Will Leading the World In Corporate Taxes Hurt the U.S.?
Facebook's co-founder Eduardo Saverin recently renounced his U.S. Citizenship, and in the process, more than halved the $600 million he would have to pay if he sells his shares in Facebook after its IPO.
There are people who are saying good riddance to Facebook co-founder Eduardo Saverin for renouncing his citizenship. Who needs a rich guy who took advantage of a country and then skipped out without paying his fair share? But are the high taxes setting up the U.S. for more of this in the future? According to Fox News, the Brazilian immigrant, now turned U.S. emigrant, could earn $3.84 billion if he sells his four percent share in Facebook. The Capital Gains tax on that would reportedly amount to $600 million for a U.S. citizen. Saverin can’t escape the IRS entirely, and still has to pay exit taxes on his current net worth. But it is reportedly less than half of what he would have to pay on capital gains as a U.S. citizen. He has reportedly…
