State of Innovation

Patents and Innovation Economics

Exodus: How the US is Losing Its Most Talented People

Facebook founder Eduardo Saverin has decided to renounce his US citizenship.  A bunch of self righteous politicians are going to complain that Eduardo has a duty to stay in the US and that he is being unpatriotic by leaving.  These same politicians ignore the Constitution, regularly trample the Bill of Rights, and tell us that people don’t create things, society does.  These politicians are immoral hypocrites.  By the way the IRS will be demanding that  Mr. Saverin pay an exit tax that could amount to millions of dollars – only a cynically corrupt government would have an exit tax for it citizens.

Many people have speculated that Saverin is making this move for tax reasons, but he has lived in Singapore for years.  Singapore is one of the few countries that understands the value of inventors, entrepreneurs, and engineers/scientists.  In the US we keep weakening out patent system, making it harder to raise capital, and then taxing startups to death.  We have the highest corporate tax rate in the industrialized world.  Do the politicians blame themselves for this exodus of talent from the US – NO.

I have written on this subject several times – see the posts below.

US Brain Drain

Phil the Ex-Pat

Exodus From the US 

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May 14, 2012 - Posted by | -Economics, Innovation | , ,

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