Skip to comments.Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’
Posted on 05/17/2012 5:33:53 AM PDT by Sub-Driver
Senators to Unveil the Ex-Patriot Act to Respond to Facebooks Saverins 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 Saverins move, which they dub a scheme that would help him duck up to $67 million in taxes.
The senators will call Saverins 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 ...
Screw that. If I were ever blessed with great wealth, I would run my own ads supporting conservatism (billboards, radio spots, tv spots, internet, fliers, paid ground pounders). I would back conservative candidates, but not through any campaign donations.
I was thinking this morning about the statement that babies now owe over $30,000 in national debt before they are even born. Doesn't that mean that people who are aborting babies are depriving the Federal Fat Men their money? Aren't they then steeling from the Feds?
Instead of encouraging the capital flow into the U.S., the government is trying to erect more financial "Berlin Walls" (there is already an "exit tax" on renunciation).
There is now also a new Foreign Account Tax Compliance Act (FATCA) (rhymes with FatCat) which is so onerous, it stopped many foreign banks accepting bank accounts from Americans, even those who legally, often temporary, live overseas working for the American or foreign companies, and who have no intention of changing citizenship.
More people are leaving with their capital, more than 1700 just last year, a record. They are not willing to stay in the country where the government is increasingly socialist and Nazi-like in their laws, rhetoric and tactics.
Who is John Galt?
It was the part I put in boldface that looked like the “exit tax” you were talking about. A million plus to the city for no business purpose whatsoever.
Aren’t property taxes paid by the landlord and not the tenant ? It says Capital One was leasing the property, making them tenants only.
Depending on the lease contract, they could be liable for the full amount of the lease. That would obviously be much more than the amount of the property tax, so maybe they are actually getting off easy. Still, it should be between them and their landlord and not involve the city at all, unless the city actually is their landlord ?
Good point. That one article is all I know about the matter.
The illegal immigrants wire BILLIONS of dollars back to Mexico every year. Since they are not citizens, they are not illegally banking money in a foreign country.