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FBN's Peter Barnes on Senators unveiling legislation to punish Eduardo Saverin for renouncing his citizenship.
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FaceBook co-founder Eduardo -- are not making.
Any friends in Washington they want him to pay up even after renouncing his US citizenship.
Peter Barnes joining us from -- -- parent what do we know about this effort to go after him.
Well we have the details now it's from senator Chuck Schumer of New York senator Bob Casey of Pennsylvania both Democrats they unveiled legislation to punish.
FaceBook co-founder Eduardo severance.
Severin has lived in Singapore since 2009.
And renounced his US citizenship in September the senator says this allows him to -- a reported 67 million to a hundred million dollars in taxes since Singapore.
Has no capital gains tax Schumer said Severin is trying to.
The United States.
And despicable trend.
That -- exhibits must be stopped dead in its tracks.
FaceBook has 900 million users.
But mistress aberrant social network is about to get a lot smaller.
Schumer said the legislation would put anyone with a two million dollar net worth our tax liability of a 148000.
Over the last five years who renounces his citizenship.
To be to be automatically deemed to have done so.
For tax avoidance purposes and then they would not be allowed to reenter the US ever again and they would have to pay a 30% tax rate on any US investments a spokesman for severance says he is an international investor -- Major investments in Asia.
Quote Eduardo recently found it to be more practical to become a resident of Singapore it seems clear that this is a reaction to a perception not reality.
Tax was not a factor -- Alright Peter Barnes -- -- -- Washington -- very interesting take from.
Senator Schumer -- -- some curious what you think because if nothing else the statement has been made that the tax cut here in the United States is not beneficial.
To certain individuals will let me like.
Now something I think it senator Schumer sounds almost vindictive.
They're gonna hunt this guy down and they're gonna turn upside down in India out his -- because he owes us.
And it really bothers me that federal government's attitude today.
Is it if you make a windfall they've banned words are cut it's like doing this is what the mob I just don't -- but it's.
But it's gonna affect many -- is gonna affect many more people not just him and it's gonna hit small businesses -- you know over this is gonna go.
He becomes the poster child next thing you know everybody else's suffering and it's about a red tape and it's a tax cut -- -- like some also changed the rules after the after the --
