'Expatriotism': the last refuge of a scoundrel?
Two senators going after Facebook cofounder Eduardo Saverin for taxes seem to need a little help with their spelling.
As you may have heard, they have denounced Brazilian-born Eduardo Saverin, one of the founders of Facebook, for giving up his US citizenship in connection with his move to Singapore. The senators seem to think they know why he has done this.
"This is a great American success story gone wrong," Senator Schumer said. "Mr. Saverin wants to de-friend the United States just to avoid paying taxes, and we're not going to let him get away with it."
As the Los Angeles Times and others have reported, Schumer estimated Mr. Saverin's tax savings from the move to be between $67 million and $100 million. To prevent others from following Saverin's lead, the senators plan to introduce something called the "Expatriation Prevention by Abolishing the Tax-Related Incentives for Offshore Tenancy Act," aka the Ex-PATRIOT Act.