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Facebook Co-Founder Renounces Citizenship To Avoid Taxes
At least that's what the popular opinion is!
Remember the guy Andrew Garfield played in The Social Network? He's causing all sorts of outrage right now!
Eduardo Saverin, a co-founder of Facebook, renounced his U.S. citizenship last fall and the government thinks it's to avoid paying taxes on the billion dollar fortune he accumulated as an American.
Since he owns about 4% of Mark Zuckerberg's company, his stock is estimated to be worth $3 billion to $4 billion as of today and he won't have to pay $600 million in capital gains tax in the future.
In response to what many consider a slap in the face of America, two senators have proposed a new bill that would slap him back with a mandatory 30% tax on future capital gains AND bar him from reentering the country.
Senator Chuck Schumer of New York told sources:
"This is a great American success story gone horribly wrong. Eduardo Saverin wants to defriend the United States of America just to avoid paying taxes. We aren't going to let him get away with it."
The young billionaire swears he didn't renounce his citizenship for any reason other than moving to Singapore. He released a statement reading:
"My decision to expatriate was based solely on my interest in working and living in Singapore, where I have been since 2009. I am obligated to and will pay hundreds of millions of dollars in taxes to the United States government. 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."
We're not tax experts and we can't read minds either, so we really have no idea what he was thinking. Maybe he's telling the truth and government officials are overreacting. Or maybe they caught on to his scheme and he's just trying to play it off.
Do U think the senators' reaction is appropriate or should they wait to see if Saverin will pay the tax he owes?
Tags: andrew garfield, billionaire, chuck schumer, eduardo saverin, facebook, mark zuckerberg, new york, the social network
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Everyone needs to pay their fair share when it comes to taxes, Obama says this all the time, and I agree 100%
So why do we allow a company like GE, which make billions in profit get away tax free
Or we have Warren Buffet famous for saying the rich need to pay more, he owes back taxes in the millions
Only 48% of the population pay income tax, yet many who pay no income tax, get tax refunds, how does that grab you
We need a tax overhaul
Hmmmmmmm…
so…it has been a while since i looked at Perez….and clearly i have not missed a thing….since not only is this not new information….it is in fact old info….i guess i will see you in another month or so to see what happened today…
Good for him. Very smart move!
And here I am, wanting that citizenship..yup, the immigration system is unfair
taxes are bs! they take away A THIRD of what we make, then we need to pay for EVERYTHING ELSE. bs indeed! HIDE AS MUCH AS YOU CAN!!!! FUCK TAXES, FUCK THE GOVERNMENT, AND FUCK THE RICH, THE ONES WHO DON'T PAY TAXES!
Ce nsor ed! Over an innocuous comment. Do you fear the literate, educated posse?
Schumer makes me sick to be an American citizen…he is an abhorrent human being…a piece of pure unadulterated scum.
Sorry but I would never give up my citizenship even if I moved to another country like Mexico or Costa Rica ( just wishful thinking on my part).
I didn't know renouncing your US citizenship was possible. Why would he do that? You can live in another country and still be a US citizen, so I'm all for the senators sticking it back to him.
What a fucking Douche Bag…!!!!
You have to be an "f"ing idiot to renounce your US Citizenship just because you're living in Singapore. He's a liar and a cheat.