PROPOSED U.S. LEGISLATION: EXIT TAX
February 15th, 2007As wealthy people attempt to flee America, the U.S. Government is planning to rob them at gunpoint with a tax on UNREALIZED gains on their property!
The proposal generally subjects certain U.S. citizens who relinquish their U.S. citizenship and certain long-term U.S. residents who terminate their U.S. residence to tax on the net unrealized gain in their property as if such property were sold for fair market value on the day before the expatriation or residency termination (“mark-to-market taxâ€). Gain from the deemed sale is taken into account at that time without regard to other Code provisions. Any loss from the deemed sale generally is taken into account to the extent otherwise provided in the Code, except that the wash sale rules of section 1091 do not apply. Any net gain on the deemed sale is recognized to the extent it exceeds $600,000 ($1.2 million in the case of married individuals filing a joint return, both of whom relinquish citizenship or terminate residency).
Related: An Exit Tax Coming
I actually read about this a couple days ago, in a financial newsletter I receive. This is totally true, however it’s my opinion that it’s easy to get around this. What you do is move all your money, profits, etc. offshore BEFORE you signal your intention of jumping off the sinking ship. Only once your assets are safe somewhere else do you pack your bags and take off.
From what I read in the newsletter I received, which talked about this issue in detail – the only negative thing about escaping this tax is that if you are identified as a tax escapee, you will be denied entry back into the United States at the port of entry. Your name will show up on a blacklist, and they’ll send you back. This kinda sucks of course since many of us still have loved ones back in the US of A that we’d like to visit every now and then.
Another thing is that they seem to only be targeting the rich and people who the Gov’t deems to be purposefully escaping the US for tax reasons. For those of us like me who’ve been overseas for years already anyway, we’re out of the radar.. besides, I don’t even own any US assets anymore, all my money is offshore. 🙂
It seems pieces of evidence documenting Their Crimes against Humanity are as abundant as fallen leaves in mid-autumn; if They were pugilists, they would lose every bout, as they telegraph all their punches.
I wonder if you have to pay the Exit Tax if you get ‘relocated’ to DEEP UNDERGROUND MILITARY BASES.
http://www.geocities.com/northstarzone/CODERED.html
“Almost all of these bases are over 2 miles underground and have diameters ranging from 10 miles up to 30 miles across! They have been building these bases day and night, unceasingly, since the 1940s. These bases are basically large cities underground connected by high-speed magneto-levity trains that have speeds up to 1500 MPH. Several books have been written about this activity. The average depth of these bases is over a mile, and they again are basically whole cities underground. They have nuclear powered laser drilling machines that can drill a tunnel seven miles long in one day. (Note: The September, 1983 issue of Omni (Pg. 80) has a color drawing of ‘The Subterrene,’ the Los Alamos nuclear-powered tunnel machine that burrows through the rock, deep underground, by heating whatever stone it encounters into molten rock.) The Black Projects sidestep the authority of Congress, which as we know is illegal.”
Speaking of taxes, how ’bout a CO2 emmission tax on airline flights:
http://www.csmonitor.com/2007/0212/p13s02-litr.htm
This article is a perfect example of the “pollution=global warming=climate chaos”
meme being spread by unaware media agents of the Ruling Class, so They may create a New World Utopia for Themselves at the expense of the masses, who will live in a New World Dystopia; our dearth of liberty will be given life via regressive cost structures and will be inversely proportional to Their surplus of liberty.
A few quotes from the article:
“Without a viable jet-fuel alternative, air travel in 30 years may be only for the wealthy.”
“At least one travel industry official predicts that in 30 years, long-distance flying will be undertaken only by the wealthy…”
Hitler’s Beneficiaries, a new book by Gotz Aly, could easily be renamed “Bush’s Beneficiaries. This “exit tax” is the same technique Nazis used for people trying to escape the Reich. Small wonder that so many people consider Neocons as NeoNazis. The more things change ….. Sigh.
I note an exclusion in the law for Jewish Americans: anyone born with citizenship in another country is exempt from the tax; all Jews are ‘born’ with citizenship in Israel.
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