Tag: Eduardo Saverin

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.