Posted on 05/17/2012 5:33:53 AM PDT by Sub-Driver
Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’
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.
(Excerpt) Read more at abcnews.go.com ...
Sounds to me like a financial ‘Berlin Wall’.
SALINAS, Calif. — Capital One has agreed to pay property taxes to the city of Salinas through 2019, after the company’s lease expires at that time.
A good post but I believe that this section explains why they are paying taxes. They have a lease that expires in 2019 that means they still legally have a presence in the city of Salinas.
Why not tax people in other countries with the same last name as people in the US
They keep coming up with plans that rely on changing human nature, and then with it fails they blame us because we didn't change.
Schumer has no problem banning this guy from the US, but worships the terrorists who are invited “guests” here.
We clearly need a border fence (finally) with checkpoints, and anyone who tries to escape America would be shot.
Let's just be honest, Chuck. No one is to leave the U.S.S.A.
The more the tax-grabbers grab and grub, the more the wealth-producers will think about where they want to flee. The unintended consequences of laws like this (and FACTA) are always far worse than their benefits.
I say great, don’t let the door hit Saverin on the way out, but we don’t need another law.
And most certainly not another law by “always 100% wrong side” Chuck Schumer.
That said. America first.
They should call it the Runaway Slave Act. They consider us government property.
This is schumer class warefare.
This law is going nowhere. Only lybia had an expatriot tax claw law.
If anything this SCREAMS taxes too high.
(btw anyone see the movie “the avengers”? there is one tiny newsclip where a jerk NY “D” politician is being anti-good guy and that politician looked suspiciously like schumer...)
Every American should see the movie “Matrix.” Then they will see how our government see them.
I predicted this in my book on Going Galt and Surviving Civil War II. This would be a new Berlin Wall to prevent capital flight.
http://www.futurnamics.com/civilwar.php
Saverin should have learned from Bill Gates. When you’re worth billions, you need to grease the wheels of politics.
Saverin should have learned from Bill Gates. When you’re worth billions, you need to grease the wheels of politics.
I'm posting because my screen name demanded to be added to this thread.
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