Today New York Democrat Senator Chuck Schumer and Pennsylvania Democrat Senator Bob Casey had a hysterical news conference to whine about Eduardo Saverin, the co-founder of Facebook renouncing his American citizenship to avoid the taxes he would have to pay for his share of the IPO of Facebook. By renouncing his citizenship, sources project he will save at least $104 million in taxes.
Schumer and Casey have introduced a bill in the Senate to address this issue.
What is going on and what is wrong?
Schumer and Casey want to allow the IRS to impose a 30% capital gains tax on anyone it “believes” is renouncing their American citizenship to avoid taxes.
Unfortunately there are two problems here. First, America has become such a high tax nation that people are now fleeing America with their wealth. Instead of realizing the problem is high taxes, like socialist everywhere, they simply wish to imprison people in failed, high tax economic systems.
Instead of doing the logical thing, which would be to lower taxes to attract wealth to the nation, Schumer, Casey and the other members of the Party of Treason want to penalize people.
There is a second much more disturbing part to this story. That is the attitude liberals now have towards people, freedom and the role of the state.
Our founding fathers understood something very important. In order for there to be liberty, the people had to be the masters of the state. As long as the people are the masters of the state, tyranny is held at bay and freedom can thrive.
Unfortunately the Democrats have adopted the philosophy of socialism. Under socialism, people do not rule the state. The state rules the people. Under the philosophy of socialism, people exist to serve the state.
This is the belief system that Chuck Schumer and Bob Casey are expressing. People like Saverin do not exist to exercise their inalienable rights to life, liberty and the pursuit of happiness. They exist to pay taxes to serve the state.
This is the antithesis of what our founding fathers thought when they brought this nation into being. When leaders of one of the parties start to view American citizens as simply chattel of the state, we are all in trouble.
If this belief is allowed to go unchecked, freedom in this great nation will be lost and we will go the way of other states that have slid into the dark night of tyranny.
Chuck Schumer is a joke. He has been in the senate too long.
The US/IRS has been going after expats down here in Costa Rica. The USA is wanting access to bank accounts here. Because my income is soc secy, lower than the Fed poverty level, I've felt nothing, but I was at a meeting with embassy folks and expats more well-to-do than I and they were up in arms.
This Saverin situation is not new. It's been brewing since at least the top of the year.
the government is about to implode on itself - these idiots are out of control and showing their true colors more and more every day - keep the word spreading - sooner or later it will all come home to roost
This is a prime example of what is wrong with this country and why certain politicians need to be replaced as soon as possible.
Unfortunately you cant teach stupid to those who already are. No wonder people
want to leave the country, we have a bunch of greedy senators who only want our
money and lack common sense. They need to take a course in Economics 101.
I wonder if that guy was a Demarcate who voted for Obama! ? :-)
If it was me with that kind of cash, I'd be gone too.
Chuck Shumer in his own words (regarding spending and stimulus in 2009/2010):
It is called mental mush!!!
To take from one because it is thought that his own industry and that of his father’s has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association—the guarantee to every one of a free exercise of his industry and the fruits acquired by it.~Thomas Jefferson
It's a shame that Scummer, Piglosi, Reed and Broke Back Barrack are so indoctrinated in their Progressivism and European Socialism. The whole world can see the collapse of the European Union yet our brainwashed buffoons insist they're brand will somehow succeed.