Senator Schumer (D-NY) has introduced a bill to prohibit persons who renounce U.S. citizenship to avoid paying taxes from re-entering the United States. This acronym is "“Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” and is aimed at Eduardo Saverin, a naturalized U.S. citizen who gave up his citizenship last year in anticipation of becoming a billionaire when Facebook IPOs shortly.
I confess that I am pretty repelled by this--especially since billionaires can easily afford to pay taxes on wealth that they made as a result of being part of our society. I am also a little disappointed that someone would regard U.S. citizenship as something that would give up for something as sordid as money--and especially what will be, for Saverin, a pretty inconsequential amount. There might be an argument that our tax laws encourage this, but still, when you expect to make $4 billion, even paying 30% of that in taxes isn't going to force you to start eating at McDonald's.
But I am even more offended by the fact that Schumer wants to prevent the very rich from re-entering the U.S.--but isn't prepared to take any action to prevent illegal aliens from entering the U.S.
Correction: about $1.2 billion in taxes. Not a trivial amount of money, but remember that part of why Facebook is going to make these people rich is that they are operating in a system that enforces copyright law and provides a mechanism for stock markets and all the legal enforcement that goes with that. Saverin and the rest of the Facebook billionaires would have no chance of making any of this money except for the presence of the U.S. legal system. You want to get rich? That's good. But thinking that you shouldn't pay taxes to support the system that makes that possible is greedy and stupid.