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Reason Magazine editor-in-chief Matt Welch gives his outlook for political backlash of the Facebook IPO.
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-- -- want now.
Of course and Matt -- is here again and that it turned into not just a financial issue not an economic -- but also political issue because of -- -- around one of the co founders of FaceBook deciding to leave this country.
We -- his tax on the way out the door but take up residence in Singapore a full time.
But if this.
I may -- the upside and maybe -- but if this stock is not skyrocket does it take some of the steam away from those politicians who won't surely try to vilify it or the people behind it.
I wish for that's not gonna be the case as long as Washington is starving for tax money you're gonna see a lot of effort to -- billionaires in the name of going after thousand -- Which is the case for any American who has a single bank account with 300 pounds in London they have to file incredible amounts of disclosure paperwork and I know this from experience because I have a a foreign wife.
These are new and unprecedented laws.
And is leading directly to and an unprecedented number of Americans were renouncing your citizenship they're not all billionaires and all know not all Brazil born Singapore residency.
They are people who married -- Canadian.
And they're tired of the higher rescue mart -- -- to see a lot more of this -- You figure for sure it's not just about wealth as much as Chuck Schumer who is -- introduce the -- Patriot Act.
To try to penalize these people even saying if you renounce your citizenship you can't come into the country ever again which is just an appalling.
Right occasionally yeah capital gains tax on the way out of out of the country that's on your stock so it's not as if he spread pay no tax.
On whatever.
Right they've got a bad they have introduced a kind of leaving feed an Irish -- these people if they they publish a list every -- people who -- -- -- the weight just barely up in the.
