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Schumer Introduces Ex-PATRIOT Act: Will Banish Those Who Renounce US Citizenship
What comes after Banana Republic? Because America is it - after last week Facebook co-founder, and native Brazilian, Eduardo Saverin announced he would denounce his US citizenship, America has decided to make it virtually illegal to denounce one's citizenship in what can only be classified as the dumbest proposed law in recent history: meet the Ex-PATRIOT Act (Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy) proposed by Chick Schumer and Bob Casey. 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 Asses Gone (although we are open to any other non-taxpayer funded acronym suggestions).
From ABC:
Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.
In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.
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.
The plan would bar individuals like Saverin from ever reentering the United States again.
"Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time," Tom Goodman, Saverin's spokesman, told Bloomberg News in an email.
Last year 1,700 people renounced their U.S. citizenship.
So going forward everyone who no longer wants a US passport will have to check a box:
- Are you no longer a US citizen for tax purposes: Yes / No.
And to think there are those who inexplicably say America's elected officials are idiots, and central planning is sure to fail...
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Hahahahahahahahaha
There already is a law saying that if your net worth is greater than 2M and you renounce....you will still owe the US on your worldwide income for the next 10 years.
It's an obscure law, but nobody seems to be talking about it.
Sen. Chuck Schumer: You WILL eat this crap I'm forcing down your throat.
I am familiar with the fact that I will never escape. Although I will fight to the death for what is mine.
You know, I think the state of California needs to pass a similar law ... if you try to escape, you still owe your share of the debt that was racked up while you lived here.
Indentured servitude is SO underrated ...
LOL.. +1 on GULAG
The vampire squid is flexing its tentacles...
I am old enough to recall the Iron Curtain, and wise enough to know it was to keep people in rather than keeping us out.
Being a patriot these days can be quite scoundrelous.
Yet again, Ron Paul was right.
http://www.youtube.com/watch?v=esp-ruhkZqQ
This time it will be different.
So when they finally get around to building the fence along our southern border, the barbed wire on the top will face IN?
Cali aggressively pursues former residents(I think that was covered here not too long ago) but they don't always win.
Note the penalties CA tried to impose, including $10mil for NOT using it's amnesty program.
http://www.hgexperts.com/article.asp?id=5410
krispkritter :
"Cali aggressively pursues former residents ..."
So does NY state ...
Thought the courts struck that measure down in that state.
I think the state of California needs to pass a similar law ...
Translation:
Sure it's a Gulag, but it's OUR Gulag!
the next time somebody uses the word 'appropriate" in your presence
slap them in the face as hard as you can
I got news for you, CA already does something like this law. If you have lived in CA in the past 10 years or did business in CA of any kind, you might just get a tax bill from them. There was a story a few weeks ago about a guy who moved away from CA years ago and got a tax bill. Not only that, but CA got his bank (Wells Fargo I believe) to remove the tax bill amount from his checking account proactively.
The Repubs suck but the Democrats are pure evil.
Still a captive of the two-party myth, I see.
Still believing there are myths?
(IOW: You're not reality-based.)
It still amazes me that there are people who think that the party system and elections mean anything around here. Bush 1 paved the road ro NAFTA, "Free Trade" agreements and perpetual wars in the Middle East. Clinton (member of the CFR and Bilderbergers) solidified all of that and got rid of Glass-Stegal. Bush II looke the other way on the 911 attacks (although "conspiracy theorists" would say that he knew in advance) which gave us the Patriot Act, and sent the Constitution over to the shredder, lied us into wars in the Middle East that robbed us of our treasure - people and money that went to the military idustrial complex and other corrupt officials (there are $Billions that are still unaccounted for, although there are rumors that Jon Corzine was overseeing those programs /sarc off)and gave us TARP. Obama is Bush II. Has sent $Trillions to Wall Street and the Banks, plays golf with Jamie, has extended the Patriot Act with the NDAA and thinks it's OK to kill American citizens because he says so. The 2 party system is a "bright shiny object" for the 99.5% to distract them...
No one gets within sniffing distance of the White House usless the Financial Elite give their blessing. All of politics is about keeping the unwashed 99.5% distracted. Read you history with a more unbiased eye.
Maybe the safest bet these days is avoid getting wealthy so you don't become poor.
Yes, THAT is the answer. I propose that you right now quit your job and gibve away all your money to avoid the fate of the poor, poor people who become rich. The horror, the horror.
I was sarcastically intoning about getting taxed to poverty for being wealthy you boobus maximus.
Atlas Shrugged no?
No Doubt
Eduardo Saverin = Francisco d'Anconia
Ex-Party Riot
This is Farmer Schumer mending the fences on the edge of his land. See, a few of his cows have been getting through the fences and escaping recently, and when that happens, it means he can't milk them any more.
And old Chucky likes to milk his cows real hard.
He strikes me as the kind of guy who sends an Air Force drone to support the SWAT team that he has demanded be sent to get his cows back, even though it is his fault they strayed from the farm.
Schumer is probably the biggest asshole in the Senate, although Levin is serious competition. They see taxpayers more like beef cows but realize it isn't yet sufficiently politically correct.
Schumer (this shit, among others).
Levin.
Lieberman (DHS architect).
Do I sense a theme here?
Coming soon...All Hail President Goldsmithgoyimbasher!
I think this is a fine idea. Now they need to send the same notices to Apple, GE, Microsoft, and all the others who effectively have renounced their citizenship by avoiding US taxes. Citizens United should cut both ways, bitchez
I thought it was "they have the right" to go after income? But don't have to. This is a cap gain issue anyway
If you've lived here a long time, giving up SS and Medicare is a huge hit. If you look at the NPV of it, going full ex pat is a hard choice if have less than 4B
>>If you've lived here a long time, giving up SS and Medicare is a huge hit.
Like there will be anything left. It's gutted.
What is the NPV of an account with a negative balance? The USA is bankrupt. Get out, while it is possible.
Medicare is a disaster compared to the medical <care available in many other countries.
Zero
Actually (I've mention this before)
If you have some money/assets (2 million is the threshold) YOU HAVE TO LEAVE 30% of everything you OWN NOW (think death tax), at the door before leaving.
NOT TRUE
All you have to do is pay a one time mark to market on all assets held worldwide. Of course if you ever invest in the US thereafter you still pay US taxes on your income and cap gains.
Thats my biggest problem with leaving. If I keep buying US stocks then I dont really gain anything.
.. and the USA, Russia under Stalin and Nazi Germany are the only counties in history to have such exit policies.
I renounced several years ago and believe me it is very easy to stay away from US investments and USA territory.
Oh, I’m sorry, is that all?
One time mark to market on all assets held worldwide… let me write them a check out of petty cash… no big deal.
NOT TRUE
Once you expatriate there is no capital gain tax but you do have to pay a 30% withholding tax on dividends and interest.
This proposed law is repugnant. Income tax is unconstitutional. Look it up.
Americans really have no idea how their country has become the model of fascism they purportedly fought against in WW2.
The most likely reason that nobody is (still) talking about it is that it was repealed in June, 2008.
xPat
I think you need to re-read 26 USC §877.
Incorrect. If your net worth is over 2M, you pretend to sell all your assets on the day you lose citizenship. If you have over $600K of capital gains, you pay capital gains tax on the difference. If you have an IRA, you pay income tax on the entire balance but cannot withdraw it (unless you are 59 1/2) without paying the additional 10% early withdrawal penalty. After that, you don't do business with the IRS again unless you have US source income.
R - Restrict
A - American
P - People
E - Escaping
Protecting Revenue Interests Strangling Our Nation
Here's a comment from a Reuters post:
'Unless I’ve totally misunderstood every history book that has passed through my hands, dumping citizenship for tax reasons is exactly how America started.'
Only terrists read history.
America - Reading is for faggots.
http://mybfolder.org/albums/_USAvsEUROPE/1202898414492.jpg
oh, i cant take these big laughs this early in the day.
Protecting Republican Interests & Coddling K Street
Berlin Wall, 2012
So that's why they're building that wall in Arizona
You don't earn what you produce, now or in the future. The politicians own it and if your production rate decreases, you will be punished.
Well, I guess it is settled. I aim to misbehave.
+1 for the Captain Malcolm Reynolds reference...
Well, it figures. Remember that dissidents in the old Soviet Union who managed to get out were also barred from ever going back, until the Soviet regime finally fell. For many it was decades or they never saw their homeland again.
The way the USSR was, the country was doing them a favor unlike the USA.
I disagree. And I'll do it in acronym form:
DHS
NDAA
TSA
USA PATRIOT...act
And some of them made a small fortune for some time bashing anything Soviet when they got out. Roles reverse, this time American tax dissidents will run to Russia (or wherever) to bash anything American - there is a demand and price for this as well I'm sure.
Almost as funny as this Bloombug bitch caught with **something** between her legs on live TV...
http://www.youtube.com/watch?feature=player_embedded&v=5a0Sz0AGjqs
ROTFLMAO!!! WHOOOOOPSIE!!
THAT is why I keep CNBS, Boombug, CNN et al on my monitors... for the entertainment!!
Wearing a "personal massager" at work would certainly make a girl's workday more enjoyable!
Whatchutalkin'bout Willis?
That there's one of those fancy 'magnets' for her chakra energy...
that or its a massive dildo disguised as a Boombug "microphone" the girls wear... wouldn't that be ironic?
LMAO!!
Thanks for making my day! The tears are streaming & my stomach has done the equivalent of 500 sit ups I'm laughing so hard!
Ok, ONE MORE I promise... you better sit for this one
Please, as WB says, this is a DRINK FREE ZONE
http://www.liveleak.com/view?i=fd7_1337115037
LMAO!!
ur killing me!
I see the one star bandit is here on duty today!! LMAO
Oh, and I love the PROPAGANDA TODAY!!
>Bloombug: "Foreclosures fall to 5 year low on US recovery"
Ummmmm.... WHAT?!?!!! YOU IMBECILES!!! It fell to 5 year lows because of legal red tape, bank stops, and a myriad of other legality issues and has NOTHING to do with "RECOVERY" you dumb shits!!
>Rueters: "Jobless claims hold steady at 370k"
Ummmmm.... WHAT?!?! YOU IMBECILES!!! The numbers were REVISED UPWARD LAST WEEK AGAIN but you never report that, do ya?
LMAO!!!
Thanks for the laughs MSM!! Too bad the sheep can't hear you...
Aziz right! Yes, laughable old Schumer waiting for his wahhhmbulance to arrive. Him and his ilk in Congress have cost this country far more than anything that could be derived from people fleeing this soon-to-be draconian wonderland. Why can't someone draft a bill that says we get to vote Congress-critters out, not just of office, out of the fucking country. Primarily because they're so self-absorbed and self-serving that they can't even begin to uphold their oath of office because their greedy hands are full of lobbyist's cash. Chuck Schumer, that is chuck!, him, and the bulk of this sorry ass Congress and Administration into Mexico. Maybe they'll end up on the wrong end of some of those Fast and Furious weapons and the planet will smell just a little less shitty...
pretty ironic for shumer to complain about a lack of patriotism, given that his first loyalty is to zionism and not the United States.
Welcome to East Berlin.
OK, this will seem a little naive on my part but isn't this kinda Unconstitutional../sarc
What a surprise. Now where have I heard exactly this discussed before.....
www.youtube.com/watch?v=Z1U7LgjkpHo
Not a bad idea
small minds think alike
worked great for east germany
"complain and do nothing about it"
Merica.
And crush those that do with Draconian new laws.
Curious what you think can be done?
My purpose is not to try and reason with the irrational majority. My purpose is not to beg to keep what is mine. There is no shame in retreat. I have no desire to fight with family and friends and the overwhelming majority. You can have it. Enjoy. Your eutopia awaits.
sheeple 101, good job katz
Just build a wall and stop people from leaving
Finally, a reason for a wall on the Southern Border.
Can't wait until they get the machine guns installed.......only then can we feel really safe.
Flashlights, helicopters and German shepherds, trained by best imported German professionals.
And minefields of course.
That was the point ALL ALONG! Latin America will continue to look enticing to run away to as shit goes down and life gets harder.
RP nails it again:
http://www.youtube.com/watch?v=esp-ruhkZqQ
What was the name of that other Doctor who said that fences keep people in?
This one? http://www.youtube.com/watch?v=esp-ruhkZqQ
Bingo!
You mean the government employed doctor who still works for the government?
they already are.
How nice. Makes perfect sense, necessity is the mother of invention.
Ex-PATRIOT Act (Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy)
Can you how much they paid the consultant who came up with that term?
And you guys still doubt the abilities of the central planners?!
Strange. I was under the impression April 1st had already passed.
Jeebus.
better get zee papers straight people. you dont want to be cought without zee papers.
The tighter the grip, the more that slip through...
End games afoot gents.
Our "representatives" really stink of fear if this is how they are spending their time. Build that fucking wall around Washington and burn that fucking place to the ground. The next batch of representatives might actually do their fucking jobs knowing that there will be real consequences for failure.
Correction: "Build a fucking wall around washington and catapult dead livestock into it"
Correction: "Build a fucking wall around Vichy DC and catapult burning dead livestock into it."
Can we fling chevy volts too?
Yes......just turn the ignition on first to make sure they're burning properly.
Submit the proper forms for your tax credit....don't forget that.
That would create actual demand.
Everyone living in DC needs to think seriously about running away from the Pit. That and the people living near 33 Liberty.
Que "Bat Out of Hell."
I live in DC now. On Monday my girlfriend and I both started contacting people in Texas for work opportunities. I want to be in a place with like minded individuals, and TX is hands down the place to be when SHTF, if you have to stay in the states of course.
Texas, who has for years running been the hands down winner of the state sanctioned killing game?
No place is perfect.
Have any better suggestions for me?
Idaho, for one.
I would look at the Montana and the Dakotas area. Still wealth being generated there and seems to be pretty minimalist.
Anywhere inside the US is going to be limited though. Not going to go all Simon Black on you, but the FEDs really have the states by the short hairs.
Texas has alot of industry, but they have water and demographic issues in play. Galveston does look beautiful though. And has the bonus of being the Congressional District of a certain soothsayer that is well respected here.
pods
Just like Lucy & Ethel in the chocolate factory.
Millions of hungry minority zombies vs. thousands of hungry (but well-armed) redneck zombies? Yeah, doesn't matter.
DC is the heart of the fascist American empire. All of the political elite live here. All of the traitors to foreign countries live here (the Iranians, the Iraqis, the Koreans, etc.). All of the foreign diplomats live here.
And it has dozens upon dozen of law enforcement agencies. And about a dozen military bases within 30 minutes driving distance.
The DC area is the safest place to be during times of civil unrest, provided you've got your government issued ID badge with you and a nice suit to pass the check points without being gunned down by the police. The heart of the imperial empire will be the last to fall. And life within the beltway will continue on as it has, with teenagers driving Mercedes Benz's to their college classes.
Texas is already overrun with Mexicans and will be a Mexican majority state within a couple of decades. Good luck with that.
D.C. has 0% unemployment for anyone with a college degree. And most of those are making 6 figures. Even the English majors can get a nice 80K+ job working for the government fresh out of college. Doing what? Well, nothing really. Browsing the web and talking to co-workers mostly.
We're talking about median household incomes of $105K+ a year in all of the surrounding counties in a country with a median household income of $30K and 12% unemployment.
I fart in DC's general direction. Schumers father was a hamster!
Yes - build that wall, and do it fast. And if there's anyone left behind worth saving, we can send in Snake Plissken to bring them out.
+1 for the Snake Plissken reference.
Calls for a fence along the southern border soon to be non partisan and to include the north.
edit: Fuck Chuck Shumer, another dual nationality pos.
Indeed in the end socialism brutally trashes and wails because of the supposed "selfishness" of its slaves who just want to escape and be left in peace. There becomes no other alternative than to build walls and forcibly prevent people from leaving. The evolution of things in America is truly scary. Ron Paul must run third party if the GOP crooks deny him the nomination
Agreed, except that we are so far down the hole that Ron Paul and all his scary freedom would end up as a scapegoat when we finally hit bottom. It's all over but the wailing and gnashing of teeth.
Still don't recognize fascism yet do we? If by socialism, you mean the socialization of PRIVATE losses then you are correct. Otherwise, you are a moron.
Federal Unification Contract Keeping Members Enslaved
F.U.C.K. M.E.
Antiexpatriotarianism : a new fringe party for fringers and ZH heads having a bad day
We have imbeciles running this country, starting at the top. Tough to make this stuff up.
The thing is, when you ex-patriate, all of your assets step up to their fair market value. You are then required to pay tax on the gain. I'm 99.9% positive that Saverin paid a substantial portion of taxes upon renouncing his U.S. citizenship. But of course, it's never enough for these "tax-eaters."
The "enough" would be the portion held away from the US due to creative accounting. Any more and you would be correct.
Calculate the worldwide value based on all assets being held in the US under no creative accounting, irrespective of jurisdiction or arrangement. Bill accordingly even if the amount is higher than their US assets and recognize their denunciation when the bill is paid in full.
Then apply it to everyone without regard to political persuasion.
What's that term for a contraption where anyone can get in but no one can get out?
Hotel California
Unless you close your tax-abused business and move to Texas.
Leave it to a Democrat to propose that the only thing which should disqualify you for entry into the US is if you have money...
Maybe Schumer is just trying to build his resume here for a retirement job - he'd make a great bouncer at parties that want to keep out all the pretty girls...
A trap?
Roach motel
After the European Bank runs, now comes the US "Citizen" runs ...
Meanwhile in America...
http://3.bp.blogspot.com/-IswAj4gqYeE/T6eappL3VuI/AAAAAAAACao/4KnoelJqjQ...
Why oh why did I look, LMFAO!! Okay, that's it back to work, busy day.
Thats just fucked up.I can hear and smell the lard.
Visualize a crematory------in flames. Or they could be rendered into bio fuels.
I once heard George Carlin say something about fat people in America.
Its like the Roach Motel. Roaches can check in, but they can't check out.
Or like the Hotel California.
It's all about money.
the fed .gov which is trillions in the hole, going after a few (tens) thousand fiats? chasing paper? no, it's about control and asserting the authority of the .gov over the serfs (no matter how much bling the serf has)
You don't get to quit Amerikkka. Amerika quits you! Ceasar declares it so.
let's just turn the tables on these people & i'm BANNISHING THEM !
Congress Loots United States Treasury, Exacts Retribution For Unpatriotic Citizens (Kine)
Expatriot prevention = anti expatriotarianism.
Opposition to this = anti disexpatriotarianism
Financial rendition bitchez.
"If you have a problem with this country, then you can get the fuck out!'
"Ok, see ya..."
"Stop right there, criminal scum!"
Chick Shumer, well said!
Pure Communism at it's BEST!!!
If you can live in Switzerland e.g. why would you come back to the US? there is no reason at all.
I guess some people like being irradiated and raped at the air port?
You're right, of course, there is no reason any sane person would choose to stay in the fascist states of America provided they could live elsewhere. Of course, 98% of Americans are poor, in debt, and dug into this fascist hell hole and unable to leave. You hear their excuses even on Zero Hedge, "oh but my family", "oh but my home equity", "oh but my career."
Welp, enjoy the FEMA camps and ever expanding police state tyranny.
Proving countries are set up to be nothing but tax farms. It keeps getting more and more obvious by the day, and those in charge could care less and less what anyone thinks about it.
I emigrated 10 years ago. I want to renounce my US citizenship but I can't because one must have a second passport. They are hard to find , expensive and a time consuming process.
Alas, Icht ein Ameirikanish,heil Obama
come to antigua, I sell you my house and you get citizenship here but it's a banana repuplic either.