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05-29-12, 08:08 PM #1
Senators propose "Ex-PATRIOT" act to tax former US citizens who renounce US citizenship to avoid paying taxesBut 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.
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.
Read more: 'Ex-PATRIOT Act' would tax Facebook's Eduardo Saverin - POLITICO.com
05-29-12, 08:17 PM #2
Uncle Obama needs more moneySI VIS PACEM PARA BELLUM-Ex-Sheriff Martin Howe to Will Kane in "High Noon"
"It's a great life. You risk your skin catching killers and the juries turn them loose so they can come back and shoot at you again. If your honest , your poor your whole life. And , In the end , you wind up dying all alone on some dirty street. For what? For nothing. For a tin star."
Far from being a handicap to command, compassion is the measure of it. For unless one values the lives of his soldiers and is tormented by their ordeals , he is unfit to command.
-General Omar Bradley, United States Army
05-29-12, 08:23 PM #3
How about change the tax code so they don't leave in first place you morons.
Meanwhile, fishing in Russia:
"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it." -- Frederic Bastiat
"Certainly there is no hunting like the hunting of man and those who have hunted armed men long enough and liked it, never really care for anything else thereafter." Ernest Hemingway
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05-29-12, 11:15 PM #4-=Twan007
Lack of planning on your part does not constitute an emergency on mine.
Not one shred of evidence supports the notion that life is serious.
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05-30-12, 12:20 AM #5
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.Alpha Phi Sigma Alum - Alpha Delta Chapter
05-30-12, 07:31 AM #6
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?
05-30-12, 10:49 AM #7
Gotta love class warfare. Five-0 is right, fix the tax code. That would require politicians to actually do their jobs though.Pleasing nobody, one person at a time.
That which does not kill me, better start fucking running.
If I lived every day like it was my last, the body count would be staggering.
I intend to go in harm's way. -John Paul Jones
Hunt the wolf, and bring light to the dark places that others fear to go. LT COL Dave Grossman
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