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H.R. 3056, The Tax Collection Responsibility Act of 2007
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Visitor Comments
Joe Bloggs
The exit tax is a bad idea. Assets such as closely held businesses may not be liquid and taxes cannot be paid on them. The deferral mechanism described in the bill fails to allow for a business going bankrupt after it has been marked-to-market at a high value by the IRS. In this case the owner would have no way to ever pay off the tax obligation created at the time of expatriation.
Milo
According to this law, non US citizens who return to their own country would have to pay to the US government an unrealized capital gain tax on their worldwide assets. This is simply a non-sense and an abuse that will make smart people think twice before moving to the US. Putting an "exit-ticket" is a clear indication of where this country is going!
Milo
What makes the US legislators state that all non US citizens who have resided in the US and return to their country of origin, do so to avoid paying US taxes???
Milo
Resident aliens who return to their county of origin do not "expatriate" but "REPATRIATE" and should not be subjected to any limitation in exercising this right.