Facebook Co-Founder 'Un-friends' America

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The number two in command, Facebook co-founder, Eduardo Saverin is under fire for alleged tax evasion.

Sens., Charles Schumer, D-N.Y, and Bob Casey, D-Penn., accused Saverin of renouncing his U.S. citizenship and relocating to Singapore in order to avoid paying hundreds of millions in capital gains taxes after becoming a billionaire and before Facebook's stock went public Friday.

Saverin, who continues to invest in technology startups, is now expected to be worth an estimated $2.7 billion.

Sen. Schumer introduced a bill Friday that would prevent Saverin and others like him from what he calls "benefiting" as an American citizen and leaving "U.S. taxpayers with the bill."

The Expatriot Act would presume "any expatriate with either a net worth of $2 million or an average income tax liability of at least $148,00 over the last five years" of purposely renouncing their citizenship to avoid taxes.

If passed, the bill would prevent Saverin and others from returning to the country. It would also penalize them for taking such action by imposing a 30 percent tax on any future capital gains in the United States.

Bloomberg News estimated that 1,780 Americans became expatriates in 2011 alone. The Office of the Taxpayer Advocate, an independent agency within the Internal Revenue Service, attributed the number to increasingly complex U.S. tax codes.

*Originally aired on May 18, 2012.

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