Facebook Founder Renounces Citizenship

[Professor S]

Raise taxes and lose revenue? This is an example of how it happens:

Saverin’s name is on a list of people who chose to renounce citizenship as of April 30, published by the Internal Revenue Service. Saverin renounced his U.S. citizenship “around September” of last year, according to his spokesman.

Singapore doesn’t have a capital gains tax [or an estate/death tax]. It does tax income earned in that nation, as well as “certain foreign- sourced income,” according to a government website on tax policies there.

http://www.bloomberg.com/news/2012-0...efore-ipo.html

And Singapore taxes incomes far less than the US. These "havens" will attract many more US dollars as taxes start to rise.

http://www.guidemesingapore.com/taxa...onal-tax-guide