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‘Ex-Patriot Act’ Would Punish One Facebook Owner

Posted by Steve Markowitz on May 18, 2012

Sen. Chuck Schumer is at it again.  This time his target is Eduardo Saverin, a 4% stakeholder and cofounder of Facebook, who went public today.  Schumer’s beef?  Saverin profited to the tune of $4 billion from Facebook and renounced his US citizenship recently in favor of permanent resident status in Singapore to save on taxes.

Should Schumer’s “Ex- Patriot Act” become law, it wouldn’t pose special taxes on ex-patriots like Saverin.  In addition, Schumer would have people like Saverin barred from ever returning to the United States.

Schumer’s proposal is curious on at least two fronts.  First, one of his Progressive colleagues in the Senate, John Kerry from Massachusetts, changed his legal residence to the state of Rhode Island to save $7 million in Massachusetts yacht taxes.  However, Schumer seems I have no problem with his politician buddies avoiding their “fair share”.

In addition, as Blog reader Jim said who forwarded in this article so aptly said; “So Schumer wants to keep out millionaires who renounce their US citizenship, but not the stream of illegals crossing our southern border daily.

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2 Responses to “‘Ex-Patriot Act’ Would Punish One Facebook Owner”

  1. Rwolf said

    History Repeats?
    When German Citizens first began leaving Germany to escape the Nazi government, the Nazis levied taxes on German Citizens’ assets; what was left of assets could be removed from Germany. Then the Nazis upped the price for Citizens to leave Germany—invoking a 100% Tax on their assets. Many Germans to leave Hitler’s Germany left everything they owned behind, except for the cloths on their back.

    • smarko1 said

      Thank you for your comment.

      Your analogy is well put. Whenever governments attempt to regulate the flow of assets or ideas, the consequences, intended or otherwise, are always worse than the initial problem that the governments attempt to address.

      Expect in the not-too-distant future the Greek government to freeze all bank assets of their citizens. We are on our way down a very slippery slope.

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