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by ABS
5139 days ago
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> He earned his billions while he was at Harvard IMHO the deferred argument is bogus, it's not like he could have pocketed then but decided not to. Whatever valuation Facebook will get tomorrow is, well, tomorrow's valuation. Was attending Harvard free? Don't think so > The income wasn't realized until later, because that's how startups work. so would a founder get some money back if his startup bombed and he lost his money? Or is all the downside on him while the upside must be shared? |
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I have no idea. I don't think the government provided him with a free apartment or car either. It's not really central to my argument. My point is that he earned this money while living in the United States as a citizen of the United States, even if he didn't realize the gains until later.
so would a founder get some money back if his startup bombed and he lost his money? Or is all the downside on him while the upside must be shared?
This is pretty much how taxes work. You generally pay more in taxes when you make money than when you lose money.
EDIT: One thing I would say - if he has legally paid his taxes, then I don't think he should be barred from re-entry into the United States. I may not like the strategy, but I don't see how you can be accused of having renounced your citizenship for the purpose of avoiding taxes if the US imposed an exit tax on you and you paid it!