Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Scheme (1 Viewer)

[a351]

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.

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’ - ABC News

It seems political grandstanding has been a common theme as of late. While this legislation is obviously a political stunt, it's shocking that Schumer and Casey would actually put their names on a piece of legislation that proposes both refused re-entry into the United States and uniquely high tax rates on expatriates.

 

[johnny spaghett]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

It will never pass. If something like that was enacted it would deter the trillions of dollars already off shore from coming back.

This is reactive & counter productive.

 

[PeteEU]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

It will never pass. If something like that was enacted it would deter the trillions of dollars already off shore from coming back.

This is reactive & counter productive.

Not to mention stupid and utterly repulsive. The ones saying that Severin renounced his citizenship because of tax reasons, are the very same right wing hacks that are thumping the nationalistic drums to attack him, while blaming the dems for the tax laws and attack on rich people that supposedly drove him to do this... pathetic if you ask me.

Fact is.. Severin has barely lived in the US the last decade and he was not born there.. so why remain a citizen if you dont have any real links to the country.... just saying..

 

[American]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

Saverin put in his paperwork last year, so this is not a recent event.

 

[Mycroft]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’ - ABC News

It seems political grandstanding has been a common theme as of late. While this legislation is obviously a political stunt, it's shocking that Schumer and Casey would actually put their names on a piece of legislation that proposes both refused re-entry into the United States and uniquely high tax rates on expatriates.

They have nothing to lose and much to gain...even if it's only to stoke the fires of the war on the wealthy.

 

[pragmatic]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’ - ABC News

It seems political grandstanding has been a common theme as of late. While this legislation is obviously a political stunt, it's shocking that Schumer and Casey would actually put their names on a piece of legislation that proposes both refused re-entry into the United States and uniquely high tax rates on expatriates.

Schumer and Casey are certainly doing this for political grandstanding/showboating.

But with that said, Saverin is a piece of work. Even though he left a couple of years ago, indications are that this whole play was calculated. It isn't out of the question that there could be some backlash (small or large) to Facebook and its image. So far believe the story has a pretty small audience.

Time will tell...

 

[jamesrage]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’ - ABC News

It seems political grandstanding has been a common theme as of late. While this legislation is obviously a political stunt, it's shocking that Schumer and Casey would actually put their names on a piece of legislation that proposes both refused re-entry into the United States and uniquely high tax rates on expatriates.

I support permanently barring them reentry. No one should be allowed to give up and renew their citizenship just because things might be a little bad here. But I do not support taxing someone because they choose to give up their citizenship and be employed or self employed in another country.If someone is employed or self employed in another country then they don't owe our government anything.

 

[Harry Guerrilla]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

Should individual states do this as well, to people who leave for other states, for tax reasons?

 

[pragmatic]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

Should individual states do this as well, to people who leave for other states, for tax reasons?

Prolly not. Renouncing one's citizenship from a nation does seem to be a different category. Don't you think...??

 

[Harry Guerrilla]

Re: Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax Sc

Prolly not. Renouncing one's citizenship from a nation does seem to be a different category. Don't you think...??

Not at all.
Changing states can be exactly like changing nationality.
Many states have their own cultures unto themselves.