I overheard a conversation from an acquaintance about the government trying to keep it's citizens from leaving the states, and at first I didn't believe it but I did a little google search and found this:
The Ex-Patriot Act
For a more brief explanation of the bill check here and yes the title of the article makes me want to hit the author with a rubber mallet.
"Any ex-pat with either a net worth of over $2 million, or an average income tax liability of at least $148,000 over the last five years, "will be presumed to have renounced their citizenship for tax avoidance purposes."The ex-pat will have to demonstrate to the IRS that this is not the case if it is not. If there is a "legitimate reason" for that person living outside the U.S. no penalties will apply. But if the IRS finds that someone gave up their passport for tax purposes, they will impose a tax on that individual's investment gains no matter where he or she resides."
Key points of interest from the bill are as follows:
-Targets expatriates who have left the country for the purpose of avoiding taxes, and will subject them to a 30% future capital gains tax.The tax detailed this act, if approved, will backdate for 10 years after its approval.
-Banish any former US citizens who fall under the description outlined in the bill.
This bill died shortly after its introduction in 2012 because it was clear that the original intention of the bills creation was to go after one of the facebook founders who bounced after he liquidated his assets in a legal manner avoiding taxes, but this is the kind of stuff that comes out before they start clamping down on the average ex-pat who is far from being a billionaire. It doesn't look like they're finished either here's what another source says about the creator of the bill:
"It would seem that Chuck Schumer, the Democratic Senator from the State of New York, has learned a few tricks from Carl Levin about gaming the U.S. legislative process. Now, instead of trying to get his bill to pass on its own merits, he’s snuck it into an existing bill with a greater chance of passing — just as FATCA died in committee before being snuck into the HIRE Act."
http://isaacbrocksociety.ca/2013/06/13/c...nt-page-3/
The Ex-Patriot Act
For a more brief explanation of the bill check here and yes the title of the article makes me want to hit the author with a rubber mallet.
"Any ex-pat with either a net worth of over $2 million, or an average income tax liability of at least $148,000 over the last five years, "will be presumed to have renounced their citizenship for tax avoidance purposes."The ex-pat will have to demonstrate to the IRS that this is not the case if it is not. If there is a "legitimate reason" for that person living outside the U.S. no penalties will apply. But if the IRS finds that someone gave up their passport for tax purposes, they will impose a tax on that individual's investment gains no matter where he or she resides."
Key points of interest from the bill are as follows:
-Targets expatriates who have left the country for the purpose of avoiding taxes, and will subject them to a 30% future capital gains tax.The tax detailed this act, if approved, will backdate for 10 years after its approval.
-Banish any former US citizens who fall under the description outlined in the bill.
This bill died shortly after its introduction in 2012 because it was clear that the original intention of the bills creation was to go after one of the facebook founders who bounced after he liquidated his assets in a legal manner avoiding taxes, but this is the kind of stuff that comes out before they start clamping down on the average ex-pat who is far from being a billionaire. It doesn't look like they're finished either here's what another source says about the creator of the bill:
"It would seem that Chuck Schumer, the Democratic Senator from the State of New York, has learned a few tricks from Carl Levin about gaming the U.S. legislative process. Now, instead of trying to get his bill to pass on its own merits, he’s snuck it into an existing bill with a greater chance of passing — just as FATCA died in committee before being snuck into the HIRE Act."
http://isaacbrocksociety.ca/2013/06/13/c...nt-page-3/
