mport1
07-03-2008, 07:03 PM
I'm sure we've all heard this before when arguing politics with people. This statement is obviously absurd and can be easily rebutted with a number of arguments. However, if those haven't worked for you in the past, he is another one for you.
Slipped into the "Heros" Act of 2008, U.S. citizens will now be heavily taxed if they choose to leave the U.S. This is quite possibly the most disturbing legislation to come out in recent history. Now we cannot even leave the country freely unless we cough up money to the thieves in Washington. Who knows how soon they will bump this tax up more or not allow us to renounce our citizenship. This is a devastating blow to the idea that our system is consensual.
"The new law will replace the current 10-year transition law. U.S. citizens will now be required to pay a tax immediately upon giving up their citizenship or "green card" status on their unrealized capital gains. This includes unrealized gains in a stock portfolio, real estate, art or other assets. Most foreign citizens are exempt from certain portfolio interest, dividends and capital-gains taxes; and American citizens normally only have to pay tax on realized gains. Hence, this new law clearly discriminates against those who choose no longer to be Americans, by taxing only them on unrealized gains.
People with insufficient cash to pay the tax on such unrealized capital gains, particularly those with illiquid assets, may face the choice of having the Internal Revenue Service seize their assets or become "tax hostages."
http://www.washingtontimes.com/news/2008/jun/12/tax-hostages/
Slipped into the "Heros" Act of 2008, U.S. citizens will now be heavily taxed if they choose to leave the U.S. This is quite possibly the most disturbing legislation to come out in recent history. Now we cannot even leave the country freely unless we cough up money to the thieves in Washington. Who knows how soon they will bump this tax up more or not allow us to renounce our citizenship. This is a devastating blow to the idea that our system is consensual.
"The new law will replace the current 10-year transition law. U.S. citizens will now be required to pay a tax immediately upon giving up their citizenship or "green card" status on their unrealized capital gains. This includes unrealized gains in a stock portfolio, real estate, art or other assets. Most foreign citizens are exempt from certain portfolio interest, dividends and capital-gains taxes; and American citizens normally only have to pay tax on realized gains. Hence, this new law clearly discriminates against those who choose no longer to be Americans, by taxing only them on unrealized gains.
People with insufficient cash to pay the tax on such unrealized capital gains, particularly those with illiquid assets, may face the choice of having the Internal Revenue Service seize their assets or become "tax hostages."
http://www.washingtontimes.com/news/2008/jun/12/tax-hostages/