pikup the rainbow hophone plz !!

burrata on May 17, 2012 at 11:12 PM

The Republicans need to call Schumer’s bluff but insist it needs to be “comprehensive citizenship obligation reform”.

Buddahpundit on May 17, 2012 at 11:13 PM

It’s a bit too early to stray off topic with idle chit chat so let me tell you that my pet hermit crab loves lettuce.

SparkPlug on May 17, 2012 at 11:13 PM

Scummer is one of the lower forms of life in congress. He’s as big a dirtbag as Durbin.

Jaibones on May 17, 2012 at 11:15 PM

I wanted to get a hermit crab for my littlest daughter but she wanted a tarantula. So the wife got her a tarantula and now I have nightmares.

Bishop on May 17, 2012 at 11:15 PM

The CNN video is titled: Bill aimed at fleeing Facebook founder

It should read: Bill aimed at fleecing Facebook founder

FloatingRock on May 17, 2012 at 11:15 PM

The obvious..Beatles song is in order

Electrongod on May 17, 2012 at 11:02 PM

Electrongod:In honour of Donna Summer’s Passing today!:)
========================================================

Donna Summer I Feel Love mega mix 15:45 remixed by Patrick Cowley
*****************************************************************

http://www.youtube.com/watch?v=hJiKvkZUmXI

canopfor on May 17, 2012 at 11:15 PM

Have you seen The Social Network yet? It’s a good movie.

John the Libertarian on May 17, 2012 at 10:49 PM

Not sure why you think it was “good”. A movie about the kid who develops Facebook?

Maybe because I watched it the same night I watched The King’s Speech I had a different take on the movie, the main character, the time period and the people inhabiting it, and the subject matter.

Cleombrotus on May 17, 2012 at 11:15 PM

Bishop on May 17, 2012 at 11:15 PM

ROTF. BTW, I think Twerpy likes spiders but not as much as sharks.

SparkPlug on May 17, 2012 at 11:17 PM

Have you seen The Social Network yet? It’s a good movie.

John the Libertarian on May 17, 2012 at 10:49 PM

I’m too busy with posting on Facebook to see any movies.

SparkPlug on May 17, 2012 at 11:20 PM

http://www.youtube.com/watch?v=hJiKvkZUmXI

canopfor on May 17, 2012 at 11:15 PM

Good song.

Electrongod on May 17, 2012 at 11:20 PM

And yet, I’m sure we will welcome with open arms those Frenchmen who flee Hollande’s tax plans. Or Great Britian’s tax men.

Cleombrotus on May 17, 2012 at 11:21 PM

Tarantulas don’t eat lettuce, they crawl over your face at night and plant eggs in your skin while you sleep, then the babies hatch and eat YOU.

I don’t know if that’s really true or not, but I keep dreaming it so it must have some basis in reality.

Bishop on May 17, 2012 at 11:21 PM

So you’re telling me the guy is a dual citizen right now so it’s easy for him to disacknowledge one of his citizenships, his American citizenship, once an obligation appears?

This is the perfect opportunity to ban dual citizenship. They can’t even call you a racist because of the basis this incident provides, Republicans!

Buddahpundit on May 17, 2012 at 11:10 PM

Obligation???

Look who thinks we are subjects and all wealth belongs to the state.

Dante on May 17, 2012 at 11:22 PM

I hate it when people talk about what kind of cheese they would be if they had to be a cheese.

Bishop on May 17, 2012 at 11:06 PM

I don’t see why you would hate something like that. I mean, I know it’s an uncomfortable subject, thinking about French people eating you, but that’s the point. To challenge your preconceptions and conquer your fears.

RINO in Name Only on May 17, 2012 at 11:22 PM

The CNN video is titled: Bill aimed at fleeing Facebook founder

FloatingRock on May 17, 2012 at 11:15 PM

Sounds a bit “ex poste facto/bill of attainder-ish” to me. The guy has been living in Singapore since 2009.

Resist We Much on May 17, 2012 at 11:24 PM

UES will never disappoint unlike the GOP.

RickB on May 17, 2012 at 11:11 PM

True. The GOP will betray you.

RINO in Name Only on May 17, 2012 at 11:24 PM

canopfor on May 17, 2012 at 10:49 PM
————————————

I will be experiencing rugrats…well..
When my daughter gets married..
Never ..I hope.
I joke..

Electrongod on May 17, 2012 at 10:52 PM

Electrongod:I hear ya,my daughters single,at 20!:)

canopfor on May 17, 2012 at 11:24 PM

Yeah it’s pretty disgraceful. These people just come right in, and they gossip, or post off-topic links, or try to be all cute and make the very first post when they have nothing intelligent to say. Don’t you just hate that?
RINO in Name Only on May 17, 2012 at 11:01 PM

Hate’s too strong a word. It’s mildly amusing.

aryeung on May 17, 2012 at 11:25 PM

This is the perfect opportunity to ban dual citizenship. They can’t even call you a racist because of the basis this incident provides, Republicans!
Buddahpundit on May 17, 2012 at 11:10 PM

Jews hardest hit, right?

aryeung on May 17, 2012 at 11:26 PM

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