Democrats have a problem. They believe any money earned is there money to spend!
Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founderEduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.
Maybe Schumer should tell Obama to return all that Facebook money and stop holding virtual townhalls on Facebook? I wish these same Democrats would prevent millions of illegals from re-entering the US with such passion.
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.
With Democrats, like Schumer, pretty soon the government will be able to force you to do anything their liberal heart desires. What give Schumer the balls to think he can force someone to remain a US citizen and has claim to their earnings? Does he not know that once you renounce your U.S. citizenship, you are no longer under the jurisdiction of US law? This guy is on the Senate Judiciary.
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.