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Facebook co-founder Eduardo Saverin (file)
In a very public dislike of Facebook co-founder Eduardo Saverin, Senators Chuck Schumer and Bob Casey proposed legislation on Thursday to punish people who renounce citizenship in order to skip out on taxes. (For those of you who need a pop culture reference point — he's the guy Andrew Garfied played in "The Social Network.")
The Democrats accused the Brazilian-born social media mogul, who renounced his U.S. citizenship last year, of dodging taxes to avoid a hefty payout to Uncle Sam.
"Saverin has turned his back on the country that welcomed him and kept him safe, educated him and helped him become a billionaire. This is a great American success story gone horribly wrong," Schumer said in a press conference on Thursday. "Eduardo Saverin wants to de-friend the United States of America just to avoid paying taxes. We aren't going to let him get away with it."
Saverin owes the feds an estimated $67 million to $100 million in taxes — a number that could increase under the new Facebook IPO. He currently calls Singapore home and denies his decision was over taxes.
Casey called this an "insult to the American people" and that "we should make sure that he's held accountable."
Further getting in on the pun action, Schumer added, "Senator Casey and I have a status update for him: pay your taxes in full or don't ever try to visit the U.S. again."
In a statement to Reuters on Thursday, Saverin said "I have paid and will continue to pay any taxes due on everything I earned while a U.S. citizen. It is unfortunate that my personal choice has led to a public debate, based not on the facts, but entirely on speculation and misinformation."
The newly unveiled bill, Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy Act, a.k.a. the Ex-PATRIOT Act, aims to crack down on tax dodgers. The proposed law presumes anyone is a tax evader if they ditch out on citizenship and boast a net worth of $2 million or an average income tax liability of $148,000 over the last five years.
To prove otherwise, the person would need to take it up with the IRS and that person's U.S. assets would be taxed at 30 percent.
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This is what happens when people get greedy. They turn into sociopaths who think they have no responsibility to anyone. They've got their's and too bad for you! Shameful.
...and this goes to show that we are all the same white or black, cain felt the same way, "if you are not rich it's your fault".
You want to dump your US citizenship? Fine--but you don't get to take our money with you!
The gop are racist's nazis terrorist's. God bless Mr. Obama and the OLD American and the Clinton tax the rich America.
He did nothing illegal / nothing at all. I'm for fair tax rates and removing loopholes but we are a country of law not of opinions.
@ Garret YES!!!
So, our government wasn't smart enough to notice this loophole of galactic proportions, and now they want to bitch about someone taking advantage of it??? Really???
Ha, it was Congress that made it legal to expatriate our national wealth in the first place:
I wanted to ask the Newt Gingrich about all that 1990’s hidden legislation such as the “Expatriate Clause” in Clinton’s Family Leave bill. It allowed the super rich (multinational Corporations, Saudi royals, drug trafficers, etc) take their billions out of the country PENALTY FREE!
The Grich oversaw legislation/policy that paved the way for loss of American jobs, off-shore tax evasion, media consolidation, predatory lending and a “Corporate Crime Wave” of EPIC proportions
While Republicans were waving the American flag and professing love of the USA, behind the scenes they were busy selling out our children’s future. Explain to me please Newt, what good can come from the US Congress insuring the venture capital of Corporations that move American jobs to Communist China? Why should Americans TRUST Gingrich or ANY Republican ever again. I am somebody who knows consciousmc.blogspot.com
QUOTE OF THE DAY
“…Even with all the evidence, Americans haven’t woke up to the fact that Republicans voters are f***’n insane, becoming a danger to themselves and society . The best thing that could happen for the USA is to whack all those million/billionaires who’ve been turning the Republican Party into a bunch of high priced prostitutes.
I think we need to focus on those in the TOP 1% Koch Bros, George W. Bush, Mitt Romney types, who made their fortunes on the backs of American workers… with American ingenuity, technology, ideas… using infrastructure paid for by the American taxpayer… And how did they repay us? The silver spoon, trust fund baby m’f***er’s moved all our jobs to Asia, fouled our environment with stuff that would make a bill goat puke.
Occupy Wall St failed because they didn’t have the ciones to storm Wall St, K-St and the FOX News building, drag it’s occupants out to the street and punish the vain, greed stricken, power mad *****’s for their crimes against humanity. Managia la America…” Charlie Stunats
Wellllll, my particular faith may not be perfect, but I'm NOT giving it up. My country (U.S.A) may not be perfect, but I'm NOT giving up my citizenship. However, now that I am retired and my family is grown and doing their own thing, I just renewed my passport, packed my little suitcase, and am on my way to becoming an ex-pat just to see what life is like on the other side.
As long as he pays what he owes before he left its ok. We cant make people stay a US cirizen. This is America if you want to leave fine. I not sure but I have heard that if you move here and open your own business you dont have to pay taxes for like 7 years.
My advice to anyone contemplating trying to get into the IPO offering stage of Facebook as a public company. It's so overly hyped, as has been a number of dot.com enterprises, some with absolutely no earnings, that have come to market. Not only have we seen the recent decision of General Motors to stop advertising on Facebook, but in their presentations to the financial powerhouses bringing out this IPO tomorrow (estimated to be over $100 billion in value) founder and CEO Zuckerman and company admit they do not have any clear plan to "monotizing" their huge subscription base, but hint it will be most likely done at the peril of its subscribers privacy, that is sure to drive people away in droves, just as Google has suffered as people learn that they are making their profits selling individuals search information.
There area lot of shades of the dot.com bubble in this minor eruption of the past year with fledgling and established private "social" dot.com companies going to the public market...harkent to the bust that came during the late stages of the Clinton Administration that put us into a recession, and melted aggressive investors assets before their shocked eyes.
As a footnote, the initial public offering went very badly, with the underwriters, including JP Morgan and Morgan Stanley coming in and buying up large numbers of share in order to shore up the asking price of $38 a shrare. Within the next few weeks, we will surely see them looking to unload to unwary retail investors and money mangers, but it will be a slow, long slide down for this most hyped of the young century gone public corporation!
I personally hate the fact that you almost have to have a facebook or twitter acount to post a comment on so many web sites nowadays.
As for this dude, I need to do more research to form an opinion, but it sure seems like he's quite a scoundrel.
http://unitedrepublic.org/mccain-whitehouse/?akid=114.136857.sP5NRO&rd=1&t=1
Turn the Supreme Court ruling around NOW!