Richard Rider

Richard Rider
San Diego, California, USA
August 24
San Diego Tax Fighters
Biography of Richard Rider (Updated July, 2011) San Diego, CA 92131 E-mail: * AGE: 66 * EDUCATION: B.A. Economics, University of North Carolina, 1968 * MILITARY SERVICE: Commander, Supply Corps, U. S. Naval Reserve, retired after 26 years (four years active, the rest in the reserve). ** OCCUPATION: Retired stockbroker and financial planner. Lifetime member of the International Association of Financial Planners. Former business owner. * AFFILIATION: • Chairman, San Diego Tax Fighters • National Taxpayers Union • Howard Jarvis Taxpayers Association • San Diego County Taxpayers Association * POLITICAL ACTIVITIES: • Successfully sued the county of San Diego (Rider vs. County of San Diego) to force a rollback of an illegal 1/2-cent jails sales tax, a precedent that saved California taxpayers over fourteen billion dollars, including $3.5 billion for San Diego taxpayers. • Actively supported a variety of tax-cutting ballot initiatives including Proposition 13. Has written ballot arguments against numerous county and state tax increase initiatives. • County co-chair of both California term limit initiatives (Prop 140 and Prop 164). • Libertarian Party candidate for governor in 1994. • Candidate for the 3rd District County Supervisor in 1992 (third place among six candidates with about 20% of the vote). • 1993 – appointed to (and then elected chair of) the San Diego County Social Services Advisory Board. • 1996 – appointed as a Commissioner on the California Constitution Revision Commission by state Assembly Speaker Kurt Pringle. • Has been involved in legal actions against City of San Diego to force a public vote on issuing bonds for Qualcomm stadium expansion, convention center, baseball ballpark and other projects. • 2005 – Unsuccessful candidate for Mayor of San Diego, though his reform ideas have since taken hold. • 2007 – Columnist for NORTH COUNTY TIMES and SAN DIEGO DAILY TRANSCRIPT • 2009 - The Howard Jarvis Taxpayers Association's "California Tax Fighter of the Year" * FAMILY: Married. Wife, Diane, is a retired public high school teacher. Two sons, ages 32 and 27.

Editor’s Pick
MAY 13, 2012 11:21AM

Facebook co-founder quits U.S. to avoid capital gains tax

Rate: 2 Flag

I have written before about the Facebook IPO and the hoped-for CA tax windfall. I suggest that the projected state capital gains windfall is overblown, as many of the new millionaires and billionaires will move out of the state to avoid our November 13.3% millionaires' tax (which includes capital gains) -- or otherwise maneuver to avoid the tax (charitable remainder trusts are one superb option). 

As I often say, "people are reluctant to leave a country, but they WILL leave a state." 

But here's an interesting story about wealthy people who ARE willing to leave a country -- THIS country.  It highlights one of the billionaire Facebook moguls who is renouncing his U.S. citizenship before the Facebook IPO goes through.  

I doubt that any country has a higher capital gains tax than the 2013 proposed combined federal and California capital gains levy, which next year could exceed 40%, with no adjustment for inflation.   BTW, if you consider the double taxation of our corporate income tax on dividends, next year we'll approach a 60% combined rate in CA, matched only by the crazy Italians -- where tax evasion is an honored national pastime. 

CAUTION:  Don't get too excited about leaving American to avoid our musrooming tax burden. This citizenship change does not work well for most wealthy Americans, as our country is one of the very few that charges an oppressive "exit tax." Normally one associates such confiscatory taxes with banana republics and communist countries, but this tax grab is happening in the good old U.S. of A. 



Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO

 (go to link for the full story)

Author tags:

ipo, facebook, taxes, california

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