Democrats Mocked Over Bill to Tax Billionaire Who Gave Up U.S. Citizenship

By:  Alex Newman
05/18/2012
       
Democrats Mocked Over Bill to Tax Billionaire Who Gave Up U.S. Citizenship

After billionaire Facebook co-founder Eduardo Saverin drew global attention to the growing number of Americans giving up their U.S. citizenship to preserve their wealth and escape burdensome IRS regulations, two Democrat Senators outraged by the accelerating trend introduced the “Ex-PATRIOT” Act to get revenge — and, of course, to confiscate more wealth for the government to squander.  

 After billionaire Facebook co-founder Eduardo Saverin (left, in photo montage) drew global attention to the growing number of Americans giving up their U.S. citizenship to preserve their wealth and escape burdensome IRS regulations, two Democrat Senators outraged by the accelerating trend introduced the “Ex-PATRIOT” Act to get revenge — and, of course, to confiscate more wealth for the government to squander.

Critics of the legislation, dubbed the "Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy" Act, mocked the lawmakers and even the idea as “petty,” saying it would likely be unconstitutional, too. However, other analysts warned that U.S. policy makers were embarrassing the nation as well as traveling a dangerous path toward totalitarianism and even “banana-republic” status. And it should be halted immediately before the situation spirals completely out of control, critics said.

“What comes after Banana Republic? Because America is it,” wrote a popular analyst with the financial site ZeroHedge. “One wonders just how much taxpayer money was spent to pay naming consultants to come up with this witty acronym for a law that can only be classified as utter idiocy. Here is our suggestion for the follow up law: The ‘GULAG’ Act: Get Ur Laughable A$$es Gone.”

Senators Charles Schumer (D-N.Y., center in photo montage) and Bob Casey (D-Penn., right in photo montage) unveiled the controversial legislation at a press conference on Thursday. If passed, it would impose massive new penalties going back 10 years on anyone who has renounced or is seeking to renounce their U.S. citizenship. Among the punitive measures would be a new 30-percent capital gains tax — double the usual rate — for the rest of a person’s life. 

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