This is targeted at Eduardo Saverin, co-founder of Facebook, who is fleeing the country in advance of the Facebook IPO. Reports suggest he will save ~$65 million in taxes. Which, of course, is money that *would* be going to our schools, our military, our debt, and so on. He grew up here and enjoyed everything America had to offer, but when it came time to give back he fled.
Millionaires fleeing America to escape taxes is not new and it has always been grounds for permanent exile. But the mechanics of *how* the exile was to be handled were never put in place. This new bill would fix that. I sure hope Saverin doesn't have any friends, family, weddings, baby showers, corporate retreats, or ill loved ones he wants to visit in America.
Democratic Senators Unveil Bill To Crack Down On Tax Dodgers Like Facebook’s Eduardo Saverin | TPMDC
New legislation announced Thursday aims to crack down on Americans who renounce their citizenship in order to avoid paying taxes. It would force them to pay a 30 percent tax on all future U.S. investments and prohibit them from ever setting foot in the country again.
The “Ex-PATRIOT Act” was unveiled in the Capitol by Sens. Chuck Schumer (D-NY) and Bob Casey (D-PA), who made no secret that bill was inspired by Eduardo Saverin, the Facebook co-founder who is in the news after renouncing his U.S. citizenship just in time to avoid paying taxes on a large windfall, and relocating to Singapore, which does not levy capital gains taxes.
“Eduardo Saverin wants to de-friend the United States of America just to avoid paying taxes and we aren’t going to let him get away with it,” Schumer said. “This is a great American success story gone horribly wrong.”
“This guy thinks he can just rip us off by engaging in this scheme,” Casey said. “Mr. Saverin spits in the eye of the American people when he does this.”
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