So who are the greedy bastards here?
I have no problem with them trying to change the laws as that's how things get done. It's not going to happen but the reason they are doing it makes me sick. Sounds like this rich guy taking advantage of the laws pissed them off, just like the big companies taking advantage of the laws does. When I saw that idiot Schumer just practicaally drooling with greed and hate as he admonished this guy I almost wanted to puke. I am truly sick of this trashing of Americans (even those who don't want to keep their citizenship)and I just hope enough people are with me so we can vote these damn slime ball democrats out of congress so we don't have to listen to crap like this.
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 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.