Death Toll Revised Down to 24 After Monstrous Oklahoma Tornado…100+ Injured…Children Among the Dead…Stunning Pictures…Woman Finds Dog During Interview!

WATCH on TheBlaze TV: Latest Updates on Tornado Aftermath, Including Updates From Glenn Beck in Oklahoma

Business

‘Ex-Patriot’ Games: Vindictive Senators Propose Bill That Would Ban ‘Tax-Dodging’ Facebook Co-Founder From Reentering U.S.

May. 17, 2012 4:38pm

Senators Chuck Schumer (D-NY) and Bob Casey (D-PA) have proposed a new law that would “set a 30 percent capital gains tax rate for expatriates on all future investment,” and ban people like Facebook co-founder Eduardo Saverin from reentering the U.S., Gizmodo and POLITICO report.

“Saverin has turned his back from the country that welcomed him, kept him safe, educated him and helped him become a billionaire,” Sen. Schumer said at a press conference with Sen. Casey, adding that the country should “defriend” Saverin.

Saverin, you may remember, renounced his American citizenship shortly before the social network announced it was going public.

“Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company,” Bloomberg reports.

Ex Patriot Games: Vindictive Senators Propose Bill That Would Ban Tax Dodging Facebook Co Founder From Reentering U.S.Eduardo Saverin

“Saverin’s stake is about 4 percent, according to the website Who Owns Facebook. At the high end of the IPO valuation, that would be worth about $3.84 billion,” the report adds.

Saverin’s decision to renounce his citizenship and move to Singapore, a country where there is no tax on capital gains, could save him as much as $67 million. Unsurprisingly, the thought of losing all that taxable income has really riled up a couple of senators.

“This is a great American success story gone horribly wrong,” Sen. Schumer said.

Tom Goodman, spokesman for the Facebook co-founder, claims his client, who has lived in Singapore since 2010, didn’t base his decision on taxes but on the fact that he has major investments in that country.

“[Saverin] recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Goodman wrote in an e-mail to Bloomberg.

And although Saverin is still subject to an “exit tax” on his Facebook holdings prior to dumping his passport, “it will be much less than he would have paid if he remained an American citizen once Facebook had gone public,” POLITICO’s Tony Romm writes.

Saverin insists it’s not about avoiding taxes.

“I’m not a tax expert,” he said, according to the NYT. “We complied with all the known laws. There was an exit tax.” “This had nothing to do with taxes. I was born in Brazil, I was an American citizen for about 10 years. I thought of myself as a global citizen.”

Nevertheless, senators Schumer and Casey want to ensure nothing like this ever happens again.

“The two Democrats unveiled a bill called the Ex-PATRIOT Act, or the ‘Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy’ Act,” Romm reports.

“It may never even rise to the level of committee consideration, but if it does pass, it would require Saverin and others who renounce citizenship to pay taxes at a 30 percent rate on any U.S. investment,” he adds.

However, the penalty will only “prospectively impose a tax on an individual’s future investment gains,” according to the bill.

This means “it may not touch amounts Saverin stands to make with the IPO and others who long ago dodged the tax bullet,” the report adds.

“Schumer said it would still affect Saverin and others who invest in the United States to maintain their net worth,” POLITICO notes. “The bill would create exemptions for those who have good reasons to give up their citizenship and sets a floor on who would be affected by the tax penalties.”

Sen. Schumer ended with a message for the Facebook co-founder: “Pay your taxes in full, or don’t ever try to step foot in the United States again.”

Sen. Chuck Schume, Eduardo Saverin, & Sen. Bob Casey

Well, what does that mean?

"If Saverin were to try to visit, say, Silicon Valley from his new home in Singapore (where he'll pay zero taxes on his Facebook doubloons), he'd be promptly turned around and sent packing," Gizmodo's Sam Biddle writes.

Sen. Schumer insists the bill isn't targeting Saverin personally.

"We're not targeting one person, we're targeting all people who have done this over the past 10 years," Sen. Schumer said.

Writing on The Blaze blog, Nick Rizzuto had strong words for senators Schumer and Casey:

Let’s call this what it is: a punitive tax and permanent exile for wealthy Americans who choose to flee the atmosphere that has been created by the government.
[...]
This is what you get from a government that refuses to acknowledge and address the conditions that drive out its own citizens.

This article has been updated.

In CONTROL, Glenn Beck presents a passionate, fact-based case for guns that reveals why gun control isn’t really about controlling guns at all; it’s about controlling us. Find out more HERE.

Comments (108)

1 2 3
  • football lady
    Posted on May 17, 2012 at 6:10pm

    Would rather ban Chuckie from entering the halls of Congress FOREVER.

    Report this comment

    football lady  
    • MAMMY_NUNN
      Posted on May 17, 2012 at 7:14pm

      I think we should check on Chuckies tax status first.

      Report this comment

      MAMMY_NUNN  
    • jhaydeng
      Posted on May 17, 2012 at 9:12pm

      Schumer is the most appalling Senator ever to represent (term loose) New York! He and Gillebrand are so Socialist that Marx is shaking in his grave!

      Report this comment

      jhaydeng  
    • rachany
      Posted on May 18, 2012 at 5:49am

      This is just like in Cuba. At the beginning of the Robolution when people decided to leave for the US, they had their possessions taken inventory of, by the Government dogs, and they had to leave everything for the government or they were not allowed to leave. If you a painting, or a refrigerator that you wanted to give to your brother, you had to do it before you made known that you intended to leave the country. One big example of that was when Celia Cruz, the cuban star singer, left the country, they made her take off all the jewelry she was wearing (real and expensive) and they took all of it from her at customs.
      This is socialism at its “best”.
      The funny thing is that nobody does that to the artists that leave european countries, for example John Lennon, and other british musicians that leave UK because of the high tax rates and ocme to the US. I guess paraphrasing the popular song title “Give peace a chance”, maybe he meant “Give ME a chance”

      Report this comment

      rachany  
    • johnjamison
      Posted on May 18, 2012 at 7:31am

      Oh no you mean he won’t get to re-enter the tax he77hole the liberal have made out of America…..I guess he’ll just have to spend his billion in a country where it spends like billions.

      Report this comment

      johnjamison  
    • Workingstiff
      Posted on May 18, 2012 at 8:13am

      It was his own federal taxing policies (which nobody can understand) that he and his weasels
      voted for which created the unfairness that causes people to run away from America.
      Then the same people who created the taxation system have the gull to complain about it’s unfairness and blame the people follow the rules. You professional politicians created the problem now “own it” and correct it or resign !!!

      Report this comment

      Workingstiff  
    • hidden_lion
      Posted on May 18, 2012 at 8:25am

      Chuckie is pure commie. It is none of his business why someone gives up their citizenship. It is probably for crap like this. Once they renounce their citizen status, Ol’ Chuck has no authority to demand anything from them, no taxes, no explanation, nothing.

      Report this comment

      hidden_lion  
    • turkey13
      Posted on May 18, 2012 at 11:17am

      Chuck Smuckester and Bob Lazey – life long politicians are ticked because they didn’t get a cut to their private off shore accounts. Once in America a person could use that dangling carrott to work 14 hours a day and get a reward at the end of the tunnel. Now when you come out on the other side a mob is waiting to take 60% of it for the good of the country. This won’t stop the hole in the dam – Chuck and Bob will try to plug it but the hole will just get bigger. Taxes aren’t fair at all anymore – folks that make at least $20 grand should pay at least 2 or 3% for all those same benefits the wealthy pay big bucks for. If Chuckie really is interested if fairness he will do this same thing to GE who moved MFG to China and screwed the USA out of a $ Billion, not a lousey $ 67 million.

      Report this comment

      turkey13  
    • MAMMY_NUNN
      Posted on May 18, 2012 at 7:13pm

      Let’s see how Chucky votes on amnesty and Citizenship the next time it comes up !!!

      Report this comment

      MAMMY_NUNN  
  • kindling
    Posted on May 17, 2012 at 6:10pm

    I better not see any Republicans support this kind of stuff or I will be sending money to anyone that will run against them in the next election.

    Report this comment

    kindling  
    • soybomb315
      Posted on May 17, 2012 at 6:17pm

      dont kid yourself – you wont give money to a democrat or 3rd party opposition. You will probably sit back and say they are the ‘lesser or two evils”. Or maybe someone would convince you to go along for the sake of the supreme court.

      Report this comment

      soybomb315  
  • honor.asawayoflife
    Posted on May 17, 2012 at 6:04pm

    so then is it bye-bye warren buffet? bye-bye tim geitner? bye-bye kathleen sebelius? bye-bye bill richardson? bye-bye charlie rangel? bye-bye GE? this facebook dude should just apply for a job in barry’s administration. apparently, it’s a resume enhancer.

    Report this comment

    honor.asawayoflife  
    • MAMMY_NUNN
      Posted on May 17, 2012 at 10:41pm

      What happened to the rule if you owe taxes they revoke your passport a while back ?

      Report this comment

      MAMMY_NUNN  
    • turkey13
      Posted on May 18, 2012 at 6:37pm

      @Mammy Nunn Where were you when Obama was selecting his Szars, 6 had to decline because of tax problems. Then there was Turbo Timmy that was the only person who could save us! Then there Was Charlie Rangle a sitting Senator – owed $700,000 in taxes. Then there Warren Buffit – You know – the rich need to pay more – he owes 1.1 billion to IRS. All these people have their passports because you are talking about two government agencies communicating and that will never happen.

      Report this comment

      turkey13  
  • Grace1798
    Posted on May 17, 2012 at 5:57pm

    If Obama is reelected, I won’t want to stay here (USA) either. He will turn this nation into a hellhole! And come back……….to what? After Obama is finished, they won’t let you leave. It’s the same as Nazi Germany….there was an open opportunity for many to flee and they did but misery for those who were not allowed to leave after Hitler took over.

    Report this comment

    Grace1798  
    • socialism.rocks
      Posted on May 17, 2012 at 6:21pm

      lmao such a patriot.. leave

      we dont want you or need you there is a milllion plus people willing gladfully to take your place…

      Report this comment

      socialism.rocks  
    • realistic_01
      Posted on May 17, 2012 at 9:36pm

      @socialism.rocks
      Yeah, but who’s going to give them all the welfare they come here for once all the producers leave? Oh, we’ll just borrow more from China, ha ha ha.

      Report this comment

      realistic_01  
    • socialism.rocks
      Posted on May 17, 2012 at 11:42pm

      rich people pay taxes??? hell they use more entitlements then they pay…

      america would be better off without them…the cost of global asset protection “military” is the largest budget busting thing on to americans
      if all rich people leave… the more polarized the world gets.. they get theirs in return….rogue nations.. taking siezing their wealth

      no dang asset protection let them pay for it themselves the real entitlement….
      leave rich people in hordes leave..take every dime nickle with you and take the ********* losers with you
      you arent really needed… you do nothing for america keep thinking globalized open markets are going to last forever
      keep thinking americans dont have the choice to do business from home or aboard…

      i am all for a weaker america more polarized world….

      Every action has a Opposite action

      also those who hate taxes…. the end of rule of law is coming
      might will be right~
      we will have our day natures law is coming

      Report this comment

      socialism.rocks  
    • hidden_lion
      Posted on May 18, 2012 at 8:30am

      Socialism-
      “might will make right..”
      The good thing is people like you won’t live very long in the coming struggle. Once your kind fall on the sword of evolution, this country can get back to it’s former glory as a land of freedom and opportunity.

      Report this comment

      hidden_lion  
  • michael48
    Posted on May 17, 2012 at 5:50pm

    “cash cow Berlin Wall”…the dem-wits will not be happy until they have every dollar in the Universe..even then it would not be enough…these comrade Gov. Gumbas HAVE TO GO…cut the spending YOU USELESS IDIOTS!!!!!!!!!!!!!!!!!!!

    Report this comment

    michael48  
    • TurboCat
      Posted on May 18, 2012 at 4:10am

      Schumer thinks he’s King. He feels ‘entitled’ to other people’s money so he can waste it. And yeah, it IS a new bill to target one individual just because he dared to piss off Chuckie Schumer. These people need to stop trying to increase taxes on ANYONE until they clean up the CORRUPTION of the GSA, the Dept of Injustice, and the MYRIAD of crony Solyndra type taxpayer-funded B.S. Because they are totally disrespecting the taxpayer when the GSA gets away with FLAUNTING their abuse in the taxpayers face!

      Report this comment

      TurboCat  
  • Cavallo
    Posted on May 17, 2012 at 5:45pm

    What exactly does US citizenship give you that you can’t get as a resident, or as a foreign national? Access to food stamps? Being able to carry a weapon concealed? Having 1/300,000,000 of a say in the presidential election? Is all that worth millions of dollars in taxes? What does the United States do for an individual worth that amount of money?

    Report this comment

    Cavallo  
  • shoulda coulda woulda
    Posted on May 17, 2012 at 5:41pm

    The land of the free unless you make Chuck mad. If Chuck and his cronies hadn’t screwed up the tax system so bad to begin with maybe the wealthy would stay.

    I am so tired of congressional blow-hards trying to get their name in the paper.

    Report this comment

    shoulda coulda woulda  
  • Cavallo
    Posted on May 17, 2012 at 5:35pm

    Ex Post Facto? Bill of Attainder? I guess all that means nothing, eh?

    Report this comment

    Cavallo  
  • DSTSS2010
    Posted on May 17, 2012 at 5:32pm

    Have you noticed that in all the pictures of these Liberal Boneheads, they look like they’re simple-minded.

    Report this comment

    DSTSS2010  
    • socialism.rocks
      Posted on May 18, 2012 at 4:53am

      and you republican bigots are at your end.. the world has moved on you arent the majority of anything

      and payback is coming your way..

      your day is coming the law will change and it will be you getting the short end…

      and there is plenty of payback coming your way

      Report this comment

      socialism.rocks  
  • single stack
    Posted on May 17, 2012 at 5:22pm

    Schumer (may piss rain down upon his head) is dancing awfully close to bill of attainder territory.

    Report this comment

    single stack  
  • soybomb315
    Posted on May 17, 2012 at 5:22pm

    Why is it that Mitt Romney, while at Bain, encouraged taking advantage of all the tax loopholes, tax breaks, government subsidies – and is declared an economic hero….But when a private individual tries to avoid paying taxes – he is a traitor.

    Hypocrisy

    Report this comment

    soybomb315  
    • rsanchez1
      Posted on May 18, 2012 at 1:48am

      False, Chuck Schumer and his cronies in Congress throw Romney under the bus for Bain as well, just to help their buddy in the White House stay there.

      Report this comment

      rsanchez1  
    • soybomb315
      Posted on May 18, 2012 at 7:22am

      i was talking about the standard republican

      Report this comment

      soybomb315  
  • Frodo RinosBane
    Posted on May 17, 2012 at 5:20pm

    Just like the Senate. Smokescreen against a private citizen to take the eyes off their inept-do-nothing Bad Selves.

    Report this comment

    Frodo RinosBane  
  • DogTags
    Posted on May 17, 2012 at 5:17pm

    Democrats are trying to erect a virtual “Berlin Wall” around American citizenship. What authority does Congress have to punish a person for leaving the country because of high taxes?

    So if you renounce your citizenship because you haven’t been proud of your country in your adult life that’s fine, but if you leave to avoid heavy taxation you must pay a penalty? This is essentially a Free Speech tax.

    Report this comment

    DogTags  
    • soybomb315
      Posted on May 17, 2012 at 5:24pm

      so much for ‘voting with your feet’…

      Report this comment

      soybomb315  
    • lovenfl3
      Posted on May 17, 2012 at 5:29pm

      Abotu 2 hours after this video http://www.youtube.com/watch?v=0t5bgM61ULc came out, the guy who made it got a call from a guy who used to work for Chuck Schumer and is also friends with Adam Estes, a writer for the Atlantic Wire. He wanted to know the source for the part of the video about the Saverin situation. This morning, Adam Estes put out a story about how Schumer is going after Saverin. This is why we need to keep putting out information, we can’t count on the MSM anymore. Crazy times.

      Report this comment

      lovenfl3  
  • republic2011
    Posted on May 17, 2012 at 5:14pm

    Well with that logic, Charlie Rangel and the boys might actually get deported to the Dominican Republic for good. Let’s do it!

    Report this comment

    republic2011  
  • FB247
    Posted on May 17, 2012 at 5:12pm

    Will the Senators take the same stance, when Obummer is voted out, and all the Hollywood elite start threatening to leave the country?

    Report this comment

    FB247  
  • Individualism
    Posted on May 17, 2012 at 5:08pm

    what a hypocrite he will probably move back to Israel to avoid taxes and they can’t force you to pay taxes in another country, gl with that,

    Report this comment

    Individualism  
    • soybomb315
      Posted on May 17, 2012 at 5:27pm

      I believe what Savarin is doing is called ‘blowback’. Cause and effect

      Report this comment

      soybomb315  
    • tzion
      Posted on May 17, 2012 at 5:32pm

      1. When did he EVER live in Israel as a citizen?
      2. You’re calling him a hypocrite for something that YOU say he might do in the future?

      I’m not too fond of this bill either but your comment goes beyond disagreement.

      Report this comment

      tzion  
  • Blackhawk1
    Posted on May 17, 2012 at 5:07pm

    How about the liberals go after Buffets billion he owes in back taxes?

    Report this comment

    Blackhawk1  
  • moussiagilda
    Posted on May 17, 2012 at 5:06pm

    Couple of foo-foo heads who wish they had any idea of what justice and rationality is. Lost in their numskulled nightmare. Believing, only believing, that they know what is right.

    They both have bad ****. Therefore.

    Report this comment

    moussiagilda  
  • georgesgirl
    Posted on May 17, 2012 at 5:04pm

    You can’t spend 30+years teaching kids that there is nothing “exceptional” with the U.S. Have a president say “I’m sure Great Britain thinks they are exceptional too”. Then turn around and be surprised when citizenship is treated like a commodity. It can be had for a better price somewhere else. Personally, I find an exit tax as disagreeable as a death tax. The money has been taxed once already. This ex-patriot dribble is just Schumer finding another microphone rather than doing his job. Say a budget or something?

    Report this comment

    georgesgirl  
  • GrumpyCat
    Posted on May 17, 2012 at 5:00pm

    Tune in tomorrow when when hear Gov. Brown attempt the same thing on ex-pat Kalifornians.

    Report this comment

    GrumpyCat  
  • wordweaver
    Posted on May 17, 2012 at 4:58pm

    Senators, I would rather see you guys forget about this kind of trivial nonsense and get to work figuring out how to pass a budget that will start that debt clock moving the other direction, or pass some legislation that will contain financial incentives for companies to grow here in America. You know, stuff that Americans care about. FOCUS!!!

    Report this comment

    wordweaver  
  • Carbine
    Posted on May 17, 2012 at 4:55pm

    Hmmmmm Seems to me that this coupled with the dems “Departure” tax is right out of the book from what the Nazis did to Jews in the 1930s and early 40s. After that the Nazis dropped all pretense and just started stealing and murdering the Jews. Good going Chucky, you have a place at the Nazi table. BTW, There are few, more despicable senators, than Chucky

    Report this comment

    Carbine  
  • JessicaChasmar
    Posted on May 17, 2012 at 4:51pm

    I think it’s brilliant. This guy is a hero in my book.

    Report this comment

    JessicaChasmar  
  • CatB
    Posted on May 17, 2012 at 4:46pm

    Perhaps if they stopped running taxpayers out of the country .. they would not have this “problem” …. their war on the rich .. is going to have consequences.

    Report this comment

    CatB  
  • toomuchgovt
    Posted on May 17, 2012 at 4:45pm

    So Tax Dodging is only okay for members of the government? Charlie Rangle, not to mention to numerous government employees who are “behind”/”failed to file / but not for someone that wants to keep more of what they earned? Maybe if the U.S. was more business friendly, not on such a communist path this guy would stay.

    Report this comment

    toomuchgovt  
1 2 3

Sign In To Post Comments! Sign In

Sign Up For Our Newsletter!

Glenn Beck Radio

Listen to Glenn Beck 24/7 Listen Now
Restoring Love