30% Capital Gains Tax Proposed Against Those Who Renounce US Citizenship on Future Investment Gains

Yesterday U.S. Senator Charles Schumer proposed a 30 percent capital gains tax on people such as Facebook co- founder Eduardo Saverin unless they show they didn't renounce their U.S. citizenship to avoid taxes.  Schumer's proposal would empower the Internal Revenue Service to impose a 30 percent capital gains tax on future investment gains of wealthy individuals who the agency decides renounced their citizenship to avoid taxes. It also would bar such people from re-entering the U.S. Schumer said he will advance the legislation "as quickly as possible."

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