House Speaker John BoehnerJohn BoehnerThe Hill's 12:30 Report Rep. Meadows to run for Freedom Caucus chairman Dems brace for immigration battle MORE (R-Ohio) said Sunday supported legislation to punish individuals who renounced their citizenship in order to avoid paying U.S. taxes, but said such measures were already law.
"There's already a law in the books," BoehnerJohn BoehnerThe Hill's 12:30 Report Rep. Meadows to run for Freedom Caucus chairman Dems brace for immigration battle MORE told ABC's George Stephanopoulos in an interview on ABC's "This Week." "It's already against the law."
Democratic Sens. Charles SchumerCharles SchumerReid: 'I have set the Senate' for nuclear option Immigration was barely covered in the debates GOP leaders advise members to proceed with caution on Trump MORE (N.Y.) and Bob CaseyBob CaseySenate Dems want major women's golf event moved off Trump course 5 takeaways from the Pa. Senate debate Great Lakes senators seek boost for maritime system MORE Jr. (Pa.) announced legislation last week designed to punish people who renounce their citizenship in order to dodge taxes.
Saverin's move saved him an estimated $67 million to $100 million in taxes. The wealthy technology investor however has said his change in citizenship was not an effort to avoid American taxes.
Boehner on Sunday said it is "absolutely outrageous" for anyone to renounce their citizenship in order to avoid taxes.
The Casey and Schumer legislation would punish any individual who renounces their citizenship and holds a net worth of $2 million or an average income tax liability of $148,000 over the last five years.
If the Internal Revenue Service determines that person gave up their passport for primarily tax reasons, the person's U.S. assets would be taxed at 30 percent and they would be barred from ever re-entering the United States.
Sen. Orrin HatchOrrin HatchThe holy grail of tax policy GOP lawmakers ask IRS to explain M wasted on unusable email system GOP senators avoid Trump questions on rigged election MORE (R-Utah), the ranking member of the Senate Finance Committee, said his Democratic colleagues were overlooking the "root cause" of Saverin's actions. A spokesperson from his office released a statement last week saying that wealthy expatriates seeking to renounce their American citizenship is a sign that the tax code needs to be fixed.