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May 16, 2012 | By Deborah Netburn
How much will Eduardo Saverin save by ditching his U.S. citizenship? At least a cool $67 million in federal taxes according to analysis by Bloomberg. The financial news service came to that number by comparing the value of the Facebook shares Saverin had when he renounced his citizenship sometime around September ($2.44 billion) with the value of those same shares now (an estimated $2.89 billion). Then they applied the 15% capital gains rate to the approximate $448 million spread between the two numbers and voila -- $67 million.
August 1, 2012 | By Richard Simon
WASHINGTON -- Attention, federal workers: Pay your taxes or lose your job. That was the message sent Tuesday by the House, which approved the proposed Federal Employee Tax Accountability Act aimed at the estimated 98,000 federal workers who owed Uncle Sam about $1 billion in 2010. The measure, sent to the Senate on 263 - 114 vote, would make anyone "seriously delinquent" on their taxes -- that is, with a debt for which a public lien notice has been filed -- ineligible for federal employment.
May 17, 2012 | By Deborah Netburn
Facebook co-founder Eduardo Saverin has made enemies in Washington. Earlier this week it came to light that the 30-year-old Facebook co-founder had renounced his U.S. citizenship, a move that could save him an estimated $67 million in federal taxes, according to Bloomberg. Now, Sens. Charles Schumer (D-N.Y.) and Robert Casey (D-Penn) are calling Saverin's actions "despicable" and have introduced the aptly named Ex-PATRIOT Act to punish him and others who leave the country in order to avoid big tax bills.
August 20, 1986 | John Needham
Orange Mayor James H. Beam, who is running against Anaheim Mayor Donald R. Roth for the 4th District seat on the Board of Supervisors, released his tax returns--as Roth did last week--at a press conference Tuesday in Santa Ana. Beam's federal return for 1985 showed wages of more than $120,000, interest income of $3,314, capital gains of $3,974 and business losses of $27,608. Beam and his wife, filing jointly, paid $16,160 in federal taxes.
April 20, 1997
In "CPI Squabble Diverts Attention From Real Issues" (View From Washington, March 30), Robert Rosenblatt claims that your "typical" 65-year-old widow would lose $3,900 in Social Security benefits by 2005 and that a middle-income family with two children would pay $1,400 more in federal taxes. Those figures have to be based upon some assumptions of inflation rates over the next eight years, something even the most astute economist hasn't been able to do or even predict. How can a meaningful discussion on balancing the budget take place until we correct the inaccuracies that have a direct effect on balancing the budget?
June 1, 1986
Standing in a line holding hands with millions across America was a thrill. There are even deeper joys if we continue the spirit through the years by giving some time to one of the many private organizations that are helping the poor and homeless and by lowering our life styles so that we can give more money as well. After all, except for accident of birth, we may have been one of them. The Bible urges us to give 10% or more of our total incomes for the less fortunate. Americans give only an average of 2% to 3% now. Imagine how good you would feel inside to know that you have helped to save lives simply by buying fewer and less fancy cars, clothes, appliances, etc. and donating the savings to church and synagogue outreach efforts or to one of the many worthy poverty crises center.
March 13, 2006
Although the article "And Now, Four-Star Hospitals" [March 13] provides a balanced view of specialty hospitals' benefits, the concerns regarding alleged harm from specialty hospitals are not well-founded. There is no evidence of any general hospital closing because of competition from a specialty hospital. A Medicare Payment Advisory Commission study found any financial harm suffered by general hospitals from specialty hospitals was temporary, and that specialty hospitals' competition actually forced general hospitals to do a better job. A Health and Human Services study found quality was consistently high at specialty hospitals, and that mortality rates were lower than at general hospitals.
May 24, 1986
It is suggested that a similar article be addressed to big business, and the rich, to forgo the many tax goodies and tax shelters which enable them to pay nothing or very little in federal taxes. Also ask the speculators in securities, commodities, real estate and other items to subject their capital gains at regular income tax rates as applied to wages and salaries. Ask those who sell their homes to forgo the $125,000 exclusion from income taxes and pay regular taxes on the gain.
October 1, 2013 | By David Lazarus
As pre-enrollment begins for Obamacare, Albert is exploring his options. He wants to know more about health savings accounts. Good idea. Health savings accounts, or HSAs, can be a good fit for some, but not for all. Basically, a health savings account is like an IRA for healthcare. Money you put into it isn't subject to federal taxes. It can also roll over from one year to the next if unspent. ASK LAZ: Smart answers to consumer questions If you withdraw money from an HSA for non-medical purposes, there are penalties.
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