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.
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.