As if you need another reason to dislike Charles Schumer and Bob Casey here is a real good one. Senator Casey and Schumer today announce their plan to bring forth the “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” Act” aka Ex-Patriot Act. This is yet another attack on the folks who want to leave the US and it’s growing police state.
Both Senators cited Facebook co-founder Eduardo Saverin whom renounced his citizenship and now resides in Singapore as an example of what this bill is reported to stop. What crime are they trying to prevent others from committing? Well Mr. Saverin is guilty of leaving the plantation and getting away from the tax slavery all citizens of the US are subject. In short they are angry that they can not feed of Mr. Sacerin’s wealth anymore through taxes.
What does this bill do if it is passed into law? It allows the IRS to decide if folks who have $2 million or more in net worth or An average income tax liability of at least $148,000 over the last five years; to pay an exit tax on the value of all property and assets owned by that individual. In addition if the IRS deems that the individual renounced his US citizenship for tax purposes he will be required to pay %30 on all future investment gains. If the choice for ex-expatriation is deems to be in large part tax related the IRS can decide to bar re-entry into the country. The law is also retroactive 10 years for anyone who renounced citizenship during that time period.
Well the masters on the DC plantation had decided that their tax slaves can not leave for greener pastures. If they do so they will seek to track us down and take our money from us any way they can. On problem with this besides the fact they have zero jurisdiction and it’s unconstitutional for a number of reasons. This has been tried in the past by many countries one that comes to mind is 1930′s Nazi Germany!