“Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy”

That, my friends, is the acronym of the day – the “Ex-PATRIOT Act,” introduced by Sen.s Chuck Schumer and Bob Casey, written to deny re-entry to the United States to anyone who gives up citizenship for tax purposes. It’s written to capitalize on the gobsmacking and outrage over Facebook co-founder Eduardo Saverin’s decision to ditch the States and – while he denies this is the reason – save millions when Facebook’s IPO launches.

Schumer did not let the press forget that when he unveiled the bill. Among his zingers:

“Senator Casey and I have a status update for him – pay your taxes, or don’t set foot in the United States ever again.”


“Mr. Saverin’s social network is about to get a lot smaller.”