Hearkening Back to the USSR | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary

Hearkening Back to the USSR | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary: "Back in the 1970s, the U.S. government passionately pleaded for untrammeled emigration as a fundamental human right. In 1975, the U.S. imposed trade sanctions on the Soviet Union for levying an exit tax on citizens wishing to emigrate (mostly Jews). In a complete reversal of that moral passion, Senator Charles Schumer has now introduced legislation to levy a tax of 30% on assumed capital gains of people like Eduardo Saverin, co-founder of Facebook, for giving up American citizenship and emigrating to Singapore. The exit tax proposed on Saverin and others like him is thousands of times higher than anything the Soviet Union dreamed of."