By Brendan Sasso - 05/24/12 04:20 PM EDT
Sen. Charles SchumerCharles SchumerRubio primary challenger loans campaign M Is Trump deliberately throwing the election to Clinton? Why Khizr Khan needs a Democrat in the White House MORE (D-N.Y.) fired back on Thursday at critics who have compared him to Nazis and communists for introducing a bill aimed at punishing people who renounce their citizenship to avoid taxes.
The bill, the Ex-Patriot Act, is a direct response to Eduardo Saverin, the co-founder of Facebook, who renounced his U.S. citizenship before the company went public.
Anti-tax activist Grover Norquist told The Hill last week that Schumer's bill reminds him of regimes that drove people out of the country, only to confiscate their wealth at the door.
“I think Schumer can probably find the legislation to do this. It existed in Germany in the 1930s and Rhodesia in the ’70s and in South Africa as well,” Norquist said. “He probably just plagiarized it and translated it from the original German.”
Other conservatives, writing in The Wall Street Journal, National Review and Forbes, have also criticized Schumer for trying to punish people who leave the country.
"When I introduced our legislation I was sure it would garner wide and deep support," Schumer said, adding that he was "appalled" and "amazed" by the reaction from conservatives.
Schumer noted that conservatives have called his bill "un-American."
"Silly me, I thought renouncing one's citizenship was un-American," he said.
Under the Ex-Patriot Act, which was also introduced by Sen. Bob CaseyBob CaseyPennsylvania holds keys in Clinton-Trump tilt 'Americans' spies set to visit White House Anti-abortion group pressuring Kaine MORE (D-Pa.), if the IRS determines a person renounced their citizenship for primarily tax reasons, all of the person's U.S. assets will be taxed at 30 percent — double the usual rate of 15 percent.
The person will also be barred from ever entering the United States again.
Saverin, who was born in Brazil and met Mark Zuckerberg at Harvard University, denies that he is giving up his citizenship to avoid taxes.
He currently lives in Singapore, which has no capital gains taxes.