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February 15th, 2007

As 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!

Via: DESCRIPTION OF THE CHAIRMANâ€™S MODIFICATION OF THE PROVISIONS OF THE â€œSMALL BUSINESS AND WORK OPPORTUNITY ACT OF 2007â€ Scheduled for Markup by the SENATE COMMITTEE ON FINANCE on January 17, 2007 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION January 17, 2007 JCX-5-07:

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 (â€œmark-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

Economy | Posted in Dictatorship Top Of Page