Senators to Unveil the 'Ex-Patriot Act'

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That Facebook guy that renounced his citizenship to avoid paying taxes on his $4B? Politicians want him banned from the U.S. for life. Yeah, that'll show him! Great use of tax dollar by the way. :rolleyes:

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."
 
He's not "ducking", he's moving/escaping/running for his financial life. Wake up, USA. Wake up.
 
He's not "ducking", he's moving/escaping/running for his financial life. Wake up, USA. Wake up.

Bullshit. If you're getting 4 billion and you renounce your citizenship to keep a paltry 67 million of that, you're simply a dirtbag.
 
I think banned for life is a little harsh, but I do agree that it's bullshit you can jump in and out of being an American citizen just to dodge taxes.

There should be like a 2-3 year period afterwards where you can't re-apply for citizenship or something.
 
He still has $365 million to pay as an exit tax.

Way to freak out, Senators.
 
He can never naturalize again under current law. The US never took kindly to renunciation of citizenship.
 
I think banned for life is a little harsh, but I do agree that it's bullshit you can jump in and out of being an American citizen just to dodge taxes.

There should be like a 2-3 year period afterwards where you can't re-apply for citizenship or something.

He's not "jumping in and out" of anything. He's living in Singapore and decided to become a citizen there since he doesn't plan to leave for the foreseeable future. I doubt dodging taxes even played into that decision. The dude is going to make billions on the IPO. $67 million is pocket change at that point.

There are other countries out there besides the USA and sometimes people travel to them and like them better than where they came from. And sometimes they decide to stay and settle down in those other places for a wide variety of reasons having nothing to do with dodging taxes. I know that's a foreign concept to the over-patriotic "the USA is the best damn country in the world" folks, but it does happen.
 
So I imagine, naturally, we'll be seeing the same standards applied to the myriad of corporations that do something similar to avoid taxes? You'll have to excuse me for not holding my breath.
http://www.bloomberg.com/news/2010-...illion-u-s-revenue-lost-to-tax-loopholes.html

This man has a point. How is this any different than corporations exporting EVERY SINGLE THING/WORKER/FACILITY/PRODUCT outside of the US... but selling the product in the US any different?

Very excellent point Unexploded
 
Bullshit. If you're getting 4 billion and you renounce your citizenship to keep a paltry 67 million of that, you're simply a dirtbag.

63 million my ass. That would be capital gains taxes which would be $600,000,000 (15%). Then don't forget the state income tax if he doesn't live in one of the couple states that don't have one. That could be up to $400,000,000 more.

Thing is he'll have to pay about that much anyways because of an "exit tax" that already covers things like this. He'll still have to pay that 600 mil on his way out. This is just typical liberal behavior in using class warfare so they can raise taxes and expand government. It never ceases to amaze me how hard liberals will work to get more of other peoples money.
 
He was raised in Brazil for the majority of his life. He has the right to denounce his citizenship if he wants. Stop acting like tax hungry monsters ..

How about an "Ex-Patriot Act" that doesn't invade the privacy of every American in the world or one that doesn't allow indefinite detention or one that doesn't allow arrests without warrants.

Bunch of useless fucks.
 
All the churches in the USA don't have to pay taxes but someone who actually WORKED for his money does?

Listen, I am NOT against taxing at all...its just that if you are going to tax ME, the individual, I want MY money to go towards things that I want it to fund.

I'm sick of taxes being STOLEN from me to fund more bombs, missiles, bullets, tanks, jets, soldiers, bank bailouts, corporate bailouts, etc INSTEAD OF USEFUL THINGS like public education, health care, and other things that CONTRIBUTE TO THE GENERAL WELL BEING OF THE HUMAN RACE!

Fuck the government, screw those that support this shit and OPEN YOUR EYES TO WHAT IS REALLY GOING ON!

Education on these matters is your best friend. Stop the whole "people are unpatriotic and hate their country" because all that shows is that those who say these things are the ones who are the actual unpatriotic ones...not people like me who KNOW that this country is corrupt, unfair, and doesn't give a DAMN about their civilian population.

If anyone can show me UNDENIABLE EVIDENCE AND PROOF that our government is perfectly fine and has OUR best interests in heart I'll actually ship you a real, freshly baked cookie (your choice of peanut butter, sugar, or chocolate chip)!

Good job Eduardo Saverin, you are a true patriot and thank you sooo much for not funding this corrupt government. You just did your fellow human race a favor.
 
He was raised in Brazil for the majority of his life. He has the right to denounce his citizenship if he wants. Stop acting like tax hungry monsters ..

How about an "Ex-Patriot Act" that doesn't invade the privacy of every American in the world or one that doesn't allow indefinite detention or one that doesn't allow arrests without warrants.

Bunch of useless fucks.

>>Senators
>>Liberals
>>Want more money from people who actually work
>>brb, welfare check.
 
what a fucking asshole not paying into the criminal cartel he has no connections to act above, he is swine what a , fuck him, thats my money, i need that money to pay for my billionaire friends basketball stadium to keep the stupid population that keeps me in power distacted
 
He was raised in Brazil for the majority of his life. He has the right to denounce his citizenship if he wants. Stop acting like tax hungry monsters ..

How about an "Ex-Patriot Act" that doesn't invade the privacy of every American in the world or one that doesn't allow indefinite detention or one that doesn't allow arrests without warrants.

Bunch of useless fucks.

And by "Bunch of useless fucks" I mean the Government , not people in this thread. To clear up any possible confusion.

Also as its been pointed out Corporations renounce there citizenship's all the time to dodge paying taxes , some how that's ok but what Ed is doing is not?

Typical.
 
>>Senators
>>Liberals
>>Want more money from people who actually work
>>brb, welfare check.

>>Republicans
>> Horde as much money as possible
>> Pay no taxes on it but want a fully functional Government
>> brb , country falling apart at the seems while the 1 percent continue to dominate us all and the middle class disappears.
 
>>Republicans
>> Horde as much money as possible
>> Pay no taxes on it but want a fully functional Government
>> brb , country falling apart at the seems while the 1 percent continue to dominate us all and the middle class disappears.

>> lazy stupid useless citizens that sit around eating popcorn watching the circus
 
Liberals have this odd thought process that people that are poor are just people who want to work as hard as everyone else that does make money.

....maybe that whole process of "got off work, better pick up a 12 pack of beer and a carton of cigarettes" isn't tossing clues out to the retards. Maybe we need to scream it as loud as possible.
 
>> lazy stupid useless citizens that sit around eating popcorn watching the circus

>> Lazy stupid ass rich citizens that think because they are rich that they are "job creators" and that entitles them to feel superior to everyone else and they sit around eating popcorn covered in 24k gold leafs.
 
All the churches in the USA don't have to pay taxes but someone who actually WORKED for his money does?

Listen, I am NOT against taxing at all...its just that if you are going to tax ME, the individual, I want MY money to go towards things that I want it to fund.

I'm sick of taxes being STOLEN from me to fund more bombs, missiles, bullets, tanks, jets, soldiers, bank bailouts, corporate bailouts, etc INSTEAD OF USEFUL THINGS like public education, health care, and other things that CONTRIBUTE TO THE GENERAL WELL BEING OF THE HUMAN RACE!

Fuck the government, screw those that support this shit and OPEN YOUR EYES TO WHAT IS REALLY GOING ON!

Education on these matters is your best friend. Stop the whole "people are unpatriotic and hate their country" because all that shows is that those who say these things are the ones who are the actual unpatriotic ones...not people like me who KNOW that this country is corrupt, unfair, and doesn't give a DAMN about their civilian population.

If anyone can show me UNDENIABLE EVIDENCE AND PROOF that our government is perfectly fine and has OUR best interests in heart I'll actually ship you a real, freshly baked cookie (your choice of peanut butter, sugar, or chocolate chip)!

Good job Eduardo Saverin, you are a true patriot and thank you sooo much for not funding this corrupt government. You just did your fellow human race a favor.

+1 Well said.
 
Liberals have this odd thought process that people that are poor are just people who want to work as hard as everyone else that does make money.

....maybe that whole process of "got off work, better pick up a 12 pack of beer and a carton of cigarettes" isn't tossing clues out to the retards. Maybe we need to scream it as loud as possible.

Throwing Liberals of which the vast majority do actually hold jobs and do actually work hard into the same category as the unemployed is just another reason why the right seems unable to see the difference between the two. Socialism in this country is treated like a racial slur and Republicans are so frightened of it that now any form of it is horrifying and detrimental to the country at large.

Look how wonderfully Capitalism worked during the sub prime mortgage crisis. Boy that free market sure did function well for the middle class in this country.
 
>> Horde as much money as possible

What the hell is wrong with hording your money? It's YOUR money. Thats the difference. We don't go home everyday and buy ciggs and beer because we don't need to do that in order to be satisfied.

But you know what? We damn sure will need money when we want to retire since we don't want to live in a homeless shelter when we turn 70 :rolleyes: I would tell you to look up stats on how much % of taxes are paid by the 1%, but smacking you a million times in the face just isn't enough I guess :rolleyes:

I'm at my first job at the age of 22, and I have 20% of my check going into 401k. Am I a dirty scumbag hording my money? Huh? :rolleyes:
 
What the hell is wrong with hording your money? It's YOUR money. Thats the difference. We don't go home everyday and buy ciggs and beer because we don't need to do that in order to be satisfied.

But you know what? We damn sure will need money when we want to retire since we don't want to live in a homeless shelter when we turn 70 :rolleyes: I would tell you to look up stats on how much % of taxes are paid by the 1%, but smacking you a million times in the face just isn't enough I guess :rolleyes:

I'm at my first job at the age of 22, and I have 20% of my check going into 401k. Am I a dirty scumbag hording my money? Huh? :rolleyes:

SO then you agree with what Edwardo is doing? He is hording his money after all.


?
 
Throwing Liberals of which the vast majority do actually hold jobs and do actually work hard into the same category as the unemployed is just another reason why the right seems unable to see the difference between the two. Socialism in this country is treated like a racial slur and Republicans are so frightened of it that now any form of it is horrifying and detrimental to the country at large.

Look how wonderfully Capitalism worked during the sub prime mortgage crisis. Boy that free market sure did function well for the middle class in this country.

bailing out corporations != Captialism LULZZZZZZZZZ

lollerskates.gif
 
stop blaming government and the rich guys, if you didnt want them to bend you over and f u raw, then you should of done something about it which you didn't you sat herp derping waving american flags applauding free anal probes in the airport, the fact they are allowed to put you in a hole no questions asked, guantanmo, abu gharad, the list goes on but you sit there blindly defending it, your fucking yourselfs red raw in the asshole defending these swine by your inaction which i think is the worst of all, it just breeds evil you weaklings, no convictions no honor no hope
 
SO then you agree with what Edwardo is doing? He is hording his money after all.


?

Uhhh I agree that YOUR money is for what YOU want to do. Weather you want to eat dirty paper in your bowl of cereal, or get pleasure by sticking it up your rectum. The point is, who the fuck are we to tell someone how to spend their money :rolleyes: ?


Whats next? Are you going to tell me that I'm putting too much of my check into my 401k? I should spend more on overpriced retail and turn to alcoholism as well?
 
He's not "jumping in and out" of anything. He's living in Singapore and decided to become a citizen there since he doesn't plan to leave for the foreseeable future. I doubt dodging taxes even played into that decision. The dude is going to make billions on the IPO. $67 million is pocket change at that point.

Perhaps, but I think the timing just appears shady.
 
Throwing Liberals of which the vast majority do actually hold jobs and do actually work hard into the same category as the unemployed is just another reason why the right seems unable to see the difference between the two. Socialism in this country is treated like a racial slur and Republicans are so frightened of it that now any form of it is horrifying and detrimental to the country at large.

Look how wonderfully Capitalism worked during the sub prime mortgage crisis. Boy that free market sure did function well for the middle class in this country.

I like how you just rolled right with the "hate the unemployed" bullshit. I'm unemployed. I worked for seven years after college before that, paid more taxes than the majority of idiots who like to whine about "liberals," and I will be employed again in a couple months, once again paying more tax than said idiot whiners.

There's nothing wrong with unemployed people as a category.
 
Uhhh I agree that YOUR money is for what YOU want to do. Weather you want to eat dirty paper in your bowl of cereal, or get pleasure by sticking it up your rectum. The point is, who the fuck are we to tell someone how to spend their money :rolleyes: ?


Whats next? Are you going to tell me that I'm putting too much of my check into my 401k? I should spend more on overpriced retail and turn to alcoholism as well?

Taxes are apart of the system and while they are not perfect , suddenly dismantling the system that functions around the tax bracket is not a solution.

Its sad enough that so many people are poorly informed but now if someone wants to renounce their citizenship , it marks them as some kind of "traitor"? Yet if a Corporation does this (and many have) then it makes "business sense".

Some highly fucked up logic there. GE paid virtually nothing in taxes last year , the largest Corporation in the world , thanks to tax loop holes. No one made a huge fuss about it , it was in the news briefly and then it stopped being so. No is doing an investigation into how the worlds largest Corporation managed to skate by pay virtually nothing in taxes , instead the media and the poorly informed (which covers a vast range of people) are now attacking a former citizen who wishes to do the same.
 
I like how you just rolled right with the "hate the unemployed" bullshit. I'm unemployed. I worked for seven years after college before that, paid more taxes than the majority of idiots who like to whine about "liberals," and I will be employed again in a couple months, once again paying more tax than said idiot whiners.

There's nothing wrong with unemployed people as a category.

Did you quote the wrong person? Seems like you two are agreeing... :confused:
 
I like how you just rolled right with the "hate the unemployed" bullshit. I'm unemployed. I worked for seven years after college before that, paid more taxes than the majority of idiots who like to whine about "liberals," and I will be employed again in a couple months, once again paying more tax than said idiot whiners.

There's nothing wrong with unemployed people as a category.

Fair enough but I was attempting to illustrate a point , not alienate the unemployed. The point I was making is that Republicans in one wide brush stroke always throw every sub group into one category and the truth is that each group is very functionally different.

I was referring to the unemployed that don't seek out active employment and instead spend years living off the tax payers dime , I know this because my lazy ass Uncle is one of those people , he continues to get extension after extension for years even though he didn't deserve it. People who take advantage of the system and don't attempt to arrange employment at any point are the ones that bother me. I was not referring to people who are recently unemployed hitting hard times because of the recent economic strife and are trying to find employment. You've earned your right to collect unemployment.
 
Taxes are apart of the system and while they are not perfect , suddenly dismantling the system that functions around the tax bracket is not a solution.

Its sad enough that so many people are poorly informed but now if someone wants to renounce their citizenship , it marks them as some kind of "traitor"? Yet if a Corporation does this (and many have) then it makes "business sense".

Some highly fucked up logic there. GE paid virtually nothing in taxes last year , the largest Corporation in the world , thanks to tax loop holes. No one made a huge fuss about it , it was in the news briefly and then it stopped being so. No is doing an investigation into how the worlds largest Corporation managed to skate by pay virtually nothing in taxes , instead the media and the poorly informed (which covers a vast range of people) are now attacking a former citizen who wishes to do the same.

I already mentioned that I completely agree corporation wise (see my post quoting the original person mentioning this). Liberals are too concerned bringing down the individuals than things that actually make sense though :rolleyes:
 
Sorry guys, this is no more than the man deserves.

I'm no globalist. You do in fact OWE the country you reside in for the advantages it provides you. Make several billion, and give your country of citizenship the finger and run to avoid taxes... hell yes you deserve to be at the least banished from setting foot on its soil again.

The real issue is why a loophole exists to allow skating on paying taxes on 4+ billion at all? It's another one of those situations where these "loopholes" only exist when you are talking about monstrous amounts of money in high finance situations. There's no way to do something similar at the joe six pack level.

We probably need to bar him from LEAVING until taxes are paid. That's harsh, but that's reality.

That's REAL LIFE.
 
The real issue is why a loophole exists to allow skating on paying taxes on 4+ billion at all? It's another one of those situations where these "loopholes" only exist when you are talking about monstrous amounts of money in high finance situations. There's no way to do something similar at the joe six pack level.

Indeed that is the real issue , both for the individual and the corporation.
 
This is what I've learned from preparing taxes and from my continuing education each year:

The government runs on tax revenue for the majority of the services it provides to its citizens. It's from local to state to federal taxes and sales taxes from products you purchase that all go back to running the government.

Let's put aside the issue of tax dollar misuse here. Without tax dollars, there will be no government, there will be no social programs, there will be no military, there will be no police, there will be no public education (even how it's worst than European and Japanese schools), there be no infrastructure either-- roads, pipes, bridges, etc. And, I for one would not want a lot of these kind of services privatized. Blackwater and to a reasonable sense even if fictional, OCP running Detroit PD, is the worst I've seen privatized services go awry. But, stuff like X-Plane and helping trying to move our pretty much handicapped space program and NASA, it can be a benefit to us.

That $67 million dollars in lost tax revenue is money lost that will not help be used to keep this country running and the economy. The corporations that don't pay any federal taxes and the wealthy that pay into a much lower tax bracket (think Mitt Romney's tax bracket of 15% on his multi-million dollar income and earnings) is not helping this country and the economy at all.

The payroll taxes (Federal, State, and local if applicable) you pay through your paycheck every week, two weeks or every month is used to keep your local and state services running. It fixes roads, it improves schools (hopefully), pays for your social security benefits, and so on. And, when it comes to tax time, you either get that money back or pay back taxes if you didn't take out enough of it out of your paycheck during the year.

And, as I learned in economy in college (with a really kick ass professor by the way), cash is liquid. It flows to and from and is a very cyclic asset. You take money out of the market, out of the economy, it's not really helping or benefiting this country or the economy itself. When Greek investors pulled their money out of their stock investments, it's going to crash the stock market sooner or later in Greece. And, we WILL feel the effects of that sooner or later as if their economy hasn't affected us already.

This guy dropping his citizenship to avoid paying taxes on his $4 billion dollar-plus income is nothing more than a tax evader, a cheat, and someone that is greedy and a jackass.

People in this country, especially the rich, need to do the following:
  • Take economy and government courses at the college level and see how the country is run and how tax dollars work.
  • Take tax preparation courses and prepare taxes for those who earn much less income than they do. (When I see someone with $95,000 income get $5,000 back as a refund and someone making $32,000 and paying back $1,200 in taxes tells me something is wrong there.)
  • Play SimCity.
I kid you not on the last part. SimCity, regardless how fictional, is a pretty good simulation of how governments and government services work. You raise taxes too much, you kill off businesses thereby killing off employment, and increasing unemployment or mass exodus of people. You also force people to move out. You lower taxes and you bring a lot people in but you lower the amount of tax revenue you receive in total, in which you will be unable to run services in your city such as schools, police and public hospitals. You have to understand that without tax dollars, the city cannot run.

There has to be balance between both keeping businesses and people in and still maintaining a good amount of tax revenue.

If people all up and left taking their investments with them and all their earned/unearned money out of the American economy, those are tax dollars lost that will NOT be used to help this country at all. It's a complete disservice to us and the people who live here.

Those that complain about taxes at tax time and how this law is wrong, then just remember that without tax dollars, there will be no government. It'll just be pure anarchy-- no protection, no services, no infrastructure, nothing.
 
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