Face book's Mark Zuckerberg may get all the
hype in the romping road show run-up to the company’s historic IPO.
But the latest news-grabbing Facebook
co-founder is Eduardo Saverin, best known for his bitter legal battle with Mr.
Zuckerberg as portrayed in the move The Social Network.
Now Mr. Saverin may become even more renowned
for renouncing his U.S. citizenship ahead of the company’s IPO. In fact,
it turns out he did it a good deal ahead of the IPO, and that’s
likely to matter.
If you want to "Expatriate" save US taxes, contact the Tax Lawyers at Marini
& Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us
or www.TaxLaw.ms
or Toll Free 888 882 9243 (888 8
TaxAid).
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ReplyDeleteSaverin's new home of Singapore has no capital gains tax. The long-term U.S. capital gains tax for high-income Americans is a minimum of 15 percent.
ReplyDeleteSenator Charles Schumer told a news briefing on Thursday: "It's infuriating to see someone sell out the country that welcomed him and kept him safe, educated him and helped him become a billionaire ... We plan to put a stop to this tax avoidance scheme."
Schumer and Senator Bob Casey, both Democrats, said at the briefing that they were proposing legislation to crack down on what they see as expatriate tax avoidance.
Under the bill, expatriates worth $2 million or more, or with average income tax liability exceeding $148,000 over the past five years, would be presumed to have renounced their citizenship for tax avoidance purposes.
These high-income expatriates would get a chance to prove otherwise to the Internal Revenue Service, but if they could not do so, then they would face a 30-percent tax on future investment gains, no matter where they were residing.
So long as the taxpayers failed to pay these taxes, they would 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.
http://www.reuters.com/article/2012/05/17/us-facebook-taxes-idUSBRE84G11A20120517