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.”Because how dare you move away from the robbers? Have you no patriotism?
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.
H/T to Snarkybytes.
2 comments:
Okay. So the U.S. is aleady the only country in the developed world that taxes expatriate citizens on the income they earn overseas. That's already driving people to renounce U.S. citizenship.
So now they want this mandatory extra capital gains tax on expatriates, too?
And they think that's going to prevent people giving up their citizenship?
Uhhhh ... somebody needs to explain that one a little bit better.
As to never being allowed back in the U.S. after renouncing citizenship ... 50 years ago that might have been a tragedy for someone. Do they not understand that the U.S. long-ago forfeited its special status as a beacon of freedom in the world? Do they not understand that there are now thousands, maybe millions, of people who actively avoid coming to the U.S. because of its police-state policies?
Wow. These people aren't just blind. They must have poked their own eyes out, thinking it would help them see better.
So Schumer and cronies won't do anything to fix the situation making people want to leave but are sure hot on the ball to indict them for taking individual action to escape the situation
Q
Post a Comment