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.
You know what’s cooler than a billion dollars? Renouncing your U.S. citizenship not long before the company you co-founded has as IPO, as our pal Eduardo Saverin did. This may be tax-related — Saverin stands to get a bigger chunk of the Facebook IPO pie now that he’s no longer a U.S. citizen, though the Singapore resident won’t avoid taxes entirely — as capital gains for renounced U.S. citizens face exit taxes.
Action Comics No. 500: Meanwhile, while Obama is attempting to prove his citizenship, one all-American hero wants to denounce it. “’Truth, justice and the American way’ — it’s not enough anymore,” Superman says in this issue. “The world’s too small, too connected.” While some will call this editorial decision tone-deaf, we think we’ll hold off on that decision until Superman becomes a terrorist and gets on the no-fly list. (via ProducerMatthew)
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