Senators propose "Ex-PATRIOT" act to tax former US citizens who renounce US citizenship to avoid paying taxes

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But Saverin renounced that citizenship last year, before the company he helped found announced its intentions to go public. He has lived in Singapore since 2010, according to reports.
While Saverin's spokesman has maintained that he changed his status in part because he plans to remain in Singapore, it's widely believed that he also wants to take advantage of local laws that specify a personal income tax rate of 20 percent and no capital gains tax.

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The two Democrats unveiled a bill called the Ex-PATRIOT Act, or the "Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy" Act. It may never even rise to the level of committee consideration, but if it does pass, it would require Saverin and others who renounce citizenship to pay taxes at a 30 percent rate on any U.S. investment.

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Read more: 'Ex-PATRIOT Act' would tax Facebook's Eduardo Saverin - POLITICO.com

Uncle Obama needs more money

How about change the tax code so they don't leave in first place you morons.

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Originally Posted by Five-0

How about change the tax code so they don't leave in first place you morons.

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too much like right...

WTF?! How do they expect to get taxes with someone who no longer has any ties to the US?? If they renounce their citizenship, they no longer have any rights or responsibilities in regards to the US.

Gotta love politicians. Saverin is worth billions now, but let's make it sound like he's trying to escape a rounding error of millions in taxes. Just another case of grandstanding without a cause because it will play with the public - and slip in some new regulations few will pay any attention to during the process. Another version of the bill would deny entry to anyone who renounced their citizenship. Makes sense to deny a Brazilian who took up residency in Singapore entry into the country forever, right? All he ever did here was help start a multibillion dollar company. Who wants his kind visiting?

Gotta love class warfare. Five-0 is right, fix the tax code. That would require politicians to actually do their jobs though.