May 17, 2012

Saverin: I'll Pay Taxes On Anything I Earned As a U.S. Citizen

Eduardo Saverin, as reported by The Situation Room:

“My decision to expatriate was based solely on my interest in working and living in Singapore, where I have been since 2009. I am obligated to and will pay hundreds of millions of dollars in taxes to the United States government. I have paid and will continue to pay any taxes due on everything I earned while a U.S. citizen.”

(Via pandodaily.)

I call bullshit.

As Saverin says, his tax liability ends with his US citizenship, which he renounced last week to avoid capital gains taxes on any Facebook shares he sells after Friday’s initial public offering. Saverin’s share of the company will likely net him an additional $3 - $4 billion, making any past taxes paid a drop in the bucket compared to what he might owe had he remained a US citizen.

Saverin’s act is nothing but a tax dodge. Creating jobs, investing in US companies and changing his residence make no difference.