Eduardo Saverin has renounced his citizenship before Facebook goes public. The move will save him hundreds of millions of dollars. Ed Schultz talked with Ilyse Hogue of "The Nation" on May 15, 2012.
We got a huge response to our segment on Tuesday with The Nation's Ilyse Hogue about Facebook co-founder Eduardo Saverin, who has renounced his U.S. citizenship to avoid paying U.S. taxes on the company’s initial public offering.
Now that outrage has spread to Capitol Hill, where two U.S. senators, Chuck Schumer (D-N.Y.) and Robert Casey (D-Pa.) are proposing legislation to close the expatriate tax loophole.
“Eduardo Saverin wants to de-friend the United States of America just to avoid paying taxes. We aren't going to let him get away with it,” Schumer said today at a news briefing. “We plan to put a stop to this tax avoidance scheme.”
Saverin was born in Brazil and educated in the U.S., where he became a citizen. In college, he co-founded Facebook with Mark Zuckerberg and others.
Saverin now lives in Singapore, which has no capital gains tax. The long-term U.S. capital gains tax for high-income Americans is a minimum of 15 percent.
Under the bill proposed by Schumer and Casey, people like Saverin would be taxed at double the 15 percent rate and likely not be allowed to re-enter the United States.
“We simply cannot allow the ultra-wealthy to write their own rules,'' Casey said.
"Mr. Saverin has benefited greatly from being a citizen of the United States but he has chosen to cast it aside and leave U.S. taxpayers with the bill. Renouncing citizenship to simply avoid paying your fair share is an insult to middle class Americans and we will not accept it,'' he said.
Ed used even stronger language on The Ed Show:
"These people have enjoyed the fruits of America. They have enjoyed the security. They made their money on our soil with our citizens. Yet they are going to play every angle they possibly can to avoid paying taxes," Ed said Tuesday. "I think that is horribly un-American."
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Freeze his assets in the US..
When he gets kidnapped by thugs or attacked by pirates out there in the big, wide world, Mr. Saverin can call on the state department and the navy of Singapore to bail him out. I'm sure they'll be equipped for the job.
The United States made his opportunities in life possible, and rather than contribute a fair share back to our society to make it possible for the next kid coming up to have those chances he's going to bail out. Disgusting.
They better act fast because according to the report by Leslie Stall I bet there are many more than we know now who have all ready fled with there money. I mean how do you stop someone denouncing citizenship ? I bet its allot easier than getting citizenship in this country. Is it an out rage you better believe it is. He made billions off of everyone who uses face book and took the money and ran. Another reason I am Leary to deal with face book. I bet Mitts $10.000 if they star digging they will find many who have done what he has!!!!
People are renouncing citizenship because the system is too corrupt, with no improvements in sight. I don't blame him for choosing to invest elsewhere. He will need to clear up all relevant legal matters, of course, but good for him for choosing his own path, and not the ones dictated to him by America.
OH = Please = PYUKE !!!!!!
Maybe you should join him!!
And all the reasons why come full circle....... The evidence against you continues to mount. You shine, for all the world to see.
:)
This guy is classic repub......
Mitt Romney should choose this guy as a running mate. Both are sure running.
Yes, good Idea, they can go South together....... Right up their Ally.
Bringing jobs back - re- shoring: Bring jobs back to US. China tide is turning.
http://www.msnbc.msn.com/id/31510813/
Not because of China on prices.... but because of the US and the cost benefit. More attractive to stay home.
It irks my arse to hear that someone benefited from American citizenship and now chooses to leave the country that made it possible to make a fortune! Now, we the taxpayer must divvy up his taxes, BS. This guy is a POS! Hey, Mark Zucker@!$%# might be next to denonce citizenship and take off! This should be treasonous!!!!!!
Ha, it was Congress that made it legal to expatriate our national wealth in the first place:
I wanted to ask the Newt Gingrich about all that 1990’s hidden legislation such as the “Expatriate Clause” in Clinton’s Family Leave bill. It allowed the super rich (multinational Corporations, Saudi royals, drug trafficers, etc) take their billions out of the country PENALTY FREE!
The Grich oversaw legislation/policy that paved the way for loss of American jobs, off-shore tax evasion, media consolidation, predatory lending and a “Corporate Crime Wave” of EPIC proportions
While Republicans were waving the American flag and professing love of the USA, behind the scenes they were busy selling out our children’s future. Explain to me please Newt, what good can come from the US Congress insuring the venture capital of Corporations that move American jobs to Communist China? Why should Americans TRUST Gingrich or ANY Republican ever again. I am somebody who knows consciousmc.blogspot.com
QUOTE OF THE DAY
“…Even with all the evidence, Americans haven’t woke up to the fact that Republicans voters are f***’n insane, becoming a danger to themselves and society . The best thing that could happen for the USA is to whack all those million/billionaires who’ve been turning the Republican Party into a bunch of high priced prostitutes.
I think we need to focus on those in the TOP 1% Koch Bros, George W. Bush, Mitt Romney types, who made their fortunes on the backs of American workers… with American ingenuity, technology, ideas… using infrastructure paid for by the American taxpayer… And how did they repay us? The silver spoon, trust fund baby m’f***er’s moved all our jobs to Asia, fouled our environment with stuff that would make a bill goat puke.
Occupy Wall St failed because they didn’t have the ciones to storm Wall St, K-St and the FOX News building, drag it’s occupants out to the street and punish the vain, greed stricken, power mad *****’s for their crimes against humanity. Managia la America…” Charlie Stunats
Anybody that denounces their U.S. citizenship should automatically be put on the terrorist watch list
Mike...michele Bauchman just did the same thing....classic repub.....
This greedy leech has to be put on the tax evaders list and if caught jailed for years. Freeze or confiscate all his properties here for compensation to the American tax payer. Change laws so that Any similar situation prevents the person from leaving the country.
Who can blame him ? Obama and his merry band of socialists have declared war on achievment !
ha ha ha the guts and lack of shame of this guy is just funny and the republicans will say he is more patriotic than Obama yeah right smh
The whole Facebook company have and always will be Democrats
Completely Un-American,
The Internet, Computers, Microchip Technology........ All were developed in the US funded by the Taxpayers at government research labs.
They owe everything to the taxpayers. These snotty brats think they did it all on their own. BOYCOTT FACEBOOK!!!!!!!!!!!!!!!!!!!!!!!!!!!!