Facebook Co-founder's Tax Move Spurs Ex-PATRIOT Act

Thursday, 17 May 2012 11:37 AM

By David Alliot

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Facebook co-founder Eduardo Saverin’s dust-up over relinquishing his U.S. citizenship possibly to avoid taxes on his Facebook windfall has led to a new development: Legislators are scrambling to enact a law that would re-impose taxes on would-be dodgers.

Sens. Chuck Schumer, D-N.Y., and Bob Casey, D-Pa., have come up with a plan, dubbed the “Ex-PATRIOT” — for “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” that would re-impose taxes on those who would renounce their citizenship in order to avoid taxes, ABC News reports. Saverin could dodge a hefty tax bill — some $67 million.

Ex-PATRIOT would also levy a mandatory 30 percent tax on the capital gains benefited from such a move. There would a final good-bye note from the senators as well: Don’t come back. The act would prevent dodgers from ever re-entering the United States.

Saverin will update his status to billionaire — $4 billion to be exact — when Facebook goes public, CNET reports. He stands to benefit greatly tax-wise, from living in Singapore.

The Facebook co-founder, who probably never dreamed he’d be more famous for dodging than for friending, is a resident of Singapore, after relinquishing his U.S. citizenship in September of last year, ABC News reports. Singapore has no capital gains tax. Saverin moved to the United States from Brazil to avoid kidnapping plots, according to CNET.

For his part, Saverin told the New York Times that the move “has nothing to do with taxes,” and that he rather thinks of himself “as a global citizen.”

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Yellen's Tough Job: Determining When Labor Market Has Healed

Friday, 22 Aug 2014 23:49 PM

Federal Reserve Chair Janet Yellen said she still isn't satisfied with the U.S. labor market. . . .

California Senate Passes Gun Database Checks Bill

Friday, 22 Aug 2014 22:46 PM

The California Senate passed a bill on Friday requiring local law enforcement to search a database of firearms owners in . . .

Parole for John Lennon's Killer Mark David Chapman Denied Again

Friday, 22 Aug 2014 22:19 PM

John Lennon's killer was denied release from prison in his eighth appearance before a parole board, correction officials . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved