Sen. Chuck Schumer is ripping conservatives for their response to legislation he co-sponsored that would punish those who renounce their citizenship to avoid paying taxes. The bill was introduced after Facebook co-founder Eduardo Saverin gave up his U.S. citizenship right before he was expected to earn billions from the company’s much anticipated IPO.
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 U.S.
You work hard. You pay taxes. But 26 corporations don’t—or at least they didn’t between 2008 and 2011. General Electric, Boeing and Verizon were among the major companies that together enjoyed more than $78 billion in tax subsidies over the last four years, according to a report by Citizens for Tax Justice.