Boehner: Sure, I might support Schumer’s bill to tax Eduardo Saverin’s wealth

posted at 7:56 pm on May 21, 2012 by Allahpundit

Skip to 7:15 for the key bit. In fairness, he emphasizes that he’ll support it only if it’s “necessary.” There’s already an “exit tax” on the books, which Saverin paid, and a separate law that says an expatriate can be barred from re-entering the U.S. if the DOJ determines that he renounced his citizenship for tax purposes. Saverin quit the U.S., evidently with his tax liability in mind, because leaving before the IPO meant the “exit tax” would apply only to the gains on his Facebook shares as of his departure. (It also spared him from a potentially enormous estate tax bill, assuming the estate tax goes back into effect next year.) Schumer’s bill would build on the current legal framework. Details via TechCrunch:

It’s pretty big: any ex-pat with either a net worth of over $2 million, or an average income tax liability of at least $148,000 over the last five years, “will be presumed to have renounced their citizenship for tax avoidance purposes.” The ex-pat will have to demonstrate to the IRS that this is not the case if it is not. If there is a “legitimate reason” for that person living outside the U.S. no penalties will apply. But if the IRS finds that someone gave up their passport for tax purposes, they will impose a tax on that individual’s investment gains “no matter where he or she resides.”

The rate of that capital gains tax will be 30 percent — the same that non-resident aliens currently pay on dividends and interest earnings.

The tax detailed this act, if approved, will backdate for 10 years after its approval.

Are those new provisions “necessary”? Schumer and his co-sponsor, Bob Casey, sure think so: They’ve seized on Boehner’s comments to Stephanopoulos yesterday to demand that he bring the bill to the floor in the House. Given that Grover Norquist compared it last week to some sort of Nazi initiative, I’m guessing that would be a mighty interesting vote. In fact, given how bitterly the Schumer bill was attacked last week by conservatives, I’m shocked that Boehner even tepidly endorsed it here. His basic point is straightforward: It’s “outrageous” that anyone would value their citizenship so cheaply that they’d discard it to save money. Being an American should mean more than that. The knock from the right, though, is that Saverin was simply responding rationally to terrible tax policies; if you don’t want entrepreneurs to leave, enact tax reform that makes the U.S. more competitive globally. I think the response from NRO’s David French is more persuasive (would doves who renounce their citizenship because they disfavor U.S. foreign policy be applauded?), but unlike Boehner, even French thinks Schumer’s bill is a lame gimmick. I’d love to see a poll on the subject, but in the meantime Boehner will spend a few days squirming while his office figures out why the Schumer/Casey bill isn’t so “necessary” after all.

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Comment pages: 1 2

Bonehead needs to go. He’s part of the problem.

We need a true conservative to lead the GOP in the House and Senate.

ButterflyDragon on May 21, 2012 at 7:59 PM

Where did early man live? CAVES.

SouthernGent on May 21, 2012 at 7:59 PM

Saverin is a hero. Instead of his wealth funding the next Solyndra, Cash for Clunkers, Obamacare, Wall Street bailout, etc., that capital will now be used to produce things of real value that increase the prosperity of the human race.

soladoras on May 21, 2012 at 8:00 PM

Maybe if this country had a friendly work environment…
Without all these power grabs, surprise regulation and taxes…

Wealth might just stay here..

What a concept..

Electrongod on May 21, 2012 at 8:01 PM

Zero difference between the two parties.

Why not compete and make the USA an attractive place to stay?

tetriskid on May 21, 2012 at 8:01 PM

Would Saverin have been ok doing this if he was a congressman? Or does that only apply to insider trading?

JavelinaBomb on May 21, 2012 at 8:03 PM

This from same moron who only last week told Hussein he will stand for conservative principles?

riddick on May 21, 2012 at 8:03 PM

We better get a new friggin’ speaker with the new president.

This one’s a worthless, gutless, pandering, Establishment RINO D-Bag.

His face and voice sicken me.

Tim_CA on May 21, 2012 at 8:04 PM

i know it is just too geeky to talk about the communist manifesto, but seriously, this is Marx’s argument…seize assets of emigres

now i know Boehner can’t start raving about Marx…but it does seem that there could be a tiny reflection on private property that he could make.

r keller on May 21, 2012 at 8:05 PM

Ole Boner sure know how to stick feet in mouth and head up cranium at same time. I am not sure that American citizenship will not be worth much any longer if the present policies and attitudes prevail. What a perfect time to show what high taxes cause,,,,,what an idiot.

retiredeagle on May 21, 2012 at 8:05 PM

Is anybody running against this fool? We probably can’t get him out of the house, but I hope there is at least a move to get him out of that Speaker’s chair.

Alabama Infidel on May 21, 2012 at 8:05 PM

I have an idea, why don’t we change the tax code to encourage success comes here and stays here and discourages those looking for a free ride?

AndrewsDad on May 21, 2012 at 8:05 PM

Gee tha tmade sense didn’t it. Canium up anal orifice,,sorry.

retiredeagle on May 21, 2012 at 8:06 PM

Gee, I wonder why anyone with wealth would want to stay in this country with these slobbering jackals constantly trying to hijack their money for bullsh!t social programming and vote buying. This is only surprising to Washington retards. Boehner is a chump and should be ashamed.

CantCureStupid on May 21, 2012 at 8:06 PM

Where did early man live? CAVES.

SouthernGent on May 21, 2012 at 7:59 PM

Lie down with dogs, wake up with fleas.

Just ask Elizabeth Warren – deh fauxahontas. She lay down with dems. Wake up with syphillis. Cannot recover. Dems send in ……?

Key West Reader on May 21, 2012 at 8:07 PM

Ok, I quit.

retiredeagle on May 21, 2012 at 8:07 PM

OK class, why did the Rolling Stones leave England? Boehner? Boehner?

50sGuy on May 21, 2012 at 8:08 PM

We better get a new friggin’ speaker with the new president.

This one’s a worthless, gutless, pandering, Establishment RINO D-Bag.

His face and voice sicken me.

Tim_CA on May 21, 2012 at 8:04 PM

Stop it, he may cry on TV again…

riddick on May 21, 2012 at 8:08 PM

“The tax detailed [in] this act, if approved, will backdate for 10 years after its approval.”

Can Congress lawfully enact a retroactive tax?

Ira on May 21, 2012 at 8:08 PM

How about you lower their F*ing taxes, you moron.

rndmusrnm on May 21, 2012 at 8:09 PM

OK class, why did the Rolling Stones leave England? Boehner? Boehner?

50sGuy on May 21, 2012 at 8:08 PM

Never mind Stones, what about Hussein’s pal Bono and the rest of U2 who refuse to pay taxes in Ireland while claiming residence there.

riddick on May 21, 2012 at 8:09 PM

I don’t think its appropriate to change tax law to target the action of one individual, but I think we can all agree that the dude is a totally ungrateful a-hole, and that Obama should probably send a few drones after him.

Lawdawg86 on May 21, 2012 at 8:10 PM

Boehner is becoming dead to me.

sadsushi on May 21, 2012 at 8:10 PM

Why not compete and make the USA an attractive place to stay?

tetriskid on May 21, 2012 at 8:01 PM

Holy mackerel, what a concept!

It is a global economy now, is it not?

petefrt on May 21, 2012 at 8:12 PM

Expats that have worked in other countries for years have a choice, pay US taxes on the their foreign earnings, or renounce their citizenship. I think the US is the only major country with that kind of tax. Is there any support among Republicans for eliminating that tax?

GCM on May 21, 2012 at 8:12 PM

Is anybody running against this fool? We probably can’t get him out of the house, but I hope there is at least a move to get him out of that Speaker’s chair.

Alabama Infidel on May 21, 2012 at 8:05 PM

He is being primaried although I am not sure how successful that will be. And given moronic “seniority” rules in Congress I don’t think GOP will even consider another choice for Speaker no matter how much we scream about it. Maybe we should start a web site/petition and have people make a simple choice: Replace Boehner or not. If numbers get sufficiently high enough maybe Priebus will be smart enough to do the right thing.

riddick on May 21, 2012 at 8:15 PM

Schumer is almost as much of a narcissist as Obama… he’ll come up with a bill proposal for most anything that hits the news. Most are a waste of time because after the cameras are gone, he’s off looking for the next thing to spout off about and forgets what he just talked about.
As for the Speaker, when I saw the “ABC News” logo on the clip, I immediately realized that as one of Obama’s networks, ABC only asks Republicans questions that show the dimmycrats’ ideas in a manner most favorable to the dimmys. Therefore: nothing to see here, just business as usual for the Obama propaganda machine.

n0doz on May 21, 2012 at 8:15 PM

He better have said “If it’s necessary I’ll consider it” for political cover on TV. In which case he’s an ass and he’s got to go, but its manageable until then.

He better say hell the F no when it comes up in the House. Else this guy has GOT… TO…. GO.

cajun carrot on May 21, 2012 at 8:16 PM

Let’s hope that California, Illinois and a few others don’t take note of this. Nexti thing you know a lot of new Texas transplants/businesses will be paying the price for having the nerve to depart the States that were so very kind to allow them residency in the first place.

Mouse1 on May 21, 2012 at 8:17 PM

Got to admire the Dems. If the House was the only institution they held, you could be damn sure they would make hay out of it.

But not Mr. B.

AshleyTKing on May 21, 2012 at 8:19 PM

Boehner: Sure, I might support Schumer’s bill to tax Eduardo Saverin’s wealth

…Bonehead IS becoming OUR Schumer!
DORK!…support Schumer in any way and I will drive down to Ohio with any free time I have to work against this goof!

KOOLAID2 on May 21, 2012 at 8:19 PM

Let’s hope that California, Illinois and a few others don’t take note of this. Nexti thing you know a lot of new Texas transplants/businesses will be paying the price for having the nerve to depart the States that were so very kind to allow them residency in the first place.

Mouse1 on May 21, 2012 at 8:17 PM

An “exit tax” for Californians is probably in the works.

tetriskid on May 21, 2012 at 8:20 PM

It’s lookin’ more ‘n’ more like it’s time for a thorough House cleaning.

stukinIL4now on May 21, 2012 at 8:21 PM

Hey! How about US Senators who have their deceased mother (and resident of a state that imposes heavy inheritance taxes), being declared ‘resident of another state for tax purposes’?

What would Chuckie think of that?

Or how about a US Senator who boards his yacht in another state in order to avoid the luxury taxes in his state?

GarandFan on May 21, 2012 at 8:22 PM

Private Pyle, you have got to be sh**ting me!!

JohnGalt23 on May 21, 2012 at 8:22 PM

The tax detailed [in] this act, if approved, will backdate for 10 years after its approval.”

Can Congress lawfully enact a retroactive tax?

Ira on May 21, 2012 at 8:08 PM

Nice to ponder.

But, you know we now have those perky little drones. They’ll find the taxoffenders. And obliterate them and their livlihood and their sources of incomes.

Key West Reader on May 21, 2012 at 8:22 PM

The Weeper of the House has to go. He should have been tossed out of leadership back in March of 2011, at the latest, but he certainly should be thrown in the trash, now. He’s an idiot. He supports building a financial Berlin Wall around the US. Despicable.

First he capitulates on every single thing to the most retarded White House and dem party, ever.

Then he “understands” the Occupoopers, who don’t even understand themselves as they are nothing but incoherent, self-hating nihilists.

And now he supports Soviet-style exit controls on citizens because he thinks that people don’t own their own money.

I’d love to give that idiot something to really cry about.

ThePrimordialOrderedPair on May 21, 2012 at 8:24 PM

Or how about a US Senator who boards his yacht in another state in order to avoid the luxury taxes in his state?

GarandFan on May 21, 2012 at 8:22 PM

Eaux naugh. That shant be politically palatable. You can’t arrest the likes of John Kerreh. Naux wayux. You’d betray the lives of the elitists! And expose them for what they were.

/They’re all good now, man. I sware! Bright and shiny clean as a sun dripped non aborted child.

Key West Reader on May 21, 2012 at 8:25 PM

I see Boehner is working on that socialism problem… the part about running out of other people’s money, that is.

“The tax detailed [in] this act, if approved, will backdate for 10 years after its approval.”

Can Congress lawfully enact a retroactive tax?

Ira on May 21, 2012 at 8:08 PM

That they are even considering this is down right scary.

itsacookbook on May 21, 2012 at 8:26 PM

Make it stop….The dumb is too potent. My head is reeling.

Mimzey on May 21, 2012 at 8:26 PM

The Weeper of the House has declared the American Revol— illegitimate. Taxes are no reason to rebel.

We all know that we have no representation in Washington, these days. There is nothing left but the tax level. We don’t even have a Rule of Law, anymore, thanks to the Third World Dog-Eater declaring that empathy is now a legitimate main qualification for a judge and rulings … confirmed by the other GOP weasels in the Senate.

I don’t even know what to say, anymore.

ThePrimordialOrderedPair on May 21, 2012 at 8:27 PM

Please go away John!

bluemarlin on May 21, 2012 at 8:29 PM

The tax detailed [in] this act, if approved, will backdate for 10 years after its approval.”

Can Congress lawfully enact a retroactive tax?

Ira on May 21, 2012 at 8:08 PM

No, but we don’t have a Rule of Law, anymore. If a judge FEELS that the law should be allowed, then it’s just peachy keen. Our Constitution is nothing but toilet paper to these people.

ThePrimordialOrderedPair on May 21, 2012 at 8:29 PM

Make the schumer/bohner new tax law go back 10 years? I thought only marxist dhimpcrapts were in favor of bills of attainder. I guess RINOs are also.

Old Country Boy on May 21, 2012 at 8:30 PM

Can Congress lawfully enact a retroactive tax?

Ira on May 21, 2012 at 8:08 PM

Constitutionally no, The United States Constitution bar’s any Ex Post Facto laws. But, Congress hasn’t seemed to give a damn what the United States Constitution actually says for quite a long while now.

SWalker on May 21, 2012 at 8:30 PM

Has anyone considered that Bohener might be doing some kind of head fake here??

‘Sure, go full steam ahead on this boys’….

BigWyo on May 21, 2012 at 8:30 PM

If they lowered taxes, see how many expats come home, along with more rich fatcats looking for new cribs

Kini on May 21, 2012 at 8:32 PM

The Spelunker of the House is always ready to cave…

Gohawgs on May 21, 2012 at 8:32 PM

It’s hard to tell the difference between the parties nowadays.
Saverin was not born in the US, he was born in Brazil. He came here legally? Illegally? He took advantage of our education system, he took up a spot at Harvard, he made a bundle of money from our system.

But, the question is: How is he different than other illegal immigrants that come here, take advantage of our system, take from our education system and our entitlements??????
And yet, Chuck Schumer wants to give these millions of others amnesty.
I used to be a liberal, but consider myself a moderate now with continued education, but, I can smell bs from across the fruited plain.

BedBug on May 21, 2012 at 8:34 PM

Ok, I quit.

retiredeagle on May 21, 2012 at 8:07 PM

Retirement taking a toll big fella? :)

arnold ziffel on May 21, 2012 at 8:34 PM

Meh. What a crybaby.

Stu Gotts on May 21, 2012 at 8:34 PM

Go home Boehner. What a royal disappointing suck you turned out to be.

Can Congress lawfully enact a retroactive tax?

Ira on May 21, 2012 at 8:08 PM

retroactive for 10 years? That’s just moving the goal posts and how are we all to keep up? Hell in a handbasket, indeed.

Australia/home is looking better all the time.

fullogas on May 21, 2012 at 8:34 PM

A facebook or tweet from Palin will help stop this idea in its
tracks.

Amjean on May 21, 2012 at 8:35 PM

Boehner sucks. Sorry, I held out hope for a long time for this guy, but I’m at the end of my string with him. A decent guy in an earlier time, maybe. But today, Boehner as our leader sucks.

petefrt on May 21, 2012 at 8:40 PM

An average income tax liability of 148k over the last 5 years.

This is their Berlin wall.

On the upside it should keep the IRS agents in frequent flyer miles because this law would take a LOT of hands on enforcement.

Statists. Mark Levin’s looking less shrill every day.

CorporatePiggy on May 21, 2012 at 8:40 PM

Can anyone deny evil follows the power to tax?

Speakup on May 21, 2012 at 8:49 PM

I think poor Boehner just got trapped in a Jew-against-Jew vendetta.

Seth Halpern on May 21, 2012 at 8:50 PM

An average income tax liability of 148k over the last 5 years.

This is their Berlin wall.

On the upside it should keep the IRS agents in frequent flyer miles because this law would take a LOT of hands on enforcement.

Statists. Mark Levin’s looking less shrill every day.

CorporatePiggy on May 21, 2012 at 8:40 PM

What was it Ron Paul said about the government using heightened border security to keep us in? I know many here loved to snicker at that comment but I think this is what he foresaw happening.

antifederalist on May 21, 2012 at 8:51 PM

I’ve been saying it for a while and will say it again,: when the house reconvenes next year both boehner and Cantor need to be tossed from leadership. Seniority is not an excuse for rank.

AH_C on May 21, 2012 at 8:53 PM

No Bills of Attainder. Boehner’s being an ass.

Besides, he renounced his citizenship. He’s gone.

Here’s an idea: less spending.

Mitchell Heisman on May 21, 2012 at 8:54 PM

McCain, Boehner, Romney – some of the reasons I no longer consider myself a Republican.

Over50 on May 21, 2012 at 8:55 PM

What was it Ron Paul said about the government using heightened border security to keep us in? I know many here loved to snicker at that comment but I think this is what he foresaw happening.

antifederalist on May 21, 2012 at 8:51 PM

Paul used that as an excuse for not keeping illegals out. He was wrong about that. Our federal government has a specific, Constitutional responsibility to maintain strong borders and no one who argued to keep illegals out is in agreement with the neo-Soviets on the Hill about walling Americans in.

ThePrimordialOrderedPair on May 21, 2012 at 8:57 PM

Before we get too busy tallying all America did for Eduardo Saverin, let’s recall that his with ingenuity and hard work, along with Mark Zuckerberg, he created a firm from nothing that now employs thousands of workers, generates demand for tens of thousands of high-tech computer servers, creates millions of dollars in ad revenue as well creating an opportunity from recent investment banking and financial services for fees associated with the IPO. Each of these helped to grow Americas financial pie and each taxable event helped to fill the Treasury’s coffers. Saverin played by the rules and broke no laws. Rather than bemoaning his departure, spitefully barring his return and trying to claw back his rightful gains, they should be sending him a “thank you” note.

VA_gent on May 21, 2012 at 8:58 PM

Fool. Throw him, and most from the Congress, out this Nov. The land’s survival depends on it.

Revamp the tax and the regulations so that people have an incentive to stay, or invest in the U.S.

Morons rejoice. Boehner leads you, along with Schumer.

Hey, both of you, the Nazis took the Jews’ money on the way out of Germany.

Schadenfreude on May 21, 2012 at 9:00 PM

What was it Ron Paul said about the government using heightened border security to keep us in? I know many here loved to snicker at that comment but I think this is what he foresaw happening.

antifederalist on May 21, 2012 at 8:51 PM

Hmmm…

Even the Euro-socialists haven’t gone this far yet. In fact Europeans frequently escape to low-tax / no tax countries to work and pay zero back to their native country. And that is legal.

It’s bad enough that US citizens pay US taxes (in addition to foreign taxes) overseas.

This is another episode out of Atlas Shrugged couched in ‘social justice’ and ‘fairness’ drivel.

CorporatePiggy on May 21, 2012 at 9:02 PM

Bonehead needs to go. He’s part of the problem.

We need a true conservative to lead the GOP in the House and Senate.

ButterflyDragon on May 21, 2012 at 7:59 PM

Ditto that.
Can you imagine Boehner as Speaker with Mitt as President?
With Boehner remaining as speaker, there will be no opposition to anything Mitt puts before the congress….they barely oppose anything Obama puts in front of them, I can’t imagine anything being opposed from a President with an “R” after his name….

including SC justice nominees….
http://www.wnd.com/2012/01/romney-judicial-record-liberals-running-wild/

And, just changes to ObamaCare instead of total repeal.

tencole on May 21, 2012 at 9:05 PM

Given that Grover Norquist compared it last week to some sort of Nazi initiative,

That about says it.

lynncgb on May 21, 2012 at 9:06 PM

Saverin is a hero. Instead of his wealth funding the next Solyndra, Cash for Clunkers, Obamacare, Wall Street bailout, etc., that capital will now be used to produce things of real value that increase the prosperity of the human race.

soladoras on May 21, 2012 at 8:00 PM

THIS ^^^^ + 1000000000000000000000000000000000000000000000000000000000000000000

It’s a shame Allahpundit can’t figure this out instead of sounding like a politician.

LevinFan on May 21, 2012 at 9:07 PM

Paul used that as an excuse for not keeping illegals out. He was wrong about that. Our federal government has a specific, Constitutional responsibility to maintain strong borders and no one who argued to keep illegals out is in agreement with the neo-Soviets on the Hill about walling Americans in.

ThePrimordialOrderedPair on May 21, 2012 at 8:57 PM

No, I think Ron Paul is (correctly) suspicious about given government more power. The nature of government is to grow its power far beyond the intention of any law from which its power was originally derived. For example, FDR used the the 1917 Trading with the Enemy Act (when the US was technically at war) as the basis for Presidential Executive Order 6102 (1933), which forcibly confiscated the gold of American citizens at a time when we were at peace. Look how the TSA, which was supposed to be targeted against the “bad guys” has required all travelers to endure humiliating procedures just to board an airplane. Therefore, I am convinced that any law that is targeted at keeping illegals out will be directed at Americans who are trying to keep their wealth from the Federal government.

antifederalist on May 21, 2012 at 9:11 PM

We better get a new friggin’ speaker with the new president.

This one’s a worthless, gutless, pandering, Establishment RINO D-Bag.

His face and voice sicken me.

Tim_CA on May 21, 2012 at 8:04 PM

My thoughts exactly! I left Boner a nastygram last week over the supposed GOP leaving parts of Obamacare in! Be sure to call this clown!!

LevinFan on May 21, 2012 at 9:11 PM

Screwed again by a boner

Reality Checker on May 21, 2012 at 9:20 PM

What a putz.

beatcanvas on May 21, 2012 at 9:24 PM

Would Saverin have been ok doing this if he was a congressman?

JavelinaBomb on May 21, 2012 at 8:03 PM

I would laugh my but off if that were the case. That would make for quite an impact statement.

lynncgb on May 21, 2012 at 9:24 PM

antifederalist on May 21, 2012 at 9:11 PM

Yes, Paul is suspicious about the federal government (as many of us are) but there are areas of NATIONAL interest and the Constitution enumerates them. One of those is protecting our borders (Art IV, Sec 4). That is a legitimate responsibility of the federal government. We have a federal government instead of a national one because only a very limited set of issues are national, in nature. Many libertarians don’t view anything as being a legitimate issue of national interest – the Mises Institute folks don’t even like acknowledging that any such thing as a “national interest” even exists. That is silly and wrong.

This financial Berlin Wall is not even related to the securing of our borders against illegals violating our sovereignty, nor to interior enforcement to deport them when found illegally present. They have almost nothing in common, save the descriptions of “wall”. One is going after the wealth of Americans and the other is protecting our sovereign territory and serving the interests of the citizenry.

I know about all those other expansions of federal power and idiotic legislation and certainly do not agree with them. I am against them as much as anyone, but I also realize where the legitimate federal power is and where legitimate federal RESPONSIBILITIES lie. Not just power to exercise, but responsibilities to be bound to handle. Art IV Sec 4 discusses what the federal government GUARANTEES to the States, not what it can decide to do if it wants.

Sorry, but while Paul ends up being correct about a few things, he ends up being terribly incorrect about most and he loves to conflate them all. I agree with many of his ideas on the monetary system and certain domestic issues, but I cannot agree with most of what he says. And he didn’t go out of his way to stop ObamaCare. I don’t remember him doing much of anything about that – the most offensive and illegal expansion of the feral government we’ve seen.

ThePrimordialOrderedPair on May 21, 2012 at 9:25 PM

Doesn’t your country owe you something in return? Were Germans, who opposed the Nazis, wrong for immigrating to the US and becoming citizens? Were Russians, who left the Soviet Union, wrong for defecting, renouncing their citizenship and becoming Americans?

If the Federal government decided to impose a 90% income tax on everyone, would you still believe that your citizenship is worth 9 out of every $10 you earn? Really? What else would you give at that point? Your wife, if El Presidente demanded her? Your firstborn son? Would you begin to kill your neighbours if your country demanded that of you? Better yet, were the Founding Fathers wrong for declaring their independence from England because of high taxation, taxation without representation, and the tyranny of King George III? Were they unpatriotic?

No, Saverin and people like him are renouncing their citizenship because being an American doesn’t have the same value as it did as little as a decade ago when I became one. The country has the most progressive income tax system in the world; yet, the 50% of the populace, who do not pay a dime in Federal income taxes, believes it is entitled by right to the property of others. The dollar is on its way to being as valuable as an old Reichsmark. The national debt will enslave generations. Neither party is capable of or willing to address the real issues.

In addition to the most progressive income tax system, we also have the highest corporate tax rate and are increasing dividend and capital gain tax rates while expanding economies are cutting them. Further, the bureaucratic tangle of red tape answers the question “Where are the jobs?” They are overseas because the US government has created a hostile environment to job and business creation. It isn’t at the stage of Greece — where a stool sample is required of some people before they can obtain an operating licence to start an internet business — but it is rapidly following in the country’s footsteps.

The question shouldn’t be whether Saverin is a bad guy for renouncing his American citizenship. The question should be “Why has the US decided that it doesn’t want to keep people like Saverin and attract more of them?” Obviously, it doesn’t want Saverins. If it did, it would make itself competitive.

John Boehner and Senators Schumer and Casey, among others, claim that people like Saverin are unpatriotic and they are probably correct, but how patriotic are they? Is it patriotic to debaunch the currency of your country? Is it patriotic to spend your country into bankruptcy? Is it patriotic — and moral — to enslave future generations to unsustainable debt obligations? Is it fair, patriotic, or moral to steal the futures of generations yet unborn while taxing them without representation?

Would Americans be unpatriotic if they wanted to insure that their children were not enslaved by the debt and unfunded obligations of their forebears by raising them as citizens of another country? Is that really selfish? How much do your future children and grandchildren owe the greedy, irresponsible people of today?

When I tell the Progressive Movement to “Fund Your Utopia Without Me™”, I mean it. If the Progs want to recreate the French Revolution — with or without the blood — and they manage to be successful, in whole or in part, why do I owe the country anything? Why do you? Must we stay around and pay…and pay…and pay…and pay to satiate the envious cravings and most base desires of humanity?

California has 1/8th of the country’s population, but 1/3rd of all of the country’s welfare recipients. Is it doing anything to attract new business or relocations? No. It continues to pass higher taxes, fees, and more regulation, while giving more to union workers and welfare recipients. Businesses and the productive class are leaving. Why would anyone think that this would not happen on a national scale should Obama succeed in turning all of America into California?

Great civilisations do fall. Hopefully, the United States will not, but if it does, choosing not to go down with the ship is not selfish.

BTW: I can’t wait to hear the hypocritical screeching from Senator John Kerry, who parked his boat in another state to avoid paying Massachusetts state taxes.

Resist We Much on May 21, 2012 at 9:26 PM

I wonder if people with dual citizenship can do this without the penalty. They can simply say that they thought it was wrong to have two citizenships so they forced themselves to pick one country. You can’t penalize someone for deciding on whole citizenship instead of half and half.

I also wonder if dual citizens have to pay estate tax to both countries or do they get to choose which nation to pay the estate tax to. Easy to renounce the nation with the big estate tax right before you die since you won’t have to worry about being banned.

Buddahpundit on May 21, 2012 at 9:28 PM

But if the IRS finds that someone gave up their passport for tax purposes, they will impose a tax on that individual’s investment gains “no matter where he or she resides.”

This tells me that if the Govt wants it, it will have it. One way or another. Citizen of this country or no.
I thought that by giving up the rights, privileges and protections afforded to American citizens you were also no longer bound by their laws, it was a trade off.
I guess I was wrong……….

The tax detailed this act, if approved, will backdate for 10 years after its approval.

VERY wrong…..

Koa on May 21, 2012 at 9:29 PM

“I mean, the Communists did this in Berlin, right? That worked well! Did you think the reds just slapped that sucker up because they were evil? Did you think they just did it for the joy of shooting their own citizens? Of course not. The Communists were smart people, logical people. They knew that when the state encroached on human freedom by taking the fruit of people’s labor, by demanding power over people’s productivity and creativity, those people would naturally, sensibly come to understand that the contract between citizen and state had been violated, and they’d take off. And you just can’t have a socialist state if all the creativity and productivity and other people’s money leave. So the Communists built a wall.”

Mr Obama, Build Up That Wall!

Resist We Much on May 21, 2012 at 9:30 PM

There are a lot of really stupid politicians. Schumer only seems like the stupidest when he speaks on camera.

Jaibones on May 21, 2012 at 9:30 PM

ThePrimordialOrderedPair on May 21, 2012 at 9:25 PM

We will have to agree to disagree but I do appreciate your thoughtful response. If such border laws were to be enacted (as you mentioned) people will have to remain vigilant to ensure that the Federal government’s powers are tightly bounded and never abused. Sadly, most of the citizenry is happy to pass the law and then turn a blind eye to the Federal government. This is why I oppose such laws. I believe that in the end the cure (significantly reduced illegal immigration) will result in a more powerful Federal government that will keep citizens from escaping with their wealth.

antifederalist on May 21, 2012 at 9:33 PM

antifederalist on May 21, 2012 at 9:33 PM

I understand. I’m agreeable to disagreeing on this. I don’t consider Paul a nut or anything, but I have some very serious disagreements with many of the libertarian notions. Of course, I’m generally more comfortable with someone who wants to give our federal government less power than those who would so willingly give it too much.

BTW, we started seeing inklings of this idea of exit taxes when the Dog-Eater first won and some conservatives started talking about possibly leaving. The first response from the libs was to the effect – you can leave, but you can’t take anything with you because you owe us and its ours. No question the left is as dangerous as it gets.

If Barky wins in 2012, though, I am out of here. I would not remain in a nation that could re-elect that America-hating retard and I could not identify in any way with such a nation. America has the excuse of having been through a psychotic break in 2008, due to the credit crisis (which we are just currently in the eye of) but if this nation even came close to doing it again, then it would not be America. It barely is, as it stands, now – hanging by the slightest of threads.

ThePrimordialOrderedPair on May 21, 2012 at 9:41 PM

Country Club Boehner giving his best impression of Neville Chamberlain to date. The man is weak through and through and to side with Schumer is shameful !

Sandybourne on May 21, 2012 at 9:46 PM

Let Boehner know what you think:

http://www.speaker.gov/contact

Fallon on May 21, 2012 at 9:46 PM

Ever wonder why new laws or regulations are given a start date? Its so affected persons or organizations can plan make adjustments to prevent an overnight non-compliance.

This guy simply reviewed the coming tax code changes and made the decision best for him.

Exxon does it. Planned Parenthood does it. John Kerry did it (by keeping his new yacht in RI instead of MA….purely for tax evasion). Everybody that can will do it.

Screw Schumer. And Boehner too.

BobMbx on May 21, 2012 at 9:47 PM

If Chuck Schumer and Boehner are this desperate for Tax Dollars then why not Annex singapore and gain tax money out of everyone over there instead of just Eduardo Save-a-bundle?

Varchild on May 21, 2012 at 9:55 PM

Boehner: Sure, I might support Schumer’s bill to tax Eduardo Saverin’s wealth

There is no greed like a politician’s greed and apparently Boehner’s greed matches the vast greed of Chuck Schumer’s.

Our “public servants” waste money by the $Billions and tens of $Billions and it’s no big deal, it’s a rounding error. But Saverin wanting to keep more of the money he created, money that wouldn’t pay for Schumer’s and Boehner’s spending for more than a couple seconds and suddenly that comparatively small money drives these greedy bastards crazy!

RJL on May 21, 2012 at 9:56 PM

Boehner needs to keep calling Schumer’s bluff; call for “comprehensive citizenship reform”. Discover who it is that pays the 55% estate tax that will return in 2013. I think you’ll find that it’s not any of Schumer’s friends or relatives.

I think Schumer is the last person who wants what he seems to be supporting, and he thinks Republicans will take a Pavlovian stand against him, and that will save his constituents. He’s terrified that this Facebook guy has clumsily exposed something that has been going on with rich liberals forever.

Buddahpundit on May 21, 2012 at 10:11 PM

There is no greed like a politician’s greed and apparently Boehner’s greed matches the vast greed of Chuck Schumer’s.

RJL on May 21, 2012 at 9:56 PM

Do you want us to quit taxing everyone or just dual citizens?

Buddahpundit on May 21, 2012 at 10:16 PM

Will you people in Ohio please primary this clown?

rjh on May 21, 2012 at 10:17 PM

I’m sorry, but you have not lived up to your usual standards on this one. You have done what just about everyone else has — assumed that he renounced his citizenship for tax purposes. There is no evidence for this other than timing — he has denied he did it for tax purposes. And by the way, it may not benefit him taxwise. Who knows what his shares will be worth whenever they’re sold?

woocane on May 21, 2012 at 10:24 PM

Speaker of the House Bonehead is just another political hack who;s family benefits off his position. Just another reason why I will never contribute to the Republicans committees, with him can the numbnuts minor leader in the Senate, who needs enemies?

Animal60 on May 21, 2012 at 10:41 PM

Will you people in Ohio please primary this clown?

rjh on May 21, 2012 at 10:17 PM

I haven’t heard of anyone throwing their hat in the ring. However,
I’m sure replacing him as Speaker is a possibility. He’s done nothing but give this Administration everything they asked for.

Allen West would be my choice for Speaker.

The three musketeers: Boehner, Reid & McConnell.

bluefox on May 21, 2012 at 10:41 PM

Boehner needs to keep calling Schumer’s bluff…I think Schumer is the last person who wants what he seems to be supporting, and he thinks Republicans will take a Pavlovian stand against him, and that will save his constituents.

Buddahpundit on May 21, 2012 at 10:11 PM

Nice analysis, Buddah. I’m with you.

In addition, only six months until the most important election of this last hundred years. We simply can’t afford to let Obama have another term. A little political canniness won’t hurt us at this point.

We need to choose our battles, and we need to take a deep breath when the Marxist Schumer tries to get some populist traction. I am FAR more interested in getting a conservative Senate into place than I am with Boehner trying to explain why he’s on the side of billionaires once again.

.

Burke on May 21, 2012 at 10:42 PM

Taxed Enough Already! Would Boehner vote for or against a tax on indoor tanning?

southernms on May 21, 2012 at 10:45 PM

Before we get too busy tallying all America did for Eduardo Saverin, let’s recall that his with ingenuity and hard work, along with Mark Zuckerberg, he created a firm from nothing that now employs thousands of workers, generates demand for tens of thousands of high-tech computer servers, creates millions of dollars in ad revenue as well creating an opportunity from recent investment banking and financial services for fees associated with the IPO. Each of these helped to grow Americas financial pie and each taxable event helped to fill the Treasury’s coffers. Saverin played by the rules and broke no laws. Rather than bemoaning his departure, spitefully barring his return and trying to claw back his rightful gains, they should be sending him a “thank you” note.

VA_gent on May 21, 2012 at 8:58 PM

Thank you for posting this. You saved me a few minutes of typing, and I could not have said it better.

:)

stvnscott on May 21, 2012 at 11:03 PM

I am FAR more interested in getting a conservative Senate into place than I am with Boehner trying to explain why he’s on the side of billionaires once again.

Burke on May 21, 2012 at 10:42 PM

I’m on the side of billionaires. I don’t think loyal American billionaires are on the side of a guy with mixed loyalties who can cast off their US obligation. Doesn’t seem very fair to the loyal American-only-citizenship billionaire to have to pay the shortfall left by the departure of the mixed loyalty billionaire, and that is surely who they’ll go after to make up the shortfall.

Buddahpundit on May 21, 2012 at 11:08 PM

Dollars talk, bullshyte walks, and politicians do what they do best these days; stand for nothing and refuse to read our constitution and the laws already on the books that are supported by the constitution (that is to say the laws that don’t violate the constitution).

Somewhere in the referenced above jumble you’ll find something about the government being disallowed from targeting one person punitively, unless that person is guilty of treason or war crimes or some such.

This doesn’t qualify, but that doesn’t mean we have to make it comfortable for the ‘person’ to exist in our financial system or within our borders. Kick his ass in other words, don’t take his property.

Boner thinks like obama, that the money this guy made off facebook is somehow, some way, community or gubmint property. That notion needs to be beaten out of EVERYONE’S head as forcefully and painfully as possible, and as soon as possible.

Wolfmoon on May 21, 2012 at 11:19 PM

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