IN DEPTH: Chuck Schumer's ex-patriot tax law makes a lot of sense
Sean Penn's vodka induced vulgar rant in support of Haiti
Jimmy Fallon thrilled, boasting about being used as a White House pawn
Show No. 091-2012
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TUESDAY One Hour• Gen. Colin Powell doesn't endorse Obama but gives him great praise
• Sean Penn's vodka induced vulgar rant about Haiti
• IN DEPTH: Chuck Schumer's ex-patriot tax law makes good sense
• Conservatives flip out over a logical and reasonable tax law
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Show Notes • Links • Audio/Video
• TODAY - Colin Powell declines to endorse President Obama
• Cannes Film Festival 2012: Sean Penn turns the air blue with expletive-ridden plea at Haiti Relief benefit | Mail Online
• TODAY Entertainment - Humanitarian Sean Penn admits: 'I don't control my temper well'
• TODAY.com Blogs - The president vs. The Boss: Jimmy Fallon dishes on best guests
• Jimmy Fallon: "The President Booked Himself On Our Show" | RealClearPolitics
• Sen. Chuck Schumer proposes law to tax expatriates; Eduardo Saverin renounced US citizenship - NYPOST.com
• Facebook: Jimmy Z: I am amazed, discouraged and disheartened - Conservative vs. Schumer
• Schumer proposes bill to keep out expat tax emigrants - NYPOST.com
• John Boehner on GOP House: ‘Hard to Keep 218 Frogs in a Wheelbarrow’ - ABC News
• Facebook: UNAMERICAN !!!! NO MORE TEARS GIVE HIM THE BOOT!!!!!!!!!!! WE WANT FREEDOM !!!!!
• Teacher yells at student because of a question he asked about Obama! - YouTube• Joe Henchman on the Exit Tax Proposal - YouTube
• IRS: Expatriation Tax
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Posts
8 comments:
When a person leaves this nation and gives up his American citizenship BEFORE he earns his money, then that money is NOT earned by an American citizen and therefore is not taxable, nor would it be considered "back taxes" in the future.
If the current law on the books that would force a person to pay his unpaid back taxes before reentering this country, covered someone who leaves this country and renounces his citizenship BEFORE the money is earned, then no one would be trying to get a new law to cover it.
Hence, Schumer's proposed law is a bad one. And Boehner clearly has misspoken.
I am not at all sure what you are saying here. Schumer's law is addressing taxes on income made here in America by US citizens.
Eduardo Saverin renounced his U.S. citizenship BEFORE Facebook went public. This means that the billions that he earned from Facebook going public, would have been earned AFTER he was no longer a U.S. citizen.
Ah but that is the point - Knowing he was about to make all this money, he renounced his citizenship to avoid paying the taxes. That's tax evasion. I don't think he should do that, but can and he is free to. What Schumer and Casey and myself are saying is that if he wants to come back to America, he must pay the taxes he is trying to avoid.
Fair if you ask me. If he doesn't come back, he's free to keep the tax money he evaded paying.
Tax evasion can only happen with money that comes from income that is taxable.
The money that Eduardo Saverin has earned on Facebook going public is not taxable income for the U.S.A. to collect taxes on. This is because he earned it after he was no longer a U.S. citizen and no longer living in this country.
The U.S. does not impose an income tax on people who do not live in our country and are not U.S. citizens. And we don't penalize people for choosing to give up their citizenship and move out of this country, to avoid our taxation. Nor do we make such a person pay any type of income tax to visit our country in the future.
All free nations allow people to give up their citizenship and move out of the country, if they don't want to pay income taxes on future income. And all free nations, allow such people to get back in on an occasion to visit, as with on a vacation or business trip.
What Schumer and Casey are proposing is simply not American. We do not put up road-blocks that do not allow past-citizens to reenter our country, without the threat of being attacked by our government, to pay up or else.
It WOULD BE taxable if he had not renounced his citizenship in order to avoid paying taxes.
"And we don't penalize people for choosing to give up their citizenship and move out of this country." -- We should IF these people are renouncing their citizenship specifically to avoid paying their taxes. And as has been made clear - if they want to stay out of the country, they do not ever have to pay anything. But if they want to come back, they don't get to cheat the American people out of that tax money.
This is simple stuff, as I said on my show.
"Nor do we make such a person pay any type of income tax to visit our country in the future." -- But we should and we will. This is great lawmaking.
"All free nations allow people to give up their citizenship and move out of the country, if they don't want to pay income taxes on future income." -- And this freedom has not be taken away from the shyster. He is completely free to leave. If he wants to return, he will have to pay his taxes. Amen.
"What Schumer and Casey are proposing is simply not American. We do not put up road-blocks that do not allow past-citizens to reenter our country, without the threat of being attacked by our government, to pay up or else." -- It is very American, it's about time we had such a law. And you are embracing tax evasion.
It is not tax evasion.
The U.S. does not have a right to tax income that is earned by a foreigner who does not live in this country and did not earn the money in this country.
Eduardo Saverin did not earn that money, while living in this country.
And it is not great-lawmaking. It is the way countries that are not free, make laws.
That's all I have to say on this.
You are repeating yourself now - I've explained all of this so I think we're done. You want to let the man get away with not paying his taxes, and be able to return to the US anytime he wants without having to pay. I see you don't understand the big picture.
I support Schumer on this bill, 100%. Any thinking American would.
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