Schumer And Casey?s Ex-PATRIOT Act: Details Of How They Plan To Get Saverin?s $67M And More

The Charles Schumer and Bob Casey, the two U.S. Senators behind the Ex-PATRIOT act -- a proposal to go after Eduardo Saverin and others like him that have renounced U.S. citizenship and are getting out of paying capital gains tax on stock windfalls -- have now revealed the details of their plan. We first wrote about it earlier today when the offices of the two senators first announced their intentions. It's pretty big: any ex-pat with either a net worth of over $2 million, or an average income tax liability of at least $148,000 over the last five years, "will be presumed to have renounced their citizenship for tax avoidance purposes." The ex-pat will have to demonstrate to the IRS that this is not the case if it is not. If there is a "legitimate reason" for that person living outside the U.S. no penalties will apply. But if the IRS finds that someone gave up their passport for tax purposes, they will impose a tax on that individual's investment gains "no matter where he or she resides."

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