Democrats Propose Bill to Force Those Who Renounce Citizenship to Pay Taxes Anyway
Posted by Jim Hoft on Thursday, May 17, 2012, 5:58 AM
They want “their” money! And, they want it now!
Facebook Inc. (FB) co-founder Eduardo Saverin announced last week that he will renounce his US citizenship before Facebook goes public this week. Saverin will save at least $67 million in federal income taxes by dropping U.S. citizenship, according to a Bloomberg analysis of the company’s stock price.
Of course, this has Democrats outraged. They want “their” money.
Democrat Senators Chuck Schumer (D-NY) and Bob Casey (D-PA) will propose a bill today to force those renouncing their US citizenship to pay taxes anyway.
ABC reported:
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.
You see, Democrats don’t have a problem with the colossal US tax rates. They have a problem with those people who won’t willingly pay the exorbitant rates.
It’s an Obama world.
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MAJ Mike commented:
I thought that if the income was made here in the US, then it was taxable regardless of the citizenship of the worker/earner. Hope the commentariat herein will educate me.
Earthmover commented:
If we replaced Congress with a group of 7th graders, they could do a better job.
Militant Conservative commented:
Typical of democrat thinking.
They assume WE will not
change our behavior to avoid
having OUR monies
confiscated. This is going to
change come November.
DNC leadership is just now
Starting to see the writing on
The wall. (biblical reference).
Powder is dry
Kitty commented:
For God Sake ! Is there a Democrat anywhere is this country who has the capacity to think about anything else besides TAXES, TAXES, TAXES and how to come up with yet another scheme to weigh down working men and women with even heavier tax requirements? Where in the h— do these ghouls come from?
redc1c4 commented:
i wonder how many RINO’s will support this idiocy?
Indiana commented:
There was a time when being an American and living here would have been worth that kind of money. However…..the current administration has made the United States such a hell hole, other countries aren’t looking so bad. The new Dem motto: We make life unbearable here in the United States and then tax the sh** out of you when you leave. I’m sure that if Chucky Schumer had the same opportunity….he’d be gone in a flash.
lemonaide commented:
The taxpayers would gladly chip in to pay Schumer’s taxes if he would renounce his citizenship and move to Singapore.
Richard McEnroe commented:
Back before the Grey Davis recall in CA, a Sacramento Democrat wanted to legislate a fine for any company leaving the state.
Once you’re governed by thugs, ransom demands are inevitable.
Paul A'Barge commented:
Folks come on. We can argue all day that taxes are too high and that taxes are the weapon of choice for Democrats. All of that is true.
But this guy is a total mutt. If you don’t like your tax rate, you don’t drop your USA citizenship. You donate to Conservative Republicans.
Let’s not lose sight of the bottom line here. This loser should never have been given USA citizenship in the first place, and frankly any law that uses taxes to extort the heck out of non-USA citizens is fine with me.
Bring. It. On.
Stan25 commented:
When will Chucky Cheese and Bob Casey pay all of the taxes that they owe? When pigs fly. Seems to me that they should be doing their so-called fair share. Oh that right, they are DemocRATs and Senators, so they don’t have to pay any income taxes.
Brandon In Baton Rouge commented:
For people who get a lot of money from the entertainment industry, they obviously don’t remember the large numbers of musicians, actors, and comedians who went into tax exile from the UK during the 70s.
When did that stop? When Thatcher took over and fixed the damned tax codes to remove the 83% tax on the highest earners.
Brandon In Baton Rouge commented:
PS – When the entire US government, starting with the White House and Charlie Rangel, get their taxes in order, THEN we can talk about tax exiles like the Facebook guy.
I figure that will happen around the 32nd of Nevember.
Jeff Medcalf commented:
US tax law already makes expats subject to taxation for ten years after they renounce citizenship.
Liz commented:
Any bloodsucker sponsoring this type of predatory legislation should be in jail.
Fuquay Steve commented:
I think dead ex-pats are extremely likely targets. Don’t worry, they won’t come for you-I’m sure.
Marsh626 commented:
It’s only a matter of time before we go French and start taxing anyone making over $1 million out of 75% of their income.
Can you believe that crap? We work your *ss to become a millionaire only to get slammed with a 75% tax rate and suddenly you’re down to only making $250k a year. That would blow my mind. I’d leave the country immediately. Or worse, I wouldn’t even bother trying to make that much money.
Way to kill off the motivation to succeed you leftist neo-communist scum…
And just so they can give that money to low IQ degenerate leechf*cks like this:
http://www.youtube.com/watch?v=c2kGPdxkofo
Adirondack Patriot commented:
F***in’ brillianT Democrats.
If you choose to change your citizenship to protect your billions or millions from punative taxation, we will make it a law to PROHIBIT YOU FROM COMING BACK HERE TO SPEND YOUR BILLIONS AND MILLIONS AND BOOST OUR ECONOMY!
Geniuses. F***in’ geniuses.
Matt commented:
Hope they deport him and never let him back in.
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