Facebook Co-Founder may not be allowed back in the U.S. Is this fair or overkill?
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Facebook co-founder Eduardo Saverin might not be allowed to return to the United States.
Billionaire Saverin, who ditched his U.S. citizenship ahead of Facebook's mega IPO, is said to own a 4 or 5 percent stake in the social network. Bloomberg reported last week that he is moving to Singapore, possibly to slash taxes he might owe the U.S. government.
According to a U.S. immigration law highlighted by Talking Points Memo (TPM), Saverin might face difficulty re-entering the country due to the timing of his expatriation. From Sec. 212. [8 U.S.C. 1182] of the law, per TPM:
Former citizens who renounced citizenship to avoid
taxation.-Any alien who is a former citizen of the United States who
officially renounces United States citizenship and who is determined by
the Attorney General to have renounced United States citizenship for the
purpose of avoiding taxation by the United States is excludable
Facebook is seeking to raise as much as $18 billion
in it what is expected to be the largest Internet IPO ever. Based on a
regulatory filing the social network submitted to the Securities and
Exchange Commission on May 16, the stock's planned price range is
currently between $34 and $38 dollars per share; the company may be valued as high as $104 billion as a result. Bloomberg reports that Saverin likely saved himself $67 million in federal income taxes on his shares; the Times pegs his savings at $100 million or more.
Read More: http://www.huffingtonpost.com/2012/05/16/eduardo-s...
Top Opinion
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Flowers 2012/05/18 15:24:15Overkill
+4I don't agree with his motives to renounce citizenship. I don't agree with the obscure tax laws that we as a society are burdened with, that make people do unethical things to avoid. And, I don't agree with the government acting like spoiled brats when those tax loopholes are used by someone other than themselves. If we had more rational tax laws, he probably wouldn't have done it in the first place. Preventing him from coming to the USA simply because he used THEIR OWN LAWS AGAINST THEM is childish. IMO. In this age of Remotely accessing a computer from across the world, virtual conferences and video chats, I doubt it will make much difference to his stake in the company.
Illegal aliens milking money out of our economy is a serious problem in America... Good riddance.
Rich or poor, I'm proud of my heritage. I'm PROUD to be an AMERICAN.
I do not believe in a progressive tax system, I don't think the wealthy should be punished just for being successful but, dodgers and cheats deserve no sympathy.
I don't see how it is fair that income earned outside the U.S. is taxable by the U.S.
I agree everyone should pay their fair share, but the tax codes should not have such loopholes.
pathetic. 65% of a billion dollars still sounds a hell of a lot better than 90% of 20k.
If you don't want skin in the game, gtfo.
There was a time in this country when we didn't care too much for traitors. I guess now-a-days some of us idolize them... How fast that patriotic rhetoric goes out the window when a dollar is involved.
Nice.
America is responsible for his success. He doesn't want to pay for it now that he's made it big, again, get the FCK out.
Plus Now they would have to extradite him from Singapore.
I think that it is unlikely that the application of this law is likely to stick.