“Ex-PATRIOT Act” Would Penalize Tax Schemers Like Facebook’s Saverin
Senators Charles Schumer and Bob Casey are behind the “Ex-PATRIOT Act,” in response to Facebook’s co-founder Eduardo Saverin’s efforts to avoid paying U.S. taxes.
The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.
The plan would bar individuals like Saverin from ever reentering the United States again.