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Friday, May 18, 2012

Facebook & Greedy Democrats

Today, Democrat Senators Chuck E Schumer and Bob Casey have their panties twisted in a wad. They introduced their Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy or "Ex-PATRIOT" Act (don't you love acronyms).

Eduardo Saverin, a Facebook co-founder, 4% owner, renounced his citizenship in September of 2011. As of Facebook's IPO today, he is a multi-billionaire, but because he renounced his citizenship, he does not owe the US government a single penny.  If "Ex-PATRIOT" is passed, the law would unleash the government attack dog, the IRS, to investigate rich* people who renounce their citizenship to see if the only reason is to avoid taxes. If found guilty by government hacks, the act would impose a 30% tax on any future capital gains income of the person no matter where they live in the world...

It's not enough for Democrats that Facebook has created hundreds of thousands of jobs in the US, helped drive industry with advertising, given away free services to anyone who wants to join, and generated tax revenue since its inception. Democrats are "OUTRAGED." Obviously, everyone would be better off if Facebook never existed.

Eduardo Saverin did absolutely nothing illegal in renouncing his citizenship or using this tax avoidance strategy. Now Chuck E. Schumer and Bob Casey want to change the rules because they are "OUTRAGED" that someone might avoid funding their continuing spending spree which has put the country about $16 Trillion in the hole.

Let's look at these OUTSTANDING examples of other instances where Democrats were "OUTRAGED" because of tax avoidance (legal) and outright evasion (illegal):

  • Democrat John Kerry docking his yacht in Rhode Island to avoid paying $70k worth of taxes

  • Democrat Tax Cheat Tim Geitner who says he couldn't figure out the complexities of using Turbo Tax.

We all know that Democrats politicians only want money to "help the little people." It's not like they are a bunch of self-serving, vote-buying, hypocrites who will say or do anything to get re-elected. Just look at all the "OUTRAGE."

*anyone who was worth over $2 million with tax liability of over $148,000 over the previous 5 years.

ABC News article about the Ex-Patriot bill

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