Facebook co-founder Eduardo Saverin.
(Credit: Facebook)
Facebook co-founder Eduardo Saverin has angered two senators with his alleged decision to renounce his U.S. citizenship to save cash on taxes.
Senators Charles Schumer (D-NY) and Bob Casey (D-PA) announced today that they'll be holding a special news conference at 8 a.m. PT to unveil a plan designed to stop people from renouncing their U.S. citizenship to avoid paying taxes. In addition, the plan will describe a new law that would bar "individuals like Saverin from reentering the country."
Saverin came under fire earlier this week when it was revealed that he had renounced his U.S. citizenship. Saverin, who was born in Brazil, held an American citizenship for 10 years, but currently makes his home in Singapore, which has no capital gain tax.
Critics have charged Saverin with renouncing his U.S. citizenship so he wouldn't be forced to pay capital gains or estate taxes on the more than $3 billion he's expected to own in Facebook shares when the company goes public tomorrow. However, Saverin made it clear that his decision had nothing to do with taxes, and everything to do with his view that he's a "global citizen."
"This had nothing to do with taxes," Saverin told The New York Times in a recent interview. "I was born in Brazil, I was an American citizen for about 10 years. I thought of myself as a global citizen."
(courtesy:cnet.com)
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