Yesterday, it was reported that Facebook co-founder Eduardo Saverin renounced his U.S. citizenship in order to avoid being hit with large tax bill when the company goes public.
Today, U.S. Sen. Chuck Schumer announced new legislation that would prevent such schemes.
“Mr. Saverin has decided to ‘defriend’ the United States of America just to avoid paying his taxes. We aren’t going to let him get away with it so easily,” Mr. Schumer said. “It’s infuriating to see someone sell out the country that welcomed him and kept him safe, educated him and helped him become a billionaire. This is a great American success story gone horribly wrong. We plan to put a stop to this tax avoidance scheme. There should be no financial gain from renouncing your country.” Read More