Leftists Seek To Punish Rich Folks Driven Out Of U.S. By Leftist Tax Policies

Schumer’s Shakedown – New York Post

Facebook co-founder Eduardo Saverin becomes a billionaire today, and Chuck Schumer is seething.

Saverin, you see, objects to the staggering tax bills he would’ve incurred after today’s record-setting Facebook IPO – and so he decamped to Singapore and renounced his U.S. citizenship.

Which is rational, if impolitic. And which is his absolute right.

Now Schumer has the twitchies.

He’s co-sponsoring a bill that would permanently bar Saverin, among others, from re-entering the United States, while imposing punitive tax burdens on future investments in America.

“I have a status update for [Saverin],” Schumer declared yesterday, “Pay your taxes in full, or don’t ever try to visit the U.S. again.” Blah, blah, blah.

One needn’t sympathize with Saverin’s situation – he’ll be swimming in dough before sundown today – but it’s not inappropriate to be appalled by the message Schumer is sending.

First, it’s downright un-American to punish folks retroactively, no matter the offense. It may even be unconstitutional.

But the real problem with Schumer’s peevishness is that it ignores the basic problem: America’s globally uncompetitive tax structure.

Singapore has no capital-gains tax. America’s is one of the world’s most voracious – something that might not have made a difference a generation ago, but which makes no sense whatsoever in an age of international connectivity.

That is, high tax rates combined with high taxpayer mobility in the electronic age makes for a volatile mix.

Singapore is one nonstop jet flight away.

The Internet is infinitely faster.

Innovators don’t have to stick around just to be shaken down.

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4 thoughts on “Leftists Seek To Punish Rich Folks Driven Out Of U.S. By Leftist Tax Policies”

  1. Frankly, I wouldn’t mind taxing a man as punishment for throwing off their citizenship like a cloth. He was a part of the greatest country ever, and he walked.

    I would like to note, by the way, that while they can ban his re-entry to America, they can’t tax him retroactively. Ex post facto laws are unconstitutional. It would not be feasible to tax him retroactively.

    Also, a bill taxing only HIM would be a Bill of Attainder, which is expressly banned, as well.

  2. It is unconstitutional to pass a retroactive law.

    “No Bill of Attainder or ex post facto Law shall be passed.”
    Article 1, Section 9, Clause 3
    U.S. Constitution

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