Eduardo Saverin, aka the good guy in the Facebook movie, is renouncing his citizenship in order to avoid paying taxes on his IPO fortune.

http://blogs.wsj.com/deals/2012/05/1...under-saverin/

Chuck Shumer and Bob Casey are not pleased.

Despite leaning libertarian and thinking that the U.S. tax treatment of foreign residents is absurd, I don't think this should be allowed. The fortune was made in America and the company benefits greatly from the U.S. regulatory system. The IPO is happening in U.S. capital markets for a reason. Basically when you make all the money in America I don't think you should be able to evade taxes by renouncing.

I thought Zuckerburg was the hero in The Social Network.

Differing opinions I guess.

Umm..... he is gonna end up paying a sizeable exit tax.... unless he works something out with the crooks in DC and makes a donation to their campaigns.

haters confirmed furious

Yeah damnit... only politicians are allowed to skirt taxes.

**** Shumer and Casey.

Renouncing your citizenship anywhere is a big deal imo.

And he'll still have to pay taxes, just not as much.

Nah, Eduardo was the hero ldo..... he put up with that crazy asian bitch who blew him in the bathroom stall and later set his bed on fire..... musta been a helluva BJ.

good for him

My personal experience with getting BJ's from Asian sloots have also led to a sensation of burning, but that's likely TMI for 2p2.

prob just wants to get started building his own libertarian utopia

This is crazy. Assuming Saverin is subject to the expatriation tax, he will pay taxes on all of his assets as if he sold them for FMV. So he only "evades" taxes on income that arises in the future. And Facebook still pays taxes at the corporate level obviously. And the US will still tax dividends paid to Saverin. Also, as you're probably aware, the US is one of the only countries in the world that taxes nonresident citizens on their worldwide income in the first place.

Are you really saying that once you're a US citizen, all income you earn, ever, even if you leave the country and give up the benefits of citizenship, should be taxable by the US?

The WSJ article says Schumer and Casey are going to unveil some plan to tax expats, which will almost certainly be in flagrant violation of dozens of treaties. Should be good for a laugh.

EDIT:

Delivers already!

wish I had the money behind me to be able to renounce my citizenship too.

If he wants to denounce his citizenship and did it in a timely manner, I think he has every right to. I don't think his primary motive is tax evasion. I mean he is saving like 70 million and is gonna get ~4 billion or something crazy.

If only the Ex-PATRIOT act and the PATRIOT Act canceled each other out.

Just within the context of the movie I thought he came off as the guy who was thinking way too small and basically deserved being pushed out.