Mercury Rising 鳯女

Politics, life, and other things that matter

The man without a country

Posted by Charles II on May 15, 2012

(Image from LATimes)

Eduardo Saverin, who fled to the United States from Brazil to escape death at the hands of gangs, has now abandoned his American citizenship to save a couple of hundred million in taxes due from capital gains on the Facebook IPO. Bruce Ackerman points out that he can continue to come and go freely to the US and proposes that people who renounce their citizenship should be banned from re-entry except for hardship.

To h–l with hardship. People to whom tax savings are more important than country should have to share the fate of The Man Without a Country. May Saverin eat his d–n money.

6 Responses to “The man without a country”

  1. Even Mark Cuban, the billionaire bad-boy owner of the Dallas Mavericks, was taking this jerk to task for being a freeloader.

  2. Stormcrow said

    Forbes’ isn’t the only voice weighing in. :D

    Emphasis mine.

    Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’

    Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

    In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.

    At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

    The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

    The plan would bar individuals like Saverin from ever reentering the United States again.

    Don’t let the door hit you on the way out, Eduardo.

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