The Ex-Pat Act

It seems that every week brings some stupid/repulsive piece of legislation out of the Democratic “leadership”. A few weeks ago, it was the repellent People’s Rights Amendment. Then last week, it was the Trayvon Amendment. And now, it’s the Ex-Patriot Act:

Facebook co-founder Eduardo Saverin has gone ahead and given up his U.S. citizenship before the social network’s IPO, thereby saving an estimated $67 million in taxes, and personally pissing off our nation’s leaders. In direct response to what they call Saverin’s “scheme,” New York Senator Chuck Schumer and Senator Bob Casey of Pennsylvania are unveiling their “Ex-PATRIOT” Act — “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy.” The plan will aim to impose taxes on expatriates anyway, as well as bar those like Saverin from returning.

There are lot of people who think this is reasonable. I’ve heard some people mention an “exit tax” that would grab part of the wealth of departing rich people. I’m sure they have their reasons for supporting it. And I have my reason for opposing it. In particular:

We are not the Soviet Union.

Being an American is a choice; a privilege. We extend this privilege to people who are born here and go through the arduous process of immigrating. But is is voluntary. We do not put up walls to keep people in this country like the Soviets did. We do not confiscate people’s wealth as they leave, as the Germans did. We do not force people to flee across shark-infested waters, like the Cubans do. If you want to leave this country, its freedoms, its opportunities … well, go ahead. Being a free country means people are free to leave.

I realize this infuriates men like Schumer and Casey (my Senator!) who think that all the money in this country belongs to them and we just keep what they allow us. But their efforts would be better focused on making this country more appealing to entrepreneurs.

As for Saverin, I hope he enjoys Singapore. And I hope that he stays away from drugs if he values his backside. I think, in the end, he’s going to find out that other countries aren’t all they are cracked up to be.

Comments are closed.

  1. FPrefect89

    The more I hear about laws like this make me think more of the laws and rules that were set up in Atlas Shrugged. Only can own one company, companies cannot move from one area to another, etc. I swear truth is becoming more like the fiction.

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  2. Hal_10000 *

    Chuck Schumer made an ass of himself at the press conference. Choice quotes:

    Mr. Saverin’s social network is about to get a lot smaller

    Eduardo Saverin wants to de-friend the United States of America

    How does this hamster keep getting elected?

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  3. Biggie G

    I think this is one of the times that this comparison is valid. The fourth pillar of communism is:

    Confiscation of the property of all emigrants and rebels.

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  4. Seattle Outcast

    CM will now stop by to claim that this is proper and needed. He will then post a link to the Daily Kos, Pravda or other disinformation site, and talk about subsidies.

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  5. FPrefect89

    How does this hamster keep getting elected?

    Simple. When the electorate states, “Throw the bums out,” meaning throw all the bums out but “ours”. After all, “ours” brings home the bacon!

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  6. Mississippi Yankee

    salinger

    I’m not sure who the “somebody” you refer to is, as John Boehner is pretty much the epitome of an establishment republican. Hank Reardon he ain’t but what he said was:

    Boehner commented that was Saverin was doing was already against the law in the United States. He was talking about legislation that was passed int he 1990′s by Senator Jack Reed of Rhode Island, which sanctions Americans who renounce their citizenship in order to not pay their taxes.

    Although I will concede the article concludes with the typical ‘go along to get along’ comment of a man playing both sides against the middle.

    Given that he said that what Saverin did was already against the law but if passing a new bill became necessary they could count on his support.

    Boehner said,

    “If it’s necessary, I’d surely support it,”

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  7. Section8

    Oh I didn’t know Boehner was ok with this. I can’t speak for everyone but I now change my mind completely and am all for it. Hell, tax them twice. I mean, people come on, if a Republican is now on board we have no choice but completely throw away any disgust with such legislation and now hop on board. See you there!

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  8. salinger

    if a Republican is now on board we have no choice but completely throw away any disgust with such legislation and now hop on board. See you there!

    You mean it could be wrong to paint a whole group by the actions of a few of those who claim to be members of said group?

    That’s just crazy talk.

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  9. Section8

    Hal posted this yesterday and stated correctly it was a bill proposed by the Democratic leadership. Your article is dated today. I’m not sure how he or anyone else here would be clairvoyant enough to know what numb nuts Boehner was going to respond with, but now that he has I’m willing to bet anyone here complaining about how stupid the idea was yesterday hasn’t changed their mind today. So anyhow where do you stand on this idea?

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  10. salinger

    So anyhow where do you stand on this idea?

    Well – the whole game is rigged anyways. Singapore is a really nice place if you have tons of cash and I’m sure this kid will find a way to enjoy himself. It’s not so great a place for the thousands of Malaysian laborers (except on Sundays when they picnic on Orchard Street) – but that’s neither here nor there.

    It’s this guy’s prerogative to live wherever he wants. I’m no big fan of locking the barn door after the livestock has made tracks – so any after the fact punitive measure is stupid. If he renounces his citizenship – then fine – don’t let the door hit you in the ass and don’t come crawling back when the Singapore tech bubble bursts and they are appropriating your property.

    Frankly, I am surprised he couldn’t find loopholes already in the system that would have sheltered his assets.

    My bottom line – lower the corporate rate – but really reign in the loopholes. Nobody with an ounce of business acumen pays the going rate. Trouble is – once those loopholes are in place they never get rescinded – they just become Easter eggs for those who are playing at the level where they can be taken advantage of – hence the never being rescinded part.

    Second bottom line – it’s fucked and I have no idea how we ever get enough people to agree on how to unfuck it.

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  11. Mississippi Yankee

    Not completely related to this “former Brazilian then American and now citizen of Singapore story but I want to point out how some on the left confuse conservatives with Republicans as you did with Boehner salinger.

    Philip Klein is one of the best young conservative journalists in Washington, D.C. — prolific, incisive, and always refreshingly candid and consistent in holding politicians in both parties accountable for their big-government proclivities.

    Today, Klein released a concise e-book titled “Conservative Survival in the Romney Era.” For those of us who have always stressed the importance of distinguishing between the Republican Party and the conservative movement (and long before the Tea Party movement came into being), Klein’s thoughts are just what the public discourse needs right now. It’s exactly the right message and the right time for it.

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