Please ensure Javascript is enabled for purposes of website accessibility
November 28, 2022

Eduardo Saverin’s Spokesman: Don’t Go Believing That My Client Would Leave the U.S. Just to Save $67 Million in Taxes

As was noted last week, Facebook co-founder Eduardo Saverin renounced his U.S. citizenship, according to an IRS report. Some people speculated that the cause for this GTFOOTUSA was the savings in federal income tax because, as you may have heard, the Facebook is going public and ES is probably going to do okay when this thing goes down. Bloomberg crunched some numbers earlier today to determine just how much Eddie would be saving and HEY! it's quite a bit!

Facebook Inc. (FB) co-founder Eduardo Saverin will save at least $67 million in federal income taxes by dropping U.S. citizenship, according to a Bloomberg analysis of the company’s stock price. Those savings will keep growing if Facebook’s shares increase. […] Bloomberg calculated the $67 million figure by applying the 15 percent U.S. capital gains rate to the approximate $448 million spread between the two values. Bloomberg’s methodology was reviewed by Robert Willens, an independent tax adviser based in New York.

Despite Mr. Willens checking the 'Berg's work, Saverin spokesman Tom Goodman DID NOT CARE FOR THIS assertion because A) the numbers are bullshit and B) his boss had much better reasons for moving to Singapore than $67 million:

“The calculations and assumptions are not only erroneous, they also further perpetuate the false impression that tax was the reason behind Eduardo’s decision,” Goodman said, declining to cite specific errors. “His motive had nothing to do with tax and everything to do with his desire to live and work in Singapore.”

Got it? Because if he was leaving on account of taxes, he wouldn't be able to set foot on these red, white, and blue shores EVER AGAIN. Can you imagine? He'd have to settle for his own private island in the shape of the U.S. Or whatever mega-billionaires spend their money on.

Facebook’s Saverin May Save $67 Million on U.S. Tax Bill [Bloomberg]
Buh-Bye [TPM]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Exposure Drafts: A Very Taxing Thanksgiving

Listen to Oh My Fraud, a podcast by Caleb Newquist and Greg Kyte, and get free CPE through Earmark. And Exposure Drafts holiday cards are now available for purchase through Rubook Creative. Latest Accounting Jobs–Apply Now: Senior Accountant, Nonprofit clients Remote Posted 16 mins ago Operations Coordinator, CPA Firm Remote Posted 16 mins ago Remote Tax Manager Remote […]

a speech bubble

Immigrants Aren’t Ethical and Don’t Properly Report Their Income, Says Guy Who Reads Accounting Today

Yesterday morning, Accounting Today published a few letters from readers sent in response to AT’s August 26 article titled Do we need accounting firms? Editor-In-Chief Daniel Hood specifically invited reader comment when he asked out loud if we can do without accounting firms and, as expected, there were comments to be had. Like Randy Crabtree, […]