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H.R. 3056, The Tax Collection Responsibility Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Comparing original version (created by webmaster) with revision saved on July 18, 2007, 18:25:26 (webmaster):
H.R. 3056 would amend the Internal Revenue Code of 1986 to repeal the authority of the Internal Revenue Service to use private debt collection companies, to delay implementation of withholding taxes on government contractors, to revise the tax rules on expatriation.
== Detailed Summary ==
<summary>
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== Status of the Legislation ==
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(Log inLatest Major Action: 7/17/2007: Referred to House committee. Status: Referred to edit the wikiHouse Committee on Ways and be the first to update the status of the bill!)Means.
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== Points in Favor ==
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== Points Against ==
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Visitor Comments
Joe Bloggs
September 5, 2007, 1:53pm (report abuse)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
October 21, 2007, 8:25am (report abuse)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
October 21, 2007, 8:29am (report abuse)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
October 21, 2007, 12:31pm (report abuse)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.