Facebook co-founder Eduardo Saverin has come under increased scrutiny following news that he had renounced his U.S. citizenship to become a resident of Singapore.
The move drew criticism as reports pointed out that the move would save Saverin — who owns a part of Facebook — millions of dollars in taxes after the company goes public.
Saverin has denied that he is moving for tax purposes, and has said that his decision was based solely on his business investments.
On Thursday, Sens. Charles Schumer (D-N.Y.) and Bob Casey (D-Pa.) announced plans to introduce a bill to respond to Saverin’s move, which a news release from Schumer’s office called an “avoidance scheme.”
“The senators will call Saverin’s move an outrage and describe a plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country,” the release said, adding that the legislation would bar individuals like Saverin from re-entering the country.
A more accurate name for the bill they proposed would be the "Shackling of Americans Act". A virtual Berlin Wall, indeed. . .
[Edited 2012-05-17 07:53:36]