Facebook Co-Founder Renounces U.S. Citizenship, Will Get Tax Break
Facebook is looking to raise about $100 Billion, and one of the co-founders, Eduardo Saverin, has renounced his U.S. citizenship to avoid paying a hefty taxes on the upcoming gold rush. The Brazilian born soon-to-be billionaire has moved to Singapore to keep more of his near $4 Billion. Saverin says the move was planned awhile ago, before the IPO.
What do you think this says about US tax laws?