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Kim Priestap

I love my family, America, the Constitution, the free market, classic literature, great coffee, handbags, tall boots, and cool gadgets.
I deeply admire Ronald Reagan, Margaret Thatcher, Milton Friedman, CS Lewis, and Thomas Sowell.

You can expect me to post about these topics as well as anything else I think is interesting.


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"Of all tyrannies a tyranny sincerely exercised for the good of its victim may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some point be satiated, but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience." ~ CS Lewis

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Posts tagged taxes:

May 11, 2012
        tags: taxes. economics. Facebook.

Facebook Co-Founder renounces US citizenship just prior to IPO

By doing so, Eduardo Saverin, the billionaire co-founder of Facebook Inc. (FB) will reduce his tax bill on Facebook’s IPO which is valued at $96 billion. More from Bloomberg:

Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company. Saverin’s stake is about 4 percent, according to the website Who Owns Facebook. At the high end of the IPO valuation, that would be worth about $3.84 billion. His holdings aren’t listed in Facebook’s regulatory filings.

Saverin, 30, joins a growing number of people giving up U.S. citizenship, a move that can trim their tax liabilities in that country. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dorm and stand to reap billions of dollars after the world’s largest social network holds its IPO.

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.

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. It does tax income earned in that nation, as well as “certain foreign- sourced income,” according to a government website on tax policies there.

Hey, if you want the movers and shakers and the job creators to live in and pay taxes in America, then our leaders have to make it an attractive proposition. Right now, it isn’t and I can’t blame men and women like Severin from making the jump. 

February 1, 2012 with 4 notes
        tags: National Debt. Barack Obama. United States. taxes.
Of course, Barack Obama doesn’t pay this tax bill. He puts it in the lap of the American taxpayers.  Conservatarian: (via Political Cartoons - Political Humor, Jokes, and Pictures, Obama, Palin ~ February 1, 2012 - 95897)

Of course, Barack Obama doesn’t pay this tax bill. He puts it in the lap of the American taxpayers. 

Conservatarian:

(via Political Cartoons - Political Humor, Jokes, and Pictures, Obama, Palin ~ February 1, 2012 - 95897)

(via southerntarian)

January 27, 2012 with 20 notes
        tags: California. taxes. anti-business. Jerry Brown.

This Los Angeles news report tells us what we already know:

California Taxes Rank Worst in Country

So, what does governor Jerry Brown want to do to “solve” this problem? Why, raise income taxes on the rich, of course! But the only thing that will do is drive even more business owners out of the state, which will make California’s economy even worse. 

(Source: antigovernmentextremist)

January 25, 2012 with 7 notes
        tags: IRS. Taxes. American Citizenship.

According to National Taxpayer Advocate Nina E. Olson, approximately 4,000 people gave up their citizenship from fiscal year 2005 to FY 2010. Renunciations increased sharply within the past three years, from 146 in FY 2008 to 1,534 in FY 2010. And during the first two quarters of FY 2011 alone, 1,024 Americans ditched their citizenship.

The advocate’s report cites two reasons for the renunciations. First, many taxpayers abroad say they are confused “by the complex legal and reporting requirements they face and are overwhelmed by the prospect of having to comply with them.”

Second, others have accused the Internal Revenue Service (IRS) of “bait and switch” tactics, telling Americans they can resolve their unpaid taxes under an “older voluntary disclosure programs with the promise of reduced penalties, only to find themselves subjected to steeper penalties.

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(Source: allgov.com)

January 24, 2012 with 78 notes
        tags: Mitt Romney. Barack Obama. wealth. taxes. charity.

Klein: Romney needs no apology on tax returns

Phil Klein at the Washington Examiner begins his column this way: 

We now know that over the past two years, Mitt Romney has earned $42.6 million, mostly from investment income, paid $6.2 million in taxes and donated about $7 million to charity. By all accounts, he paid what he owed under the law. Though I have not had a chance to digest the more than 500 pages of documents the campaign has provided (which you can view here), my initial take is puzzlement that Romney didn’t simply do this long ago to get the issue out of the way, because he has absolutely nothing to apologize for.

Fox News, also weighing in on Romney’s tax returns, notes that Mitt and Ann gave 15% of their income to charity, whereas Barack and Michelle Obama gave 1% of their income, and asks, “Who’s greedy?” 

Excellent question. 

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