Sen. Chuck Schumer (D-NY) and Bob Casey (D-PA) announce the 'Ex-PATRIOT' Act in Washington
Sen. Chuck Schumer (D-NY) and Bob Casey (D-PA) announce the 'Ex-PATRIOT' (Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy) Act aimed at taxing expatriates even after they flee the United States and take up residence in a foreign country, on Capitol Hill in Washington on May 17, 2012. The Act would also mandatory a 30 percent capital gains tax on anyone who renounces their U.S. citizenship. This legislation takes aim at Facebook co-founder Eduardo Saverin who recently renounced his U.S. citizenship days away from the Facebook IPO where he stands to make $4 billion. UPI/Kevin Dietsch
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