Eduardo Saverin, co-founder of Facebook, has renounced his U.S. citizenship ahead of the company’s highly anticipated initial public offering. Saverin has taken this step to avoid paying capital gains taxes on the billions he expects to make when Facebook makes its debut on the stock market.
Most news outlets have been surprisingly tame about Saverin’s shameless move, but a few have spoken out with clarity and feeling.
One of the best is Farhad Manjoo. He writes about how Saverin’s family escaped to the United States from Brazil when they learned that they were on a kidnapping list of Brazilian gangs. As to Saverin’s renounciation of his US citizenship to avoid taxes, Manjoo says:
Is this fair? No. It’s worse than that, though. It’s ungrateful and it’s indecent. Saverin’s decision to decamp the U.S. suggests he’s got no idea how much America has helped him out.
The article is entitled What Eduardo Saverin Owes America (Hint: Nearly Everything) and is a great read.