Democrats Mocked Over Bill to Tax Billionaire Who Gave Up U.S. Citizenship
After billionaire Facebook co-founder Eduardo Saverin drew global attention to the growing number of Americans giving up their U.S. citizenship to preserve their wealth and escape burdensome IRS regulations, two Democrat Senators outraged by the accelerating trend introduced the "Ex-PATRIOT" Act to get revenge — and, of course, to confiscate more wealth for the government to squander.
Critics of the legislation, dubbed the "Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy" Act, mocked the lawmakers and even the idea as "petty," saying it would likely be unconstitutional, too. However, other analysts warned that U.S. policy makers were embarrassing the nation as well as traveling a dangerous path toward totalitarianism and even "banana-republic" status. And it should be halted immediately before the situation spirals completely out of control, critics said.
webmaster@jbs.org (Alex Newman) 19 May, 2012
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Source: http://www.thenewamerican.com/usnews/constitution/item/11429-democrats-mocked-over-bill-to-tax-billionaire-who-gave-up-us-citizenship
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