Senators Introduce Ex-Patriot Act, Targeting Facebook Co-Founder Eduardo Saverin
Do you remember all that tax money Facebook Co-Founder Eduardo Saverin was set to save on Facebook’s initial public offering by renouncing his U.S. citizenship and establishing residency in Singapore? Not so fast, said Sens. Charles Schumer (D-N.Y.) and Bob Casey (D-Pa.).
Do you remember all that tax money Facebook Co-Founder Eduardo Saverin was set to save on Facebook’s initial public offering by renouncing his U.S. citizenship and establishing residency in Singapore? Not so fast, said Sens. Charles Schumer (D-N.Y.) and Bob Casey (D-Pa.).
Schumer and Casey held a press conference earlier today to share the details of legislation they are sponsoring, the Ex-Patriot Act, which basically assumes that any expatriate with a net worth of more than $2 million was motivated by the prospect of avoiding tax payments.
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