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