Avoid Ex Patriot Act soon….
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