USA Exit Tax for Expatriates?

Posted By: Panama Expertos on 23.03.2008
Views: 2355, Published in sections: Panama-Expertos ::

Panama Legal's website always seems to be up to date on all of the latest expat issues. Here is another example. The US has had a bill up for vote last year referred to as H.R. 3056, "Tax Collection Responsibility Act of 2007". In summary, the US seems to be looking for ways of making it more difficult for people to leave, or 'expatriate'. Here is an excerpt of the article:

USA Exit Tax for Expatriates, Close Call, What Next?

During the 2007 legislative year in the USA there was a bill in congress that almost got enacted into law. This bill would have imposed an exit tax on individuals leaving the USA as in no longer being permanent residents or renouncing their citizenships. This bill was referred to as H.R. 3056, "Tax Collection Responsibility Act of 2007. This bill did not pass in 2007. Similar bills were introduced during the last six sessions of the USA congress. There are people bearing down hard to get this bill passed. Since we are now in the end of President Bush term we should watch carefully to see if this bill passes. They may wait until after the election to pass it but still in time. This is a common tactic they use with controversial legislation.

Remember the vast majority of the USA is either: retired, unemployed, in prison, disabled with pension, or works for a government either city, county, state and national. It appears (depending on who you talk to) that only a few million people are left working in the private sector in the USA and many of those are in service industry positions as in "Would you like fries with that". The only people likely to be upset are the retirees and people in the private sector who are fed up and planning to leave. To the other they can care less and this is a way for their government to extract more money to dole out to them so the will be cheering the legislators on. Read The Full Article Here...