General Discussion

SpankMe

(3,652 posts)

32. The proposal is unsupportable,...

Thu May 17, 2012, 02:30 PM

May 2012

...no matter what you think of opportunist troll Saverin.

Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

So, 2 guys own shares of IBM and each sells $1M worth of IBM stock. One guy is a US citizen, and the other is a British subject. The US citizen renounces his US citizenship to avoid the cap gains tax - but gets whacked for 30% cap gains anyway just for trying and is further banned from ever returning to the US.

But, the UK guy - who conducted the exact same size and type of sale and derives the exact same proceeds - skates on the US tax by default and still retains the ability to visit the US and to possibly become a US citizen in the future? All this simply because he wasn't a US person to begin with?

Law that is wholly punitive in nature and meant to extract vengeance is bad law.

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Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’ [View all] Purveyor May 2012 OP

This gets a like from me. Woody Woodpecker May 2012 #1

So if I decide to retire to France GoneOffShore May 2012 #2

Only if those assets actually are capital gains. drm604 May 2012 #3

why would you bother to renounce your citizenship? KatyMan May 2012 #4

If I get to the point of never wanting to come back to this country GoneOffShore May 2012 #44

Not being obtuse, but I still don't see the point KatyMan May 2012 #59

Yes I think under a certain amount should be exempt... 47of74 May 2012 #21

Plus the bonus of never getting to return HotRodTuna May 2012 #46

You could retire to France without renouncing your citizenship. JDPriestly May 2012 #56

Would serve the little bastard right.... ingac70 May 2012 #5

Not good enough. Congress has the power to impose taxes up to 100%. 26 USC 6672. AnotherMcIntosh May 2012 #6

What is the definition or meaning of "pay over" as it is used in that law? Trillo May 2012 #10

What's the purpose for the question? How is that related to the fact that Congress has the AnotherMcIntosh May 2012 #15

So, you don't know. Trillo May 2012 #19

I think you misunderstood the statute. dairydog91 May 2012 #39

Two reasons why you are wrong: (1) The statute doesn't penalize anyone for tax evasion. AnotherMcIntosh May 2012 #49

Evasion is mentioned directly in the general rule. dairydog91 May 2012 #50

Make me king and I would impose a 100% tax on all amounts that he was taking out of the country, AnotherMcIntosh May 2012 #51

I'd support this move. I'm sick of throwing softballs at rich assholes. nt Comrade_McKenzie May 2012 #65

This is why I don't have a facebook page zzaapp May 2012 #7

Jeez you little friggin weasle, just pay your taxes ! yesphan May 2012 #8

!!! FailureToCommunicate May 2012 #55

Yes! But instead of 30%, it should be at least a 50% tax penalty SunSeeker May 2012 #9

A day late. jp11 May 2012 #11

EXACTLY!! Tax the fuckin' corporations that are offshoring our jobs, but loudsue May 2012 #18

Yes! Misplaced outrage. lutefisk May 2012 #24

That's right Oldtimeralso May 2012 #28

There are people starving, familys homeless, union labor being laid off K.T.M. May 2012 #12

I know that there are some rich people here who will disagree K.T.M. May 2012 #13

+1 L0oniX May 2012 #23

Malicious intruder K.T.M. has been shown the door pinboy3niner May 2012 #25

over $100,000 to the government? tru May 2012 #35

Even Marx would say that the Laffer Curve becomes relevant at 100% marginal. dairydog91 May 2012 #36

It's a good thing you're not king HotRodTuna May 2012 #47

well stated! fascisthunter May 2012 #66

... and let's hope they extend it to other brazillionaires ... Myrina May 2012 #14

I support this in concept BUT.............. Swede Atlanta May 2012 #16

This is BULLSHIT and Chuck Schumer is an asshole! - n/t DeSwiss May 2012 #17

If you're serious, then I kind of agree. SpankMe May 2012 #30

I'd be fine with that if we'd then add to our policies to push companies out of the US jp11 May 2012 #33

I'm serious.... DeSwiss May 2012 #52

Please look in the mirror..... Swede Atlanta May 2012 #31

Well, I think that after ditching habeas corpus..... DeSwiss May 2012 #53

This would be kind of unconstitutional, wouldn't it? Spider Jerusalem May 2012 #20

May not be able to do anything about him. 47of74 May 2012 #22

Wow, he's going to make about 4 billion dollars and is upset he would have to pay out $67 million LynneSin May 2012 #26

He basically won the friendship lottery.. girl gone mad May 2012 #42

Saverin denied doing this for tax purposes. ieoeja May 2012 #27

What burns me about this little ass is...... Swede Atlanta May 2012 #29

On the grounds that he is a big fat poopie head? whistler162 May 2012 #34

The proposal is unsupportable,... SpankMe May 2012 #32

Law that is wholly punitive in nature and meant to extract vengeance is *fun* law. dairydog91 May 2012 #45

Just do a version of the estate tax a2liberal May 2012 #37

Eduardo Saverin is Stupid erpowers May 2012 #38

Probably more than that. dairydog91 May 2012 #40

Saverin paid over $365 million in US exit taxes. stockholmer May 2012 #60

Why not just stash the money in the Cayman Islands like Mittens does? Dont call me Shirley May 2012 #41

Because Eduardo would rather avoid capital gains taxes entirely. dairydog91 May 2012 #43

From the movie, it would seem as though Eduardo learned his lesson on how not to get screwed HotRodTuna May 2012 #48

I kinda reflexively hate any bill with an awkwardly emotive name. (nt) Posteritatis May 2012 #54

Really... MattSh May 2012 #57

Because it's harder to attack people for voting against a number Posteritatis May 2012 #62

What is totally absurd about this whole discussion avebury May 2012 #58

It's a reaction to it happening to a mediagenic target, pretty much. Posteritatis May 2012 #63

some problems I see stockholmer May 2012 #61

How about an ‘Ex-Patriot Act’ to undo the abominable Patriot Act instead? Vidar May 2012 #64