On Thursday, Sens. Charles Schumer (D-N.Y.) and Bob Casey (D-Pa.) announced plans to introduce a bill to respond to Saverin’s move, which a news release from Schumer’s office called an “avoidance scheme.”
“The senators will call Saverin’s move an outrage and describe a plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country,” the release said, adding that the legislation would bar individuals like Saverin from re-entering the country.
For what it’s worth, Saverin says he didn’t do it because of Facebook. “This had nothing to do with taxes,” he said. “I was born in Brazil, I was an American citizen for about 10 years. I thought of myself as a global citizen.” Beyond that, some point out that Saverin’s tax bill may actually be higher because he renounced his citizenship.
11:05 // 1 year ago
“SORRY! My Prada’s at the cleaners!” Remember this scene from “The Social Network”? It’s the point where Eduardo Saverin learns that he’s totally been screwed out of the company he co-founded. But that’s not the whole story — in fact, Business Insider managed to get their grubby paws on the e-mail in which Mark Zuckerberg told the lawyers to dilute Saverin’s shares — the result of Saverin previously freezing the bank account they were using to fund themselves. Key line: "Is there a way to do this without making it painfully apparent to him that he’s being diluted to 10%?" In related news, Eduardo Saverin recently renounced his U.S. citizenship ahead of the company’s IPO.
20:14 // 1 year ago