'Ex-Pat' Act could force Facebook's Saverin to pay up5/17/2012
Not so fast, Eduardo Saverin. Days after the Facebook co-founder dumped his U.S. citizenship in an effort to avoid taking an eight-digit tax hit, new legislation is being considered that would require all ex-pats to pay a mandatory 30 percent capital gains tax. The "Ex-PATRIOT Act" -- short for "Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy" Act (also known as the "Way to Ruin It for Everyone Else, Eduardo" Act) -- was proposed by Democratic senators Chuck Schumer and Bob Casey, who called Saverin's escape act "an outrage." Saverin is expected to reside in capital gains-free Singapore, but wherever he settles, we're pretty sure he won't be clicking "Like" on Schumer's or Casey's Facebook page.
Do you think this legislation is necessary?