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.