Eduardo Saverin: Chuck Schumer Proposes Legislation to Stop His Tax-Avoiding Plan

"Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy"

Reporting on Politics and Policy.
May 17 2012 11:21 AM

"Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy"

That, my friends, is the acronym of the day -- the "Ex-PATRIOT Act," introduced by Sen.s Chuck Schumer and Bob Casey, written to deny re-entry to the United States to anyone who gives up citizenship for tax purposes. It's written to capitalize on the gobsmacking and outrage over Facebook co-founder Eduardo Saverin's decision to ditch the States and -- while he denies this is the reason -- save millions when Facebook's IPO launches.

Schumer did not let the press forget that when he unveiled the bill. Among his zingers:


"Senator Casey and I have a status update for him -- pay your taxes, or don't set foot in the United States ever again."


"Mr. Saverin's social network is about to get a lot smaller."

David Weigel is a reporter for Bloomberg Politics

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