This is kind of dumb and will end up screwing more regular folk than rich folk.

Dinki: I'd say, tax them at the normal rate for the year that they leave. Then bar them from any US territory for life.

This - they want to leave, fine. Let them take their money with them. As always, they will be few - this is a boogeyman, and anyone who is still scared of it after all the years they have been waving it at us aren't very bright.
But no backsies. You flee the US to avoid your social obligations - you never set foot on her soil again.

HotWingConspiracy: This is kind of dumb and will end up screwing more regular folk than rich folk.

Yes. this is dumb, and unnecessary. Very few people take the proven to be extremely unwise course of fleeing the US to protect their money. Let them go - we are better without them. But there should never be any option of returning.

HotWingConspiracy: This is kind of dumb and will end up screwing more regular folk than rich folk.

How many regualr folk do you know who renounce their citizenship that aren't getting married (or don't have some other compelling reason to leave the US)?

This for those so-called Sovereign Citizens? (reads link) Ah. The kind who do it right before an IPO.

"Eduardo Saverin wants to de-friend the United States of America just to avoid paying taxes," Schumer, a New York Democrat, told reporters today. "We aren't going to let him get away with it."

Might have some problems with Article 1, Section 9:
No bill of attainder, ex post facto law, nor any law impairing the obligation of contracts, shall ever be passed...

Sure, make it hard for the next guy, but Saverin renounced his citizenship in September and it was perfectly legal for him to do so without penalty.

I propose a law outlawing knee-jerk gimmicks.

ginandbacon: How on earth do you determine/prove why someone is renouncing their US citizenship?

If their wealth is sufficiently high, without evidence to the contrary, it is assumed to be for tax evasion.

HotWingConspiracy: This is kind of dumb and will end up screwing more regular folk than rich folk.

Huh? How? It only affects those that are both worth $2 million or more and are renouncing their citizenship. That's probably less than 10 people a year.

jso2897: This - they want to leave, fine. Let them take their money with them. As always, they will be few - this is a boogeyman, and anyone who is still scared of it after all the years they have been waving it at us aren't very bright.
But no backsies. You flee the US to avoid your social obligations - you never set foot on her soil again.

That's exactly what this does, with the addition that future investments in the U.S.by those who renounce citizenship to evade taxes are subject to a 30% capital gains tax. Not sure how they'll collect, though. TFA notes that the main purpose isn't to collect funds but to allow the IRS to enforce the existing no-reentry law. In any case, if you leave to avoid paying taxes, fark you. They should have called it the Galt Act, but I guess Ex-PATRIOT Act works well too.

I thought the US already did this? Meaning when you leave the IRS sends you a tax bill for your final worth before you walk out the door?

So will President return the campaign donations received from Facebook?

He's paying for the luxury of being an international sovereign, well let him act as one. This nation should no longer be obligated to extend the social contract he rejected.

Isn't the normal practice to transfer your holdings to a semi-fictional non-profit that pays you a luxurious salary as director?

liam76: HotWingConspiracy: This is kind of dumb and will end up screwing more regular folk than rich folk.

How many regualr folk do you know who renounce their citizenship that aren't getting married (or don't have some other compelling reason to leave the US)?

I know two. One has completed it, the other is in the process. They live in Germany and decided to renounce because of the hassles they were having "banking while American" over there. Our laws force foreign banks to report all kinds of crap about their American clients, so rather than complying, they just dump American clients. Apparently if you're American and married, our government wants your spouses information as well, even if they aren't American. Needless to say, people have a problem with this. Yes, I know it's anecdotal.

I don't see how they can prove the motives of someone choosing to renounce, so this tax will probably apply to everyone. It already costs a lot to do it.

I would tax Scarlett Johansson.

/and I've got a feeling she'd tax me

LockeOak: ginandbacon: How on earth do you determine/prove why someone is renouncing their US citizenship?

If their wealth is sufficiently high, without evidence to the contrary, it is assumed to be for tax evasion.

HotWingConspiracy: This is kind of dumb and will end up screwing more regular folk than rich folk.

Huh? How? It only affects those that are both worth $2 million or more and are renouncing their citizenship. That's probably less than 10 people a year.

jso2897: This - they want to leave, fine. Let them take their money with them. As always, they will be few - this is a boogeyman, and anyone who is still scared of it after all the years they have been waving it at us aren't very bright.
But no backsies. You flee the US to avoid your social obligations - you never set foot on her soil again.

That's exactly what this does, with the addition that future investments in the U.S.by those who renounce citizenship to evade taxes are subject to a 30% capital gains tax. Not sure how they'll collect, though. TFA notes that the main purpose isn't to collect funds but to allow the IRS to enforce the existing no-reentry law. In any case, if you leave to avoid paying taxes, fark you. They should have called it the Galt Act, but I guess Ex-PATRIOT Act works well too.

Exactly. Their money does not belong to society, it is theirs. And if they wish to leave the society rather than meet their obligations to it, they should be free to keep their money.
It's a really stupid thing to do, and too few do it to make any impact - but the righties will continue to wave the image of the fleeing billionaire around and shriek "Booga, booga!", in an attempt to frighten the populace into letting the rich off of their social obligations
Ultimately, neither they nor their property belong to the rest of us, and they are free to go.
Don't let the door hit 'ya
where the Good lord split 'ya.

LockeOak: Huh? How? It only affects those that are both worth $2 million or more and are renouncing their citizenship. That's probably less than 10 people a year.

Oh ok. I hadn't looked at this article, was going by another one that didn't mention that figure.

Ex post facto laws, how work them.

/See also: Article One, Section 8, United States Constitution.

JasonOfOrillia: It would be easier to avoid this situation if you just required exit visas for everyone leaving the country. Of course you would have to tighten up border control even more. You could give it a catchy name, like "The Freedom MEATY Curtain."

FTFY

jso2897: but the righties will continue to wave the image of the fleeing billionaire around and shriek "Booga, booga!", in an attempt to frighten the populace into letting the rich off of their social obligations



"Eduardo Saverin wants to de-friend the United States of America just to avoid paying taxes," Schumer, a New York Democrat, told reporters today. "We aren't going to let him get away with it."

O'RLY?

dittybopper: delathi: "Eduardo Saverin wants to de-friend the United States of America just to avoid paying taxes," Schumer, a New York Democrat, told reporters today. "We aren't going to let him get away with it."

Might have some problems with Article 1, Section 9:
No bill of attainder, ex post facto law, nor any law impairing the obligation of contracts, shall ever be passed...

Sure, make it hard for the next guy, but Saverin renounced his citizenship in September and it was perfectly legal for him to do so without penalty.

Schumer isn't really known for being a constitutional scholar.

I think he spends most of his time dreaming up the acronyms to name these bills.

I think he's a bit of a douche, but he supports NY breweries, so I give him a pass.

Good Lord. It must be hard to get decent pictures in DC and New York with Chuck Schumer running in front of the camera all the time.

Wow a liberal trying to tax someone??

I am SHOCKED.

This senator is a fu*king retard.

There may be people who never became American citizens for tax reasons. There must be a way to tax rich foreigners who avoid citizenship.

You aren't fooling anyone, Carlos Slim. If you were poor, you would be hidden in the first 18-wheeler headed northward. Give us your loot.

dittybopper: delathi: "Eduardo Saverin wants to de-friend the United States of America just to avoid paying taxes," Schumer, a New York Democrat, told reporters today. "We aren't going to let him get away with it."

Might have some problems with Article 1, Section 9:
No bill of attainder, ex post facto law, nor any law impairing the obligation of contracts, shall ever be passed...

Sure, make it hard for the next guy, but Saverin renounced his citizenship in September and it was perfectly legal for him to do so without penalty.

Schumer isn't really known for being a constitutional scholar.

Taxes can be made to be retroactive. Not sure of parameters, though.

jso2897: But no backsies. You flee the US to avoid your social obligations - you never set foot on her soil again.

35 years is a long time to hold a grudge against Carter for granting amnesty. Just let it go.

ginandbacon: How on earth do you determine/prove why someone is renouncing their US citizenship?

Our government it just smart enough to "know" why someone else is renouncing their citizenship. Why don't you trust our government to never be wrong? Why do you hate America?

imontheinternet: Chuck Shumer is one of the sleaziest guys in Washington. People need to look very closely at what he's proposing, because I'd bet real money that it's full of loopholes and exceptions for all his cronies.

I suspect there will be an exception for giving up your citizenship to become an Israeli...

imontheinternet: Chuck Shumer is one of the sleaziest guys in Washington. People need to look very closely at what he's proposing, because I'd bet real money that it's full of loopholes and exceptions for all his cronies.

it is in the article:
"unless they show they didn't renounce their U.S. citizenship to avoid taxes."

Q: why did you renounce your US Citizenship?
A. Romney is President.

what an obvious loop hole.
the facebook guy was only in the US for 10 years and has been living in Singapore the last couple of years. The government would have to show that he renounced because of taxes.

TheGhostofFarkPast: I thought the US already did this? Meaning when you leave the IRS sends you a tax bill for your final worth before you walk out the door?

They do.
The FB is not contesting it.
Schumer just wants more, after the fact.

tenpoundsofcheese: The government would have to show that he renounced because of taxes.

I bet they can come up with at least 67 million reasons.

Waiting for the obvious follow up of taxing the millionaires for leaving a state. Looking at you NY and NJ.

Dinobot: tenpoundsofcheese: The government would have to show that he renounced because of taxes.

I bet they can come up with at least 67 million reasons.

how?
How can they prove that when he renounced his citizenship that he knew what the shares would be worth 9 months later?

I