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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSchumer Trashes Conservatives For Defending Facebook Co-Founder’s Tax-Dodging Move
Sen. Chuck Schumer issued a fiery rebuke Thursday to conservatives who have criticized his legislation, inspired by Facebooks Eduardo Saverin, aimed at cracking down on Americans who renounce their citizenship to duck taxes.
The New York Democrat took to the Senate floor to declare hes appalled that conservatives would rush to the defense of a man who is turning his back on America. He said hes seen a torrent of vitriol in response to his bill, calling the nature of the pushback absurd, off the deep end, baffling and odious.
The criticism from conservatives has been fierce. Anti-tax activist Grover Norquist likened the bill to actions taken by Nazi Germany, while the Wall Street Journal compared it to Soviet-style exit taxes. Similarly over-the-top attacks have been voiced by conservative commentators, who have argued that Saverin was chased away by progressive tax policies in the U.S.
Grover Norquist says our bill is like fascist Nazi Germany, said Schumer, who is Jewish. I know a thing or two about what Nazis did. Some of my relatives were killed by them. Punishing Americans who ditch U.S. citizenship to avoid legal obligations, he said, is not even on the same planet as what the Nazis did to the Jews.
The New York Democrat took to the Senate floor to declare hes appalled that conservatives would rush to the defense of a man who is turning his back on America. He said hes seen a torrent of vitriol in response to his bill, calling the nature of the pushback absurd, off the deep end, baffling and odious.
The criticism from conservatives has been fierce. Anti-tax activist Grover Norquist likened the bill to actions taken by Nazi Germany, while the Wall Street Journal compared it to Soviet-style exit taxes. Similarly over-the-top attacks have been voiced by conservative commentators, who have argued that Saverin was chased away by progressive tax policies in the U.S.
Grover Norquist says our bill is like fascist Nazi Germany, said Schumer, who is Jewish. I know a thing or two about what Nazis did. Some of my relatives were killed by them. Punishing Americans who ditch U.S. citizenship to avoid legal obligations, he said, is not even on the same planet as what the Nazis did to the Jews.
More here:
http://tpmdc.talkingpointsmemo.com/2012/05/schumer-trashes-conservatives-for-defending-facebook-co-founders-tax-dodging-move.php?ref=fpb
Wtg Chuck!
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Schumer Trashes Conservatives For Defending Facebook Co-Founder’s Tax-Dodging Move (Original Post)
SunsetDreams
May 2012
OP
Renouncing your US citizenship doesn't enable you to avoid legal tax obligations. n/t
PoliticAverse
May 2012
#2
historian
(2,475 posts)1. and so they should be!
Everyone knows that republicans are the very epitome of morality (except for those currently in jail for fraud and sexual molestation of young boys).
PoliticAverse
(26,366 posts)2. Renouncing your US citizenship doesn't enable you to avoid legal tax obligations. n/t
WillyT
(72,631 posts)3. K & R !!!
ieoeja
(9,748 posts)4. There is already a 30% exit tax.
(1) What is Schumer proposing that changes this law?
(2) Why are Republicans arguing against the creation of a tax that already exists?
(3) Why do people not take Saverin at his word that he simply has no urge to be an American and wants to do business with Swiss and Singapore banks?
The law was last modified in 2008. It applies to anyone with over $2M in assets. The first $600K are exempt.
Current Capital Gains tax is 15% and only if you sell the stock. Saverin's renunciation means he has to pay 30% on his stock whether he sells or not. If Saverin is lying and really did do this to save on taxes, then he joins Senate Republicans as bewilderingly ignorant of American tax law.
Reminds me of the time a House Democrat proposed an amendment to a law being passed by the Gingrich House. Republican after Republican got up to denounce the amendment pointing out that the amendment would make the entire law void. Finally a late arriving Republican rushed to the podium to inform his fellow Republicans that the proposed amendment was a verbatim copy of the 4th Amendment to the Constitution of the United States.
They quietly voted it down (!) then passed a law that they had all stated violated the Constitution. Once it arrived at the US Supreme Court, it was let stand which pretty much tells us how horribly partisan the Rightists on this court are behaving.