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Bill Takes Aim at Facebook Co-Founder’s Tax Scheme

Posted on May 17, 2012
Andrew Feinberg (CC BY 2.0)

Facebook co-founder Eduardo Saverin has renounced his American citizenship in a bid to avoid up to $67 million in taxes on the billions he’s expected to make when the company goes public. Democratic U.S. Sens. Chuck Schumer and Bob Casey have introduced a bill to punish such ex-citizens with heavy taxes and bar them from ever re-entering the United States. —ARK

ABC News:

At a news conference this morning, Sens. Schumer and Bob Casey ... will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

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PatrickHenry's avatar

By PatrickHenry, May 20, 2012 at 2:43 pm Link to this comment

The nerve of some people trying to hang onto their money and not contribute to the war machine.

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By steve, May 17, 2012 at 3:22 pm Link to this comment
(Unregistered commenter)

For $57 million; I think I could live without this
place. Thankyouverymuch! I’d leave now if I had the
means. It wouldn’t even take an extra $57million to
convince me not to come back either.

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By Aaron Ortiz, May 17, 2012 at 12:47 pm Link to this comment

“Facebook co-founder Eduardo Saverin has renounced his American citizenship in a bid to avoid up to $67 million in taxes on the billions he’s expected to make when the company goes public.”

So he’s guilty until proven innocent? How do the senators know Saverin renounced his citizenship to evade taxes? He already paid an exit tax when he renounced it.

Three years ago he moved to another country where they don’t accept dual citizenship. Because of bureaucracy, that was only finalized a few months ago.

What if he’s NOT lying?

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Kachtice's avatar

By Kachtice, May 17, 2012 at 12:40 pm Link to this comment

The problem isn’t with the people wanting to leave but with “Big Government” and the “Career Politicians” who are more concerned with stuffing their pockets and getting re-elected then fixing the problems this Country has.  Wasteful spending is the Governments modus operandi and paid for by the hard work of it‘s citizens.  Those who are worried that more will follow should concentrate on fixing what they have broken and less on the individuals who can afford to escape their tyranny.

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By JJW, May 17, 2012 at 12:04 pm Link to this comment
(Unregistered commenter)

Facebook is then next Enron.  Grab whatever money he can and flees the country.  We can still indict him!

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