Facebook Billionaire Saverin Triggers Creation Of New "Ex-Patriot Act" Law

Author: Dan Reyes
Published: May 17, 2012 at 4:15 pm

For many people, coming to the U.S. is hard work and requires a lot of luck coupled with a lot of perseverance and sacrifice. It is with these reasons why being granted a U.S. citizenship is a dream come true for many immigrants coming from different parts of the world.

But does it all matter to a guy named Eduardo Saverin who is making a lot of noise for the past few days?

According to a report, billionaire Facebook co-founder Eduardo Saverin renounced his U.S. citizenship after "allegedly" trying to avoid paying an estimated $67 million worth of taxes to the U.S. government and just in time before the Facebook's IPO offering.

This latest move from him created a lot of buzz in the blogosphere and around the social media circuits. In fact, it even caught the attention of U.S. Senators' Chuck Schumer and Bob Casey who appears not to particularly liked what Saverin did in terms of the tax side part of it.

The above Senators seems to be so dissapointed with Saverin that they will introduce a new law called "Ex-Patriot Act" that aim to severely punish people who ditch their U.S. citizenship to avoid paying or trying to lower their taxes. This law is said to also impose a 30 percent capital gains taxes for people who renounced their U.S. citizenship and banning a former U.S. citizen from ever coming back to the U.S. again.

For his part Saverin had said that he was very grateful to the U.S. for everything that it has given to him and that he will still continue to invest in U.S. businesses and start-ups and he will continue to pay any taxes due on him while still a U.S. citizen. He reiterated that he didn't renounce U.S. citizenship to avoid paying U.S. taxes.

There are surely going to be mixed reactions by different slew of people on this issue. Some people may favor Saverin for what he's done with his citizenship and others may feel exactly the opposite way. People may believe him for what he's been saying or they don't. How about you? What's your opinion on this issue?


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Article Author: Dan Reyes

Freelance technology writer, business news reporter, and social media blogger. Follow me: Twitter.com/DanJayReyes Facebook.com/DanReyesTchnrti

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