Liberals are absolutely furious about Facebook co-founder Eduardo Saverin’s decision to renounce his citizenship instead of paying taxes on the likely $4 billion he will receive when the company goes public. ABC News reports:
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.
So if Saverin, who has invested in and built other companies here in the United States, should ever get another idea for creating jobs and wealth here in the United States, Schumer and Casey want to make sure that never happens.