Schumer Proposes U.S. Tax on People Like Facebook’s Saverin
This article is for subscribers only.
U.S. Senator Charles Schumer proposed a 30 percent capital gains tax on people such as Facebook co-founder Eduardo Saverin unless they show they didn’t renounce their U.S. citizenship to avoid taxes.
Saverin, 30, the billionaire co-founder of Facebook Inc., renounced his U.S. citizenship, which was reported earlier this month in advance of tomorrow’s initial public offering that values the social network at as much as $104 billion. He will save at least $67 million in income taxes by dropping his citizenship, according to data compiled by Bloomberg.