Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Schem

[General of Darkness]

And look who's leading the charge. This is complete slavery if this passes.

May 17, 2012 7:01am
Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’

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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 (http://abcnews.go.com/blogs/business/2012/05/facebooks-eduardo-saverin-joins-americans-renouncing-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. 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.

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Tom Goodman, Saverin’s spokesman, told Bloomberg News in an email.
Last year 1,700 people renounced their U.S. citizenship.

[undgrd]

I'm sure we'll now consider him an enemy combatant. Since he's in Singapore, we'll just kill him. That'll learn 'em!
--)

[mamboni]

Soon to be followed by the Federal Usurpation & Complete Kontrol over Your Own Uses act.

[Horn]

That "Crown Thy Good" part in America was only meant from sea to shinning sea.

[Carbon]

Ironic. I bet many of our so-called 'leaders' send their wealth outside the US to protect it from taxes. I believe there was a flap not so long ago about Romney having off-shore accounts?

I guess it's okay to be a politician and send your money off-shore as opposed to being a wealthy nobody and trying to leave with it.

[palani]

I guess it's okay to be a politician and send your money off-shore as opposed to being a wealthy nobody and trying to leave with it. The sole goal of a politician is to build a large estate.

[PlatinumBlonde]

How will this apply to Israeli-American duel traitors..er I mean citizens?

P.S. Saverin must be a goy or this would never be happening..

[iOWNme]

I love how the meme here is that if you are not a citizen of the central Government, you are Anti-American.

LAUGHABLE.

There is NOTHING more Pro-American, than renouncing your allegiance to the central Government, and reclaiming your allegiance to your Nation (State).

Gee, I wonder why there wasnt any 'citizenship' for the central Government under the Articles, the US Con, the DoI or the BoR? Because the founders knew REAL history, and knew what happens when the central Government grows to large and out of control.

Same with a MASSIVE Military........It doesnt exist under the De Jure United States.

[osoab]

http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://www.zerohedge.com/users/tyler-durden)
A Simple Question For Senator Schumer (http://www.zerohedge.com/news/simple-question-senator-schumer)

Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 05/17/2012 - 14:08 Credit Suisse (http://www.zerohedge.com/taxonomy/term/178) ETC (http://www.zerohedge.com/category/security-name/etc) Lazard (http://www.zerohedge.com/taxonomy/term/8501) None (http://www.zerohedge.com/taxonomy/term/118) RenTec (http://www.zerohedge.com/taxonomy/term/205) As many already know, earlier today (http://www.zerohedge.com/news/schumer-introduces-ex-patriot-act-will-banish-those-who-renounce-us-citizenship)Senator Schumer announced the cleverly named Ex-PATRIOT act, which seeks nothing short of exile for anyone who effectively declines their US citizenship for tax avoidance purposes. So far so good. We have, however, one simple question. In light of recent media reports of rampant abuse of various international tax loopholes by US corporations (recall the Double Irish with a Dutch Sandwich (http://www.zerohedge.com/news/itax-avoidance-why-america-there-no-representation-without-double-irish-dutch-sandwich-taxation)), but much more importantly, the glaring abuse of offshore tax shelters (http://www.nytimes.com/2007/07/01/business/yourmoney/01cay.html?pagewanted=all)by hedge funds - organization such as Paulson & Co., RenTec, York Capital, etc., and financial institutions, such as Lazard, Blackstone, and Credit Suisse, can Senator Schumer please rep, warrant and guarantee that none of his corporate sponsors, i.e., his Top 100 Contributors (http://www.opensecrets.org/politicians/contrib.php?cid=n00001093&cycle=2012&type=I&newMem=N&recs=100), have ever engaged in any form of explicit or implicit tax avoidance, tax offshoring, and tax shelter. To facilitate his checklisting, we have presented his top 100 contributors below. Because if he can't, one may be left with the impression that his whole anti-tax tirade and legislation is, you know, hypocritical.

[ArgenteumTelum]

Casey is up for election this cycle. He needs something to agitate the voters now. If you study his record, you'll find hardly a peep from him during this term.
AT

[chad]

i like how the guy is still responsible for paying $365 million, even on exit, yet it's still not enough.

[gunDriller]

How will this apply to Israeli-American duel traitors..er I mean citizens?

P.S. Saverin must be a goy or this would never be happening..


actually, the US gov. does go through the motions of chasing Jewish tax evaders a lot, but they still get privileges not accorded to the Goyim.

good example is Marc Rich. Clinton gave him a pardon in his last month in office. Marc Rich helped Israel with their military program in some major ways.

but he's still living in Switzerland, and not setting foot on American soil - theoretically.