Two top senators went after Facebook co-founder Eduardo Saverin Thursday over his decision to renounce U.S. citizenship, unveiling a proposal they claim would bar him -- or anyone -- from de-friending the United States in order to avoid taxes.The law would force him to prove he *didn’t* do it to avoid taxes? How would you prove a negative?
Sen. Chuck Schumer, D-N.Y., who unveiled the proposal alongside Sen. Bob Casey, D-Pa., said their so-called "Ex-Patriot Act" would subject high-earning ex-Americans to a steep capital gains tax.
The bill was their answer to the move by Saverin last year to renounce his citizenship and move to Singapore. The decision, made public in a recently released IRS list, came ahead of Facebook's initial public offering, and fueled speculation that Saverin cut ties with America in order to cut down his tax bill. Singapore does not impose capital gains taxes.
Just like so-called hate crime laws, I don't really like laws that penalize people specifically for holding what some would consider the "wrong" views.
People should be able to renounce their citizenship whenever they want.
Update, 5/27/12: I like this from Mark Steyn:
No one should begrudge Mark Zuckerberg his billions, and decent people should revile in the strongest terms thug-senator Chuck Schumer's attempts to punish Zuckerberg's partner Eduardo Saverin for wishing to enjoy his profits under the less confiscatory tax arrangements of Singapore. It is a sign of terminal desperation when regimes that can't compete for talent focus their energies on ever more elaborate procedures to prevent freeborn individuals voting with their feet.