mr. saverin, a chunk of his proceeds would go into the u.s. treasury, correct? >> yes. >> and michelle tweets in, what is facebook's plan to successfully monetize their product? we saw the gm pulling out of facebook. stories yesterday, et cetera. >> they discussed this a bit in the regulatory filings. it's largely advertising-based. facebook advertising is really going to be the main source of income. now, we've seen also application developers can pay a fee to conduct transactions over facebook. i believe there's some sort of online currency. zynga, which is a game developer of games like farmville, which are very popular on facebook, is a significant source of revenue, but advertising is the primary source of revenue. and i had i it's fair to say it will continue to be that way. there's a lot of debate over the efficacy of facebook advertisements. gm pulled out. that's still an open question. anecdotally i've also heard very pod things. if you like a brand on facebook you're essentially signing up to receive constant engagement from them. i know that people ha

mr. saverin spits in their eye.f the american people when he does this. >> is that a bit over the top? i understand your outrage here. i understand your point that you feel he should pay taxes. is he spitting in the eyes of the troops and everybody else? >> it is particularly confounding that saverin by his own admission came to this country from brazil to seek safety, because his family was being threatened by various gangsters. i think they were a family that had some means in brazil. he comes here, because of the american dream and the american way, he becomes very rich, god bless him. as soon as he makes all that money, he leaves. he doesn't strike me as somebody of -- you wouldn't see that story on someone who really had moral -- high moral character. >> senator schumer, appreciate your time tonight. >> thank you. appreciate it. >> take care, sir. >>> new details in the death of the florida teen, trayvon martin. an autopsy confirms he died of a single gunshot and marijuana was found in his system. beth, what is

mr. saverin should be governed by the same set of rules.rules where he claimed in one story yesterday that he was a global citizen. he didn't even consider himself a citizen of the united states. i think we know he was a citizen. he's rejected that. and i think this tax is very fair. >> regardless, he'll be a very wealthy man either way you cut it. pennsylvania senator bob casey. thanks for your time this morning. >>> keeping an eye on the nasdaq after facebook launched there this morning, roughly about 20 minutes ago. you can see that it's up by five points right now, trading at over $40. it entered the marketplace at $38. >>> the other big story we're keeping an eye on this hour, developing news out of north carolina, the corruption trial of former presidential candidate john edwards. right now jury deliberations are under way. jurors are weighing nearly four weeks of testimony and the evidence to decide if edwards knowingly violated campaign finance laws by using more than $900,000 from wealthy donors to hide his pregnant mistress during

anyone who believes mr saverin didnt do this aa least in good part for tax purposes ii quite gullible.aootnote - schummr posted a link to his new legislation...where else? oo his facebook pagethe legislation does allow the i-r- s to exempt ameeicans whh renounce citizennhip for clearly legitimmte reasons. for example, israeli ambassador mmccael oren had to renounce his u-s citizenship before taking his post rom israel. dana bash, cnn, capitol hill-----end----- cnn.script----- verizon is changing up some of it's plans... the changes takinn place this ssmmer... that has many customers upset. upset.and waat to own a peicee of facebook?how much a share will be... when it goes public today. ((break 3)) mine was earned oietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve

mr. saverin, but there have been problems with enforcing it. in 2011 a record 1,780 people gave up their u.s. passports up from 235 in 2008, but because the 1996 law contains no enforcement provisions, no individual has ever been barred from returning to the united states for tax avoidance. our bill fixes this. so our two-prong plan is simple. if you renounce your citizenship to avoid paying taxes, you can't set foot in america again and any investments you have in america will be taxed in the future at 30%. >> with more on this facebook story and tomorrow's ipo, we're joined on the phone by julia borstein joining us from menlo park, california, outside the facebook headquarters. thanks for being with us. >> my pleasure. >> why such a frenzy for one ipo. >> i think want just because the biggest tech ipo in history, the fact facebook has over 900 million monthly active users means so many people are not only familiar with facebook but use it on a regular basis and they see how it changed the way they communicate and also changed the way business

mr. saverin to forbid them from ever come back to this country again. if they think they did it for this reason, that person would be subject to 30% capital gains tax on future gain in the united states no matter where they live. >> saverin has turned his back on the country that welcomed him and kept him safe, educated him and helped him become a billionaire. this is a great american success story gone horribly wrong. >>> in other financial news, senator bernie sanders, once the head of the jpmorgan chase jamie dimon to step down. he says the $2 billion trading loss highlights the need to make changes and working on legislation to end conflicts of interest. tonight in our survey, i asked are republicans getting disappoint by bringing up reverend jeremiah wright. 88% of you said yes and 12% said no. >>> coming up, scott walker compares himself to a legend on the gridiron. cut me some slack, will you, dude? we're coming right back with that one. [ water ] hey, it's me water. does this faucet make me look fat? probably because of the lead i can pick up in

mr. saverin did do this at least in good pat for tax purposes is gullible. >> a footnote, where else, onpage. the legislation does allow the irs to denounce americans. michael orrin renounced his citizenship to comply with israeli law. >> and like the queen of jordan did, she was an american citizen, had to renounce that in order to become the queen of jordan. >> precisely. >> even by french standard, the new president has an unusual personal life for a politician. and watch two of new jerseys best political figures spoof themselves in the old "seinfeld" sitcom. and environmental recovery. long-term, bp's made a five hundred million dollar commitment to support scientists studying the environment. and the gulf is open for business - the beaches are beautiful, the seafood is delicious. last year, many areas even reported record tourism seasons. the progress continues... but that doesn't mean our job is done. we're still committed to seeing this through. ♪ ♪ [ male announcer ] virtual wallet can help you be that person who's good with money. see what's free to spend. move money with a slid

mr. saverin who benefited tremendously from our education system, from our free market capitalism, for alles and freedoms we enjoy and then to take that wealth and try to avoid taxes in this manner, i think that cries out for some basic justice. >> the senators called saverin's tactic a scheme because he now resides in singapore, a country that has no capital gains tax. >>> facebook's internet rival google is showing off its latest hi-tech toy on the streets of d.c., talking about a car that can drive itself. we'll show you how it works next. >> if it can get you out of traffic jams, i'm real interested. what a beautiful thursday and boy, is it comfortable tonight, very dry air, temperatures headed for the 50s. so great sleeping weather. we're focusing on friday and the weekend with the full forecast coming up a bit later on fox 5 news at 10:00.  >>> facebook's internet rival google is showing off its latest hi-tech toy on the streets of d.c. we're talking about a car that can drive itself. today they rolled out that technology, could be getting behind the wheel perhaps a thing of

mr. saverin, assuming your facebook investment survives its rocky start. enjoy your singapore sling.ey say in my country, go play with the traffic. stay with us. today's top lines are coming up. [ dad ] i'm usually checking up on my kids. but last year my daughter was checking up on me. i wasn't eating well. she's a dietitian and she suggested i try boost complete nutritional drink to help get the nutrition i was missing. now i drink it every day, and i love the great taste. [ female announcer ] boost has 26 essential vitamins and minerals, including calcium and vitamin d to help keep bones strong and 10 grams of protein to help maintain muscle. all with a delicious taste. your favorite patient is here! [ dad ] i choose great taste. i choose boost. wow! it's even bigger than i thought. welcome to progressive. do you guys insure airstreams? yep. everything from travel trailers to mega motor homes. and when your rv is covered, so is your pet. perfect. who wants a picture with flo? i do! i do! do you mind? got to make sure this is -- oh. uh... okay. everybody say "awkward." protecting y

mr. saverin's social network is about to get a lot smaller. >> but, ex-pats would only have to pay taxeseir u.s. income in the future, shepard. >> shepard: peter, we learned late today that facebook plans to price its shares initially at $38 in that initial public offering tomorrow. >> that's right. and that would value the company at $104 billion, the highest valuation ever for a new public company. >> shepard: peter barnes live in washington tonight. lots of money. thank you. investigators have just released pages and pages and pages of never before seen evidence in the shooting of the central florida teenager trayvon martin. and this could determine whether the shooter, george zimmerman, goes to prison or goes free. we have been going through these documents for the last couple of hours. and we have found some very interesting facts and photos. ahead, we will show them to you. the new crime scene images. the gun, and the picture of zimmerman himself. and you'll hear audio recordings from the night all of this happened. but, first, a woman who transformed music died this morning. donna

mr. saverin would get away scott free. senator casey and i have a status upgrade for him.ull or don't ever try to visit the u.s. again. >> these senators used some incredibly sharp rhetoric, senator casey said that he is trying to spit in the face of america. they also said that they are hoping they can move this legislation very quickly and at the top republican on the senate finance committee said that he likes this idea. >> interesting point. a number of people tweeting say why do you talk about facebook so much. why do i care? the state of california stands to gain $2 billion in the taxes that come due from all of these millionaires and billionaire that is will be made over night, so in tough times everybody is looking for every last dollar of tax revenue. who would have thought that these guys on capitol hill would be discussing the facebook ipo. thank you very much for that. remember, again, while we are going to be talking about mark zuckerberg and you are going to hear about cheryl sandberg, the chief operating officer, who is going to take a bigger role at the com

mr. saverin spits in their eye. people when he does this. >> reporter: the bill imposes a mandatory 30% tax on capital gains of those who renounce their u.s. citizenship for tax gains. and would bar those individuals like saverin from ever entering the united states again. >> this is a great american success story gone horribly wrong. >> reporter: saverin has defended his move to singapore. in a written statement says my decision to expatriate was based solely on my interest in working and living in singapore where i have been since 2009. but senators up here aren't buying it. democrats plan to move on this bill as soon as possible. this means if the bill gets through congress, one of facebook's co-founders may never be allowed in the u.s. again. sunlan miller, abc news, on capitol hill. >> some 20,000 acres are now up in flames across arizona as four wildfires continue to burn out of control. the most dangerous fire threatening a historic mining town is only 5% contained. and more than 500 firefighters are scrambli

mr. saverin for "the new york times," quinton hard different. he joins us now.ays he didn't do it to avoid taxes. what was your take on that? >> i think first we ought to spend a minute in the weeds. but they're really, really nice weeds, susan. the guy did pay taxes. in 2006, we passed a law country called an exit tax where if you're going to renounce your citizenship, they lock at all your assets, and you pay a fee on that. his capital gains were there. in those days facebook was valued at about $50 billion. whatever he's got, it was valued at half that. he paid a capital gains or borrowed to pick capital gains on that. what we're talking about here really is he's not going to pay this week. >> right. >> and the gap between that. you said 67, i'd be surprised if it wasn't somewhere north of 100 million in savings. it's a lot. >> my question, is as well-intentioned as schumer and casey are with this bill to try to go after people who renounce their citizenship to avoid taxes, how do you prove that? how do you prove that that's the reason, you know? eduardo savr

mr. saverin, this of course wouldn't apply to anything he's done in the past, it would only apply to futurede by the irs. so, i think it's reasonable, i think it's fair and one way to hold someone accountable who benefitted tremendously from being a citizen of this country. and then goes and renounces his citizenship and goes to in this case singapore, where there is no capital gains tax. >> alisyn: here is what saverin has said. i have paid and will continue to pay any taxes due on anything i earned while a u.s. citizen. it's unfortunate that my personal choice has led to a public debate based not on the facts, but entirely on speculation and misinformation. i think what he's saying he's already paid what the u.s., what he owes the u.s., is that accurate? >> well, i don't know, i don't know enough about what he's paid to date, but i would say this, on future investment gains, which as you know, with facebook, will be substantial. one estimate has it between 67 million that he-- of his potential benefit, up to 100 million dollars. i think that if you get the benefit of being an american cit