Forum Post: Schumer Introduces Ex-PATRIOT Act: Will Banish Those Who Renounce US Citizenship
Posted 12 years ago on May 17, 2012, 10:42 a.m. EST by Umong
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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.
A suggestion for the follow up law: The "GULAG" Act: Get Ur Laughable Asses Gone
The hypocricy is astounding. Those that control us hide their money to avoid paying taxes all over the world and are untouchable. Now they want to make it illegal to change country of residence. We will give even this right away if we allow them to influence us still. Does he owe our government the rest of his life if he decides to move? You will not be allowed to pay what you owe and move? But they sell it well with their media. The hypocricy will awaken us when we see it.
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So he can't come back to America and has to stay in Singapore with millions of dollars and tons of hot Asian chicks? Don't throw me in that briar patch, brer wolf.
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Kick the Bums OUT. Do not ever let them return. Sever any business connection/money/income/revenue/holdings of any sort that would remain here in the USA for them to profit from in their exile. If they continue to do business here from outside business operations (?) treat them as hostile and make them pay penalties to access our markets. Make more expensive to do their business than it would be here. Fuck the sweatshop moguls.
So going forward everyone who no longer wants a US passport will have to check a box:
Are you no longer a US citizen for tax purposes: Yes / No/ Lolwut.
Couldn't they find a way to include sovereign citizens?