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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 451.89+1.9%4:00 PM EST
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To: Brumar89 who wrote (17236)4/16/2007 1:51:29 PM
From: Elroy Jetson  Read Replies (1) of 219617
 
The "Small Business and Work Opportunity Act" bill currently in Congress provides for an "exit tax" on assets held in retirement plans and trusts, both domestic and foreign. The tax would not apply to real estate investments, as even foreign nationals pay withholding tax on their real estate sales.

The first US$600,000 of gains will excluded from the exit tax (US$1.2 million in the case of married individuals filing a joint return, both of whom relinquish citizenship or terminate long-term residence). That exclusion will increase each year with the CPI.

But poor people can still easily renounce their US citizenship and avoid future US taxes. All others must pay their IRS taxes for 10 years after they renounce their US citizenship.

IRS CODE: Section 877(a)(2) provides that a former citizen is considered to have expatriated with a principal purpose to avoid U.S. taxes if (i) the individual's average annual net U.S. income tax for the five taxable years prior to expatriation is greater than $124,000 (the "tax liability test"), or (ii) the individual's net worth on the date of expatriation is $2 Million or more (the "net worth test").
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