The hacks in DC never cease to amaze. As if NDAA and the PATRIOT act weren’t enough, Sen. Chuck Schumer has introduced the Ex-PATRIOT Act (Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy) which seeks to impose a mandatory 30% capital gains tax on anyone who renounces their US citizenship, as well as permanently ban them from re-entering the US.
From ABC: h/t Tyler Durden
Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.
In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.
At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”
The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.
The plan would bar individuals like Saverin from ever reentering the United States again.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Tom Goodman, Saverin’s spokesman, told Bloomberg News in an email.
Last year 1,700 people renounced their U.S. citizenship.
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Schumer is a walking DICK with ears. This Dickhead has got to go…
Shuck Fumer
As much as I don’t like Renouncing citizenship, can you say POLICE STATE? I think this shows their desperation as our debt continues to climb.
POSSIBLE DRONE SPOTTED IN CHICAGO SUBURBS IN PREPARATION FOR NATO SUMMIT — SEE THE VIDEO
On behalf of my fellow Americans I would like to apologize to the rest of the world for little Chucky Schumer. He’s one of our home-grown best examples of political grandstanding, interest peddling, divisive issue exploiting politicians that benefit from incombancy to somehow keep getting re-elected (he feathers the nest of his district so voters keep him in even though people outside his district usually understand him for who he really is). Among other liabilities, he is among those that love building a police state, in part, because he thinks he’s one of the ones pulling the levers and immune to the police state.
If the politicians were more interested in doing what is right for America rather than turning it into a Police State, they would enact the following rules:
1) For corporations that leave the United States to dodge taxes, impose a 30% capital gains tax.
2) For corporations that previously left the country to dodge taxes, if they want to sell products in the US then they must pay a 30% capital gains tax.
3) For firms that moved their manufacturing operations overseas, if they want to sell products in the US then they must pay a 30% import tax.
Vote for Mammoth in November and I will set this country right-side up!
Hey 2 oz, would you care to tell me how you hacked into my computer for that photo that was taken on Kauai back in 2010?
It looks like Poipu beach Great for snorkeling Abundant sea turtles and even monk seals.
I want to be Sec of the treasury and will run on the ticket if you relocate the White House to Princeville Kauai. Snorkel Bob’s has a good discount on fins and masks. I can get discounts on Pu Pu’s at L&L Hawaian BBQ. 2 OZ should be chairman of the Fed. Mai Tais for all.
PS IZ’s song “In Dis Life” can be the new national anthem.
Although I disagree with Schumer on the Ex Patriot Act I also am not going to defend anyone that gives up his Citizenship for the greed of money over Patriotism and he deserves not to get back in.
Not that either party matters but this doesn’t surprise me coming from the Democratic party..
Can’t say Mammoth. You know with electronics, nearly everything is possible. LOL. That’s why we have to keep stacking the phyzz and not the 1′s and 0′s.
I say we get rid of capital gains tax altogether and allow Eduardo to keep his money in the US instead of encouraging him to emigrate to Singapore. I think eliminating the capital gains tax would stimulate the economy tremendously through increased investment in productive enterprises which could create jobs helping to alleviate the high unemployment rate. Also it would allow people to set up businesses which could offer a debit card that could be linked to a gold or silver account so that you can keep your money in gold and silver and easily spend it at businesses that might not accept phyzz directly.
Did it ever occur to them that we might WANT them to come back with all their money and expertise if they choose to? Kinda like burning your bridges.
croc987,
Logic from someone like Senator Chucky? Ha, that’ll be the day…
The past has shown that tax breaks for the wealthy do little to help spur growth in the US. Trickle down economics should have been labeled trickle up into the pockets of the rich as the working class got screwed.
If they leave and want back in make them get a visa like any other immigrant. Change the tax laws so immigrants do not get the same tax breaks American citizens get. Might stop the wealthy from running and if they do run they don’t care about the US and have no real plans of helping the economy here anyway.