At a press conference in Washington this morning, Sen. Chuck Schumer continued his crusade against Facebook billionaire Eduardo Saverin, who moved to Singapore and reduced his tax bill on the value of his shares.
Schumer accused Saverin, who renounced his U.S. citizenship last year, of giving up his American passport for the sole purpose of avoiding taxes. “We’re not going to let him get away with it,” Schumer said.
“Saverin has turned his back on the country that welcomed him, kept him safe, educated him and helped him to become a millionaire.” Schumer said of the Brazilian-born entrepreneur. “This is a great American success story gone horribly wrong.”
Schumer had equal venom for the chorus of anti-tax pundits who are turning Saverin into a hero.
Schumer originally voiced his disapproval of Saverin last week, announcing that he would present a bill called the “Ex-Patriot Act” with fellow Democratic Sen. Bob Casey of Pennsylvania. Since then, several commentators and pundits have praised Saverin for taking a stand against the U.S. tax code.Page 1 of 3 | Next Page