Quoting an old Okie, “How much rice can a damn Chinaman eat?”
It applies to our federal government and the profligate spenders in Congress. They just can’t get enough.
See, Eduardo Saverin, co-founder of Facebook and originally citizen of Brazil, became a US citizen in 1998. But after graduating from Harvard, he moved to Singapore in 2009 and he’s lived there ever since.
So when faced with the daunting US tax burden of Facebook’s IPO, he chose to renounce his US citizenship rather than pay the $67 million in taxes he would pay as a US citizen.
Senators Chuck Schumer (D-NY) and Bob Casey (D-PA) took to the grandstand to introduce – get this – the Ex-PATRIOT Act (Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy).
As Tyler Durden brilliantly said over at ZeroHedge.com, “One wonders just how much taxpayer money was spent to pay naming consultants to come up with this witty acronym for a law that can only be classified as utter idiocy.”
Right on Tyler.
Quoting Schumer, “We plan to put a stop to this tax avoidance scheme. There should be no financial gain from renouncing your country.”
Hey Chuck and Bob, we have a suggestion – how about passing a freakin budget before you go trying to strong arm the producers of our society?
We can only guess how many new public programs and entitlements you would create with the $67 million if you did get your hands on it. Because Heaven knows you wouldn’t use it to pay down the debt.