Avoid Ex Patriot Act soon….

Ecuador Overseas Services

Of course all of this was unnoticed until all the hype of the Facebook IPO which brought Eduardo Saverim back into the spotlight, two US Democrats stepped in to propose a new, draconian tax law to capitalize on the mania.

Extract from ABC News

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.”

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

View original post 399 more words

Advertisements

About Lina Landivar

Ecuador News & Travel, Inside scope, property listings, key ready packs, plus free services, proven honest local references, and how to avoid getting “overcharge” while in Ecuador.

Posted on June 1, 2012, in Uncategorized. Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: