Facebook Co-Founder Could Be Banned From U.S. Forever For Dodging Taxes

Facebook Co-Founder Could Be Banned From U.S. Forever For Dodging Taxes

Give credit where it’s due. Facebook co-founder Eduardo Saverin (played by Andrew Garfield in The Social Network) actually managed to outrun the law. He renounced his U.S. citizenship and set up shop in Singapore to avoid the 30% capital gains tax he would’ve had to pay on the $4 billion he’s set to make off Facebook’s IPO tomorrow, had he stayed here in the States. But now he’ll probably never be back.

Pitchfork-wielding Senators Chuck Schumer and Bob Casey have proposed the aptly titled Ex-Patriot Act to go after expat tax dodgers like Saverin. They’d be forbidden from ever reentering the U.S. (even for a quick visit) and all remaining money in the States would be taxed highly. 

All in all, a fair trade-off. There’s a price to being made in America and in this case, it’s at least $100 million.

[via Gizmodo]

Tags: eduardo-saverin, facebook, ipo, capital-gains-tax
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