Previously, we reported on Facebook co-founder Eduardo Saverin, who renounced his American citizenship months ahead of Facebook’s initial public offering, which occurred on Friday, May 18. Many have opined that Mr. Saverin stands to save millions in future taxes as a result of his actions and that this outcome played a significant role in his decision to abandon his citizenship. Now, Democratic Senators Chuck Schumer and Bob Casey have announced a new bill called the Ex-PATRIOT Act which would re-impose taxes on expatriates like Saverin even after they leave the United States and take up residence in a foreign country. More…
