Dirtbag IPO tax dodger/tragic startup victim Eduardo Saverin is about to get double teamed by the United States: Senators Chuck Schumer and Bob Casey want to him permanently exiled from the country for renouncing his citizenship to save a buck.
The proposed legislation, called the Ex-PATRIOT Act (geeeeeeeet it?) specifically targets Saverin's $100 million bill-ditching behavior, slapping a retroactive 30% capital gains tax on former citizens like him, but more importantly, would block expatriating tax bailers from ever reentering the US. If Saverin were to try to visit, say, Silicon Valley from his new home in Singapore (where he'll pay zero taxes on his Facebook doubloons), he'd be promptly turned around and sent packing—"he won't be allowed to set foot in this country," Schumer explains. Any money Saverin still has in the US would also be taxed hard. The bill would, of course, apply to any other likeminded expats, running off a list of thousands of greedy cheats compiled by the IRS.
If this sounds punitive—good! As Sen. Casey put it, Saverin, having become explosively wealthy from an American company set to debut on the American stock market, has "[spit] in the eye of the American people" by calling it quits as an American when it's perfectly convenient. Eduardo owns a slice of Facebook fat enough to ensure none of his kids' kids' kids will ever need to work—it makes the taxes he'd owe from cashing out look like what's sitting between your couch cushions. Saverin's richer than the center of the moon, already has more money than he knows how to spend, and shouldn't have the option to choose to skip town to Singapore and count his Bentleys just because he has the means.
Or, fine—stay there. We don't want to be your friend anyway.
A full summary of the proposed legislation can be read here.
Photo: Jason Kempin/Getty