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Senators Propose Barring Those Who Drop Citizenship From Reentering U.S.
NPR ^ | 17 May 2012 | Eyder Peralta

Posted on 05/17/2012 12:26:38 PM PDT by Theoria

Facebook co-founder Eduardo Saverin, who renounced his U.S. citizenship, is now facing backlash from politicians: Two U.S. senators are proposing a plan that would prevent people like Saverin from reentering the country.

As we reported yesterday, by some estimates Saverin may save $67 million in taxes by giving up his citizenship.

"We simply cannot allow the ultra-wealthy to write their own rules," Sen. Bob Casey, the Democrat from Pennsylvania said in a statement. "Mr. Saverin has benefited greatly from being a citizen of the United States but he has chosen to cast it aside and leave U.S. taxpayers with the bill. Renouncing citizenship to simply avoid paying your fair share is an insult to middle class Americans and we will not accept it."

Casey and Sen. Charles Schumer, a Democrat from New York, said their plan — which they've called the Ex-PATRIOT Act — would re-impose taxes on expatriates and they would not be allowed to reenter the country until they settled their tax bill.

Through his spokesman, Saverin has said he didn't give up his citizenship for tax purposes. Tom Goodman, his spokesman, told The Wall Street Journal, Saverin renounced his U.S. citizenship because of the investment restrictions placed on Americans.

"U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts," Goodman told the Journal. "Many foreign funds and banks won't accept Americans. This was a financial rather than a tax motive."

That statement didn't stop Schumer from issuing some scathing words.

"Mr. Saverin has decided to 'defriend' the United States of America just to avoid paying his taxes," Schumer said in a statement. "We aren't going to let him get away with it so easily. It's infuriating to see someone sell out the country that welcomed him and kept him safe, educated him and helped him become a billionaire."

From the Casey's press release, here's a bit more detail on their plan:

"Under the proposal, any expatriate with either a net worth of $2 million or an average income tax liability of at least $148,000 over the last five years will be presumed to have renounced their citizenship for tax avoidance purposes. The individual will then have an opportunity to demonstrate otherwise to the IRS by meeting specific IRS requirements. If the individual has a legitimate reason for renouncing his or her citizenship, no penalties will apply. But if the IRS finds that an individual gave up their passport for substantial tax purposes, then it will prospectively impose a tax on the individual's future investment gains, no matter where he or she resides. This would eliminate any tax benefit and financial incentive from renouncing one's citizenship. The rate of this capital gains tax will be 30 percent, in keeping with the rate that is already applied on non-resident aliens for dividends and interest earnings."



TOPICS: Business/Economy; Government
KEYWORDS: citizenship; congress; economy; facebook; irs; taxes

1 posted on 05/17/2012 12:26:46 PM PDT by Theoria
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To: Theoria

What are they going to do? Sig ICE on them if they come back in? ROTFL!!!


2 posted on 05/17/2012 12:28:29 PM PDT by FlingWingFlyer (Dumb, dependent and Democrat is no way to go through life. - Rep. Louie Gohmert (R-Texas)
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To: Theoria

Senators Propose Barring Those Who Drop Citizenship From Reentering U.S.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Great News. And when does Obastard leave the Country again for another Apology Tour/Vacation??


3 posted on 05/17/2012 12:29:35 PM PDT by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: Theoria

this has zero chance of passing.


4 posted on 05/17/2012 12:30:24 PM PDT by TexasFreeper2009 (Obama lied .. and the economy died.)
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To: TexasFreeper2009

I have heard that before. Nothing surprises me anymore.


5 posted on 05/17/2012 12:32:25 PM PDT by Theoria (Rush Limbaugh: Ron Paul sounds like an Islamic terrorist)
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To: Theoria
I got to wonder if Casey Jr. came up with this idea on his own or if somebody put him up to it.

He's been the dumbest male member of the U.S. Senate ever since Joe Biden got promoted to vice-president.

6 posted on 05/17/2012 12:32:32 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Theoria

Did someone bother to tell him that as a non-citizen, he’s no longer able to contribute to campaigns?


7 posted on 05/17/2012 12:32:56 PM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: Theoria

So senators Bob and Chucky, when are you going to ban aliens like Obama from the presidency?


8 posted on 05/17/2012 12:33:16 PM PDT by Red Steel
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To: Theoria

“Mr. Saverin has benefited greatly from being a citizen of the United States but he has chosen to cast it aside and leave U.S. taxpayers with the bill. “

The bill for what, you dope? It’s his money. I see a few more Senator dictators are at it again.


9 posted on 05/17/2012 12:35:04 PM PDT by headstamp 2 (Liberalism: Carrying adolescent values and behavior into adult life.)
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To: Theoria
We simply cannot allow the ultra-wealthy to write their own rules

Congressmen and Senators don't like competition.

10 posted on 05/17/2012 12:35:09 PM PDT by bikerman (you can take the man out of the jungle but can't take the jungle out of the man)
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To: Theoria
"We simply cannot allow the ultra-wealthy to write their own rules," Sen. Bob Casey

"It's infuriating to see someone sell out the country that welcomed him and kept him safe, educated him and helped him become a billionaire," Schmuckie O Putz.

Pot meet kettle. The 'Rat party is the party of hypocrisy. Invest in guillotines.

11 posted on 05/17/2012 12:35:41 PM PDT by VRWC For Truth (Throw the bums out who vote yes on the bailout)
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To: Theoria

Works for me. If they aren’t willing to stand and fight, they may as well stay out.


12 posted on 05/17/2012 12:35:41 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: Theoria

HA !

Come in through Mexico and you get everything for FREE !!!!


13 posted on 05/17/2012 12:36:45 PM PDT by Reagan69 (I supported Sarah Palin and all I got was a lousy DVD !)
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To: Theoria

Next they will build a wall to keep the inmates from escaping to more freedom loving countries.


14 posted on 05/17/2012 12:38:08 PM PDT by monocle
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To: Theoria
You mean BAR them from entering the USA like they do with the 30 million illegal aliens that have invaded America??? Ha ha hah ah wonder why Congress has a 12% approval rating?
15 posted on 05/17/2012 12:38:09 PM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: Red Steel

....or staying in the country being that his student visa expired 35 years ago.


16 posted on 05/17/2012 12:38:23 PM PDT by GrandJediMasterYoda (Some day our schools will teach the difference between "lose" and "loose")
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To: Red Steel

....or staying in the country being that his student visa expired 35 years ago.


17 posted on 05/17/2012 12:38:59 PM PDT by GrandJediMasterYoda (Some day our schools will teach the difference between "lose" and "loose")
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To: Theoria

So now we’re banning people from leaving? What types of regimes usually do that?

I think we’re past the point of no return.


18 posted on 05/17/2012 12:42:20 PM PDT by iceskater (I am a Carnivore Conservative - No peas for me. (h/t N.Theknow))
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To: Theoria

Words fail me.

I mean, I am jingoistic sort, but this sort of vindictive crud would never occur to me.

We really, really to get rid of Schumer and Casey.


19 posted on 05/17/2012 12:44:03 PM PDT by Little Ray (FOR the best Conservative in the Primary; AGAINST Obama in the General.)
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To: Theoria
"U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts," Goodman told the Journal. "Many foreign funds and banks won't accept Americans.

The US government believes it has the right to demand banking information from banks anywhere in the world. It further believes it has the right to demand details of your finances no matter where you live and no matter where you earn your money.

The notions of privacy, when it comes to your private earnings, assets, and investments, doesn't exist when you're an American citizen. If you have an account anywhere and you don't tell them, you may be committing a felony.

The Saudis don't cooperate with the US banking authorities, though, last I knew. I noticed that the US goes after banking privacy everywhere in the world except Saudi Arabia.

20 posted on 05/17/2012 12:45:24 PM PDT by marron
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To: VRWC For Truth

Somehow, I suspect that his taxes, along with the taxes of the people he employed have MORE than erased any “debt.”

Funny that they never seem to feel this way about illegal aliens and their anchor babies, though.


21 posted on 05/17/2012 12:46:10 PM PDT by Little Ray (FOR the best Conservative in the Primary; AGAINST Obama in the General.)
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To: Little Ray

This was entirely predictable.

You can trust the communists to be communists,
after all.

It just wouldn’t occur to them to change the tax policy that led this man to drop his citizenship.

No! He did it to avoid their confiscatory tax rates, so he needs to be vindictively punished.


22 posted on 05/17/2012 12:48:21 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Theoria
"....but he has chosen to cast it aside and leave U.S. taxpayers with the bill."

What an amazing statement! This implies that he has stolen funds from some program that the treasury supports. I don't even know what to think about these pols.

23 posted on 05/17/2012 12:49:38 PM PDT by mosaicwolf (Strength and Honor)
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To: Theoria; tomkat; GeronL; All
Salve. Yes, and tarantula have wings and landed on planet Uranus. I am sorry, I had to write this. Merci. [Romanian native > ESL]
24 posted on 05/17/2012 12:50:32 PM PDT by MCSP2008
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To: cripplecreek
Who is John Galt!

The sharecropper makes it big and splits so the Master tells him not to come back.

O-o-o-ow, that's gonna leave a mark. (see tagline)

25 posted on 05/17/2012 12:50:58 PM PDT by Aevery_Freeman (Typed using <FONT STYLE=SARCASM> unless otherwise noted)
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To: TexasFreeper2009
this has zero chance of passing.

Doesn't matter. The fact they even floated the idea just shows what reprehensible tyrants they are. News flash: we are seen as parasites on the noble beast of government.
26 posted on 05/17/2012 12:55:25 PM PDT by SpaceBar
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To: Theoria
“Mr. Saverin has benefited greatly from being a citizen of the United States but he has chosen to cast it aside and leave U.S. taxpayers with the bill. Renouncing citizenship to simply avoid paying your fair share is an insult to middle class Americans and we will not accept it.”

So how many services did this man use and what bill did he stick America with? I doubt he used any social services and
the Senators forget it is his money not theirs.

27 posted on 05/17/2012 12:55:44 PM PDT by funfan
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To: Theoria

So what is the new motto of Superman now? “Lying, injustice and the Marxist way?” Reminds me of the original Saturday night live when Dan Akroyd played “Ubermann”...Which was what would have happened if Supermans comet from Krypton landed in Nazi Germany instead of the US midwest. He would have been known as “Ubermann” working for he Nazis, using his X-ray vision to look at the groins of men to see if they are Jews.


28 posted on 05/17/2012 12:59:45 PM PDT by GrandJediMasterYoda (Some day our schools will teach the difference between "lose" and "loose")
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To: bikerman; All

” We simply cannot allow the ultra-wealthy to write their own rules

Congressmen and Senators don’t like competition. “

Folks, we have a winner!!


29 posted on 05/17/2012 1:02:05 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: Theoria

1. Ron Paul was right. The walls are going to be used to keep us in.

2. Who’d want to come here anyway?


30 posted on 05/17/2012 1:11:35 PM PDT by Forgotten Amendments (Let's name a law after a kid who died because of CAFE standards!)
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To: Theoria

“...will be presumed to have renounced their citizenship for tax avoidance purposes. The individual will then have an opportunity to demonstrate otherwise to the IRS by meeting specific IRS requirements. ... But if the IRS finds that an individual gave up their passport for substantial tax purposes...”

IF?


31 posted on 05/17/2012 1:11:35 PM PDT by Darth Reardon (No offense to drunken sailors)
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To: Vigilanteman

Casey Jr. is as dumb as a rock.

Amazing how, with all the other problems Congress could tackle, two senators have so much time to waste on something this stupid. Why don’t the morons maybe fix the tax code? Of course, knowing them, they would just make the tax code worse.


32 posted on 05/17/2012 1:18:54 PM PDT by fatnotlazy
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To: Theoria

Bobby Casey is an empty-headed empty suit who got elected on his old mans name here in PA. Tom Smith is the tea-party backed conservative running against him in PA. GO TOM.


33 posted on 05/17/2012 1:19:08 PM PDT by jdsteel (Give me freedom, not more government.)
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To: Forgotten Amendments

You think walls are keeping Americans in?


34 posted on 05/17/2012 1:22:47 PM PDT by ansel12 (When immutable definition of Bible marriage of One Man, One Woman, is in jeopardy, call the Mormon.)
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To: Theoria
"Mr. Saverin has benefited greatly from being a citizen of the United States but he has chosen to cast it aside and leave U.S. taxpayers with the bill.

WHAT "bill"??? He helped create something that didn't exist before. There was no government subsidy or porkulus payment to Facebook. There is absolutely no cost to the American taxpayers. What an imbecile.

35 posted on 05/17/2012 1:24:37 PM PDT by montag813 (No Amnesty - Enforce the Law! http://www.StandWithArizona.com)
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To: montag813
Excellent point! It would make more sense for the CEO of Solyndra or Obama to renounce U.S. citizenship, leave the country and leave the taxpayers with their bills to settle.

Although, I suppose, it might actually be worth it just to have them gone.

36 posted on 05/17/2012 1:35:05 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Theoria
Just like the old Soviet Union, you were not allowed to leave unless you left everything of value behind.
The hallmark of a free country is that people are allowed to leave and come back as they please.
Otherwise it's not a free country at all.
Dictatorships tend to lock people in, by various means.
Physical or economical, holding family or property hostage, or plain vindictiveness.
This is not a good sign.
Our leaders have become rulers who view people as theirs to control and private wealth is subject to confiscation.

37 posted on 05/17/2012 1:42:59 PM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: monocle

“Next they will build a wall to keep the inmates from escaping to more freedom loving countries.”

Everyone laughed when Ron Paul said that if they built a wall on our border, it would be used to
keep us controlled... I did too. Now, I’m not so sure he wasn’t correct on that.


38 posted on 05/17/2012 2:17:03 PM PDT by aMorePerfectUnion ("I'm comfortable with a Romney win." - Pres. Jimmy Carter)
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To: FlingWingFlyer

Nothing of substance here — Casey and Schumer just trying to get into the limelight.


39 posted on 05/17/2012 2:17:40 PM PDT by 353FMG
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To: Theoria
...will be presumed to have renounced their citizenship for tax avoidance purposes. The individual will then have an opportunity to demonstrate otherwise to the IRS...

Guilty until proven innocent, huh? What a wonderful country we live in with such wonderful "leaders" who "understand" the Constitution.

40 posted on 05/17/2012 2:18:56 PM PDT by jeffc (Prayer. It's freedom of speech.)
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To: Theoria
We simply cannot allow the ultra-wealthy to write their own rules

Nooooo.... Mr. Senator, you make the rules. We just abide by them. Maybe a loophole but YOU put it there.

Go cry someplace else.

41 posted on 05/17/2012 2:22:34 PM PDT by super7man
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To: jeffc

Remember that would only apply to foreigners, not Americans.


42 posted on 05/17/2012 2:28:45 PM PDT by ansel12 (When immutable definition of Bible marriage of One Man, One Woman, is in jeopardy, call the Mormon.)
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To: marron

The 13th abolished slavery, the 16th reinstated it.


43 posted on 05/17/2012 2:32:15 PM PDT by thulldud (Is it "alter or abolish" time yet?)
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To: Theoria

can we bar the illegals first?

or maybe demand taxes from the billions they send to mexico every year...

oh yea... dems like the illegals and are opposed to capitalists

hell, even if you get divorced from a crazy spouse, that person can still enter your home and visit your kids


44 posted on 05/17/2012 2:34:23 PM PDT by sten (fighting tyranny never goes out of style)
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To: kingu

“Did someone bother to tell him that as a non-citizen, he’s no longer able to contribute to campaigns?”

Unless you are Barack Obama.


45 posted on 05/17/2012 2:54:02 PM PDT by ModelBreaker
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To: Theoria

Casey, Sr. is rolling over in his grave. Casey Jr needs to look for a job soon...


46 posted on 05/17/2012 3:35:40 PM PDT by ExCTCitizen (If we stay home in November '12, don't blame 0 for tearing up the CONSTITUTION!!)
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To: fatnotlazy

Casey Jr. is as dumb as a rock.

Casey Jr and a rock had an IQ test.. the rock scored higher...


47 posted on 05/17/2012 3:38:50 PM PDT by ExCTCitizen (If we stay home in November '12, don't blame 0 for tearing up the CONSTITUTION!!)
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To: ExCTCitizen

LOL


48 posted on 05/17/2012 3:56:03 PM PDT by fatnotlazy
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