Expatriate Saverin saved FAR more on CA income tax than he did on his net federal tax

Richard Rider, Chairman, San Diego Tax Fighters Richard Rider, Chairman, San Diego Tax Fighters 14 Comments

What is usually overlooked in the discussion of Facebook co-founder Eduardo Saverin leaving the U.S. for Singapore (presumably to sell his Facebook stock) is the CALIFORNIA capital gains tax.  Saverin avoided $67 million in net federal income taxes by leaving the country, but he saved several times that amount by leaving CA — which by law has no “exit tax.” …