It takes a big man to admit when he is wrong, and I am a big man. More so since working primarily at a desk for the past few years. But I am wrong nevertheless. I have always thought it would be the Republicans that would eventually figure out a way to eliminate the United States’ staggering debt. But, alas, it was Democrats that figured it out. The plan? Tax non-citizens.
Why didn’t I think of that?
How could hundreds of Republicans working tirelessly not realize the answer to our fiscal problems was right under our nose the whole time? Thanks Paul Ryan for wasting our time with your spend-less BS.
All the credit for this groundbreaking idea goes to Sen. Chuck Schumer of New York and Sen. Bob Casey of Pennsylvania. Not only are these two men kings among fiscal mice, they are also a laugh riot. When commenting on the inspiration for the bill, one Eduardo Saverin, co-founder of Facebook and soon to be multi-billionaire, the Senators commented, “It is time to defriend Mr. Saverin.”
I’ll wait as you grab a tissue to wipe away the tears from laughter and for that stitch in your side to go away.
The decision Mr. Saverin made a year ago to renounce his U.S. citizenship is the fuel for the Democratic legislator’s fire. They are accusing the Facebook billionaire of skipping out on paying taxes on gains he is expected to earn after Facebook goes public Friday. The IPO is expected to make the 4 percent owner $3 billion dollars and being a non-citizen when that occurs will save him $67 million.
Inspired to right the wrong being perpetrated by Mr. Saverin, the wrong in this case is making a bunch of money and deciding to leave the U.S. for a country he has been living in for three years that also taxes his income at 20 percent and his capital gains not at all, the two Senators devised a plan to tax expatriates at 30 percent on their U.S. investments.
If the pettiness of taxing people who decide to renounce U.S. citizenship at twice the rate of regular citizens was not enough, the Senators also decided to add that no person who renounces for reasons like Mr. Saverin’s can come back to the U.S. ever.
I can hear them now, dressed in their designer suits and feverishly scribbling legislation seemingly designed to affect only one person in particular, “So there! Take that!” Then they picked up their ball and left the sandbox.
Like I said, it takes a big man to admit when he is wrong. And I was wrong. Because when it comes to thinking outside the box in order to solve our debt problem, Democrats won. I mean, Republicans would have never thought of taxing non-citizens. Kudos Democrats, kudos.
- Did Eduardo Saverin do anything wrong? (economist.com)
- Facebook Co-Founder Saverin Renounces US Citizenship (techweekeurope.co.uk)
- Facebook’s Eduardo Saverin quits US ahead of flotation (bbc.co.uk)