Very wealthy people are not notable for their patriotism these days:
WASHINGTON — Populist anger at Facebook co-founder Eduardo Saverin’s decision to renounce his U.S. citizenship — a move that could save him hundreds of millions in taxes if his Facebook stock gains value after the company goes public on Friday — has inspired two senators to propose legislation that could hit Saverin with heavy taxes and bar him from ever reentering the United States.
Sens. Chuck Schumer (D-N.Y.) and Bob Casey (D-Pa.) are unveiling the Ex-PATRIOT Act, which stands for “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy,” on Thursday. The bill would force anyone who “expatriates for a substantial tax purpose — as judged by the Internal Revenue Service” to pay a mandatory 30 percent tax on future capital gains and to be turned back at the border should that person try to return.
“This is a great American success story gone horribly wrong,” Schumer told reporters Thursday. “Eduardo Saverin wants to defriend the United States of America just to avoid paying taxes. We aren’t going to let him get away with it.”
Schumer called Saverin’s behavior “outrageous,” arguing that “Saverin has turned his back on the country that welcomed him and kept him safe, educated him and helped him become a billionaire.”
Schumer also predicted the GOP would go along with the measure.
“Why wouldn’t they?” he said. Casey added, “I’d like to hear the reason why not.”
According to his lawyer, Saverin renounced his citizenship in September, although his name just showed up on an Internal Revenue Service list two weeks ago, and has become a permanent resident of Singapore.
The New York Times on Thursday reported that Saverin said he had been misunderstood when it came to allegations of tax avoidance. “I’m not a tax expert,” he told the Times. “We complied with all the known laws. There was an exit tax.”
This is dumb. That is, the senators’ idea is dumb.
First, they guys is wealthy. US laws don’t apply to wealthy people. Get real.
Second, there are already laws doing exactly what they are saying they want to do. There’s already an exit tax and there’s already the ability for immigration to deny reentry to expats.
Last, you can’t target laws against individuals. Check the constitution.
So what is this, DNC posturing?
Article 1, Section 8, United States Constitution: No Bill of Attainder or ex post facto Law shall be passed.
But why should we expect these poofter senators know the constitution?
Sheesh! Don’t those guys know that the *correct* way to take action against citizens (or ex-citizens) abroad is to use DRONE STRIKES?
Doesn’t violate the Bill of Attainder provision…of course, the Bill of Rights does take it in the butt, but that’s a-okay in ConserviTardiLandia.
Frankly if I had a bajillion dollars I’d think about leaving here, too. And I was born here.
He’s been living in Singapore since 2009. He only recently decided to make that permanent and renounce his US citizenship. Go ahead, raise the exit tax for future emigrants. It probably won’t matter.
Sheesh! Don’t those guys know that the *correct* way to take action against citizens (or ex-citizens) abroad is to use DRONE STRIKES?
Doesn’t violate the Bill of Attainder provision…of course, the Bill of Rights does take it in the butt, but that’s a-okay in ConserviTardiLandia.
But the Bill of Rights applies only to citizens and residents — he’s neither.
“(my research shows that most expats tend to be teachers, accountants, waiters, social workers, and so on), we have a tiny, tiny, tiny fraction of wealthy Americans giving up their citizenship. We’re talking about a handful of people that Schumer and Casey’s bill is designed to target, but as with most “let’s punish the expats” laws, [they’re] … hurting innocent Americans to punish a handful of wealthy people ..”
link to site – http://www.overseas-exile.com/
I think we are being played by the media here. Although it does look like the manipulation rolled right off some of the other commenters here, lol.