True to form when they hear that someone who making $Billions has decided to renounce their U.S. Citizenship simply to avoid paying the lowest taxes the U.S. has ever had - Conseravtives of course rally to his cause and accuse those who would have him Pay America Forward for what has filled his own pockets so well by accusing Democrats of Nazism.
Inspired by the actions of Eduardo Saverin, the Facebook co-founder who renounced his citizenship ahead of a large tax payment associated with the company’s much-ballyhooed initial public offering, Sens. Chuck Schumer (D-NY) and Bob Casey (D-PA) unveiled a bill Thursday to force such tax-dodgers to pay a 30 percent tax rate on all future U.S. investments and ban them from ever setting foot in the country again.
“I think Schumer can probably find the legislation to do this. It existed in Germany in the 1930s and Rhodesia in the ’70s and in South Africa as well,” Norquist said, as quoted by The Hill. “He probably just plagiarized it and translated it from the original German.”
And it's not just Norquist whose been invoking Godwin.
Yeah, the Cons never met a Selfish Bastard Billionaire they didn't Love - except of course for Warren Buffet.
The Wall Street Journal editorial board derided the legislation as “Soviet-style exit taxes” that resemble “what oppressive and demagogic regimes do, and it’s humiliating to see U.S. Senators posture in such fashion.”
The Journal argued that the proposed Ex-PATRIOT Act would turn away the best and the brightest, bashing Schumer and Casey as “a pair of envy specialists” who are trying to “score political points by punishing the fleeing rich.”
Rush Limbaugh lamented, “It’s this whole class envy thing rearing its head again.”
So they think the people who would Rape America finanacially and run are their heroes? Who doesn't appreciate the "Fleeing Rich"? Yeah, this is just how Stalin, Khaddafi, Saddam, Pol Pot would treat them. Yep. Just like that.
Of course Savarin isn't the only tax expatriot around. There are literally thousands of them.
Numerous additional obligations come with U.S. citizenship or permanent resident status. For instance, you must make detailed disclosures of your non-U.S. investments annually to the IRS and U.S. Treasury. The Treasury may share the information it collects with almost any U.S. or foreign government or police agency.
You face additional tax pitfalls with reference to your non-U.S. investments and business activities. U.S. tax provisions for interests in non-U.S.-registered mutual funds, controlling interests in non-U.S. corporations, and interests in non-U.S. trusts are but three examples of the many “tax landmines” that U.S. taxpayers may inadvertently detonate.
A rapidly growing number of U.S. citizens and permanent residents have fought back the only way they legally can – by giving up their green card, or their U.S. citizenship and passport. In 2011, IRS records show that at least 1,788 people went through this process of “expatriation.” That’s almost eight times more than the number of people who expatriated in 2008, and more than the total for 2007, 2008 and 2009 combined.
Yeah, cuz why not just give up being American if you have to PAY YOUR TAXES because of it.
I'm so glad that important things like "informed self-interest" (aka blind naked greed) isn't deterred by something as minor and irrellevant as, what was that word, oh - yeah - Patriotism.
What was that old slogan they used to say, "America First"?
First at what exactly, the new age of economic fuedalism? The Have Mores get more and the Have Nots get nothing?
Vyan