Law will help make IRS global tax agency

[worcesteradam]

Called the Ex-Patriot Act, it would impose a 30 percent capital gains tax on the investments of people who renounce their citizenship for tax purposes and ban Saverin (and others like him) from ever gain setting foot in America.

Tech Crunch has details:

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."

The rate of that capital gains tax will be 30 percent -- the same that non-resident aliens currently pay on dividends and interest earnings.The tax detailed this act, if approved, will backdate for 10 years after its approval.

http://www.theatlantic.com/politics/archive/2012/05/why-the-ex-patriot-act-is-a-creepy-law/257368/

[jofortruth]

http://forum.prisonplanet.com/index.php?PHPSESSID=t7l64hptbgkuc6m1ar9mq2f663&topic=232227.msg1357603;topicseen#msg1357603
http://z4.invisionfree.com/The_Great_Deception/index.php?showtopic=10351&st=0&#last

[Kilika]

You know when they start locking the front doors, there's trouble afoot! And when you get charged extra on top of what you already shouldn't be paying anyway for not using their product, that's big time trouble.

It's like the US is acting like a little spoiled brat that's mad that people don't want to play any more.