Renounce Citizenship? There's a Tax For That
The Scum up on the Hill (namely, Democrats [surprise!] Sens. Charles Schumer of New York and Bob Casey of PA) have introduced a new bill that aims to punish anyone who tries to renounce citizenship with a net worth of $2 million-plus by levying a 30% capital gains tax on them when they exit the country - yet another move done out of haste and greed by our government. Additionally, those leaving would be barred from ever returning. This newest bill, dubbed the "EXPATRIOT" (Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy) Act is in direct response to Facebook's IPO (initial public offering), and the decision by one of its co-founders and 4% owner, Eduardo Saverin to renounce his US Citizenship in a move to avoid paying almost $67 million in capital gains taxes.Capital Gains Tax in general is one of the most ridiculous taxes that currently exists. It is unconstitutional to have double taxation, which is exactly what the capital gains tax is - the taxation of money invested that was already taxed previously. For the Government to basically hold some of its most successful citizens hostage because they don't want to pay the exorbitant taxes on money that they have already invested into the economic system (creating thousands of jobs) is pathetic and short sighted. Just like our insanely high corporate tax rate, which (as covered here) is the highest in the entire world, this move will only serve to stifle industry in the US and deter companies from basing themselves here, especially if they are owned by entrepreneurial businessmen or small ownership groups.The US is also the only country that demands that its citizens pay taxes on the income they earn abroad and send home checks to America. So even if you have lived and worked overseas for 10 years, you are still paying taxes on your wages back to the United States.Receive access to ALL of our EXCLUSIVE bonus audio content – including “Conspiracy Corner”, “Degenerate Gamblers” and the “League of Liberty Podcast” by joining the Lions of Liberty Pride and supporting us on Patreon!
