saverin has to pay something called an exit tax, which everybody pays when they give up their u.s. citizenship. that would likely be 15% capital gains taxes on the value of his assets on the day before he renounced his citizenship in september last year. he was worth north of $3 billion back then. in a statement today, he said only, quote: i am obligated to and will pay hundreds of millions of dollars in taxes to the united states government. his bet is that facebook stock will rise and he won t have to pay any more capital gains taxes on the facebook stock he sells in the future in singapore which could save him a lot of taxes in the long run. in fact, senator schumer says saverin may save about 70 million to 100 million in taxes right off the bat when the company goes public tomorrow, shep. shepard: so he and the other senator proposing this expatriot act. as it turns out t would effect thousands of people asides the
exploding blaze this morning. two states under the gun. could be the $100 million tax dodged. did facebook s co-founder give up u.s. citizenship to escape paying his taxes? he s now in singapore driving a bentley and living it up appearing in high society magazines. why did he unfriend america? block the press. reporters at a mitt romney event blockeded from asking the candidate question. cnn the only network getting the moment on tape. newsroom begins right now. good morning to you. i m carol costello. this morning police are escorting some school buses in metro atlanta after a terrifying scene unfolded for several students on their way to school. a gunman took aim at the children while they boarded a school bus. it happened in clayton county south of atlanta s airport where police have now found the rifle, ammunition and a note with school bus numbers and pickup and arrival times. here s what one witness told tom jones of our affiliate wsb. he is shooting at that sc
wasserman shut who is standing by live. a facebook co-founder unfriends the united states of america on giving us his u.s. citizenship could save him hundreds of millions of taxes when the company goes public. i m wolf blitzer. you re in the situation room. captions by vitac www.vitac.com democrats have been betting on a big gender gap to give president obama an edge in the november election, they ve accused republicans of a war on women and president obama has been going all out to kort female voters, but suddenly a new poll suggests it s mitt romney who may have an edge among women. let s go to brianna keilar. should the president be worried that he s potentially losing his critically important edge with women? reporter: wolf, it may be too soon to tell. these poll numbers may not tell the entire story. if we take a look at the poll by cbs news and new york times it does show romney 2 percentage points ahead. one reason to look at this very carefully is because ot
haven and citizenship. alisyn: and everybody has a fantasy of speaking away and not pay taxes, look at the what the country gave him. safe haven, he went to a fancy prep school in the the united states and then went on to harvard and then was able to start arguably one of the most successful enterprises in this country s history, facebook and he s he going to dodge and get out of paying 600 million in taxes and he gets 4 billion dollars if he were to sell his shares when facebook goes public. clayton: projected it s worth. alisyn: and he has to pay 600 million dollars after this country gave him so much opportunity and success. is that the right answer? just to break it down. he paid an exit tax to leave the u.s., singapore resident. 220 million, but he already saved that in capital gains, why? because singapore has zero, zero capital gains tax, where he lives like a king, we are told, atop the highest tower
understand he is a citizen of singapore so the tax law of singapore would somehow apply. any idea of what the value to him of renouncing american citizenship although he was born in brazil and became an american citizen in the 1990s. how many dollars this means to him by getting out of dodge in the u.s. take you through the math a little. basically his stake is probably worth about $4 billion because he owns about 4% of the company and so he will still have to pay a form of the capital gains tax, the u.s. doesn t let people that you easily, they can t just renounce citizenship. he has to pay kind of an exit tax. but by renouncing last september the valuation that is put on facebook is done by his own private ant using values from last september and the accountant could say last september it was only worth $60 billion or $70 billion. a lot less than the $100 billion now.