May 17, 2012
Statist politicians never tire of inventing ways to confiscate wealth from the producers. The latest example was concocted by Senator Chuck Schumer, a New York Democrat.
Schumer has drafted legislation designed to steal billions for Eduardo Saverin, the co-founder of Facebook. Saverin gave up his U.S. citizenship in September of 2011 prior to the company’s initial public offering, currently valued at an astounding $104 billion.
Despite what you may think about Facebook and its absurdly over-valued stock, the company is a shiny example of the capitalist ideal – it is a commodity in high demand by over 900 million active users.
Mr. Saverin, with a net worth over $2 billion, realized after the company went public that statist vultures like Schumer and other confiscators of wealth would swoop in for the kill, so he re-located to Singapore, which levies no capital gains taxes.
Schumer wasted little time announcing his intention to steal Saverin’s money. At a news conference held with co-conspirator Bob Casey, a Pennsylvania Democrat, Schumer rolled out “Ex-PATRIOT,” short for “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy.”
Schumer and Casey declared that Saverin’s attempt to keep the money he honestly earned and prevent its theft by organized crime is an “outrage” that demands a response. Organized crime, in this case, is the United States federal government, one of the largest, if not the largest and most vicious criminal organization on the planet.
But it is not merely Saverin. Schumer and Casey want to victimize all millionaires and billionaires who have left the country or plan to do so in order to keep their hard-earned money.
In addition to stealing from producers who have left the country, the new law will prevent those who have renounced their U.S. citizenship from ever re-entering the country.