Schumer, Casey, Eduardo Saverin Facebook Tax Scheme

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May 17 (Bloomberg) -- Democratic Senators Chuck Schumer of New York and Robert Casey of Pennsylvania propose legislation that would impose a 30 percent capital gains tax on people who renounce U.S. citizenship as way to dodge taxes. The lawmakers cited Facebook Inc. co-founder Eduardo Saverin, who renounced his citizenship ahead of the initial public offering and will avoid $67 million in federal income tax, according to a Bloomberg analysis of the company's stock price. (Source: Bloomberg)


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