Schumer Trashes Conservatives For Defending Facebook Co-Founder’s Tax-Dodging Move

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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.