Facebook co-founder Eduardo Saverin’s move to drop his U.S. citizenship will save him at least $67 million in federal income taxes, according to a Bloomberg analysis. That figure will go up if Facebook’s stocks rise. From Bloomberg:
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 [of Saverin’s stake in the company]. Bloomberg’s methodology was reviewed by Robert Willens, an independent tax adviser based in New York.
Saverin’s spokesman, Tom Goodman, told Bloomberg “the calculations and assumptions are not only erroneous, they also further perpetuate the false impression that tax was the reason behind Eduardo’s decision.”
