Senator Chuck Schumer, who never saw a tax he didn’t like, is outraged that one of Facebook’s founders, Eduardo Saverin, a Brazilian by birth, is renouncing his citizenship and saving a whole lot of taxes in the meanwhile.
Chuckie, who hasn’t passed a budget in 1,115 days wants to back tax Saverin and never allow him back into the country. He said Saverin didn’t play fair, Chuck being the model of fairness.
Is there anyway to kick Chuckie out for not doing his job?
Bloomberg News: U.S. Senator Charles Schumer proposed a 30 percent capital gains tax on people such as Facebook co- founder Eduardo Saverin unless they show they didn’t renounce their U.S. citizenship to avoid taxes.
Saverin, 30, the billionaire co-founder of Facebook Inc. (FB), renounced his U.S. citizenship, which was reported earlier this month in advance of tomorrow’s initial public offering that values the social network at as much as $104 billion. He will save at least $67 million in income taxes by dropping his citizenship, according to data compiled by Bloomberg.
U.S. Senator Charles Schumer, a Democrat from New York, left, accompanied by U.S. Senator Bob Casey, a Democrat from Pennsylvania, speaks during a news conference about legislation he’s proposing that would impose a 30- percent capital gains tax on people like Facebook Inc. co-founder Eduardo Saverin, unless they show they didn’t renounce their U.S. citizenship to avoid taxes. Photographer: Susan Walsh/AP Photo
Schumer’s proposal would empower the Internal Revenue Service to impose a 30 percent capital gains tax on future investment gains of wealthy individuals who the agency decides renounced their citizenship to avoid taxes. It also would bar such people from re-entering the U.S. Schumer said he will advance the legislation “as quickly as possible.”
“This tax-avoidance scheme is outrageous,” Schumer said. “This is a great American success story gone horribly wrong.”…Read more….