Temporary snowbird? Congress has it in for you.

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Norbert Schlenker
Posts: 68
Joined: Sun Nov 21, 2004 1:22 pm
Location: The Dry Side of the Wet Coast
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Temporary snowbird? Congress has it in for you.

Post by Norbert Schlenker »

After attempting to insert similar language into bill after bill, <a>it appears that Congress has finally managed the feat</a>.

The bill will apply taxes to renouncing citizens and to expatriating aliens who meet certain income or asset tests. These taxes include

- deemed disposition of all property and consequent imposition of capital gains taxes on exit
- immediate 30% withholding on deferred compensation
- treatment of retirement accounts as if the funds in the account are withdrawn in a lump sum in the year of renunciation / expatriation (the 10% penalty for distributions before age 59 1/2 does not apply)
- imposition of gift tax at the top rate on any moneys sent by the expatriate to persons still subject to US taxes
Norbert Schlenker
Posts: 68
Joined: Sun Nov 21, 2004 1:22 pm
Location: The Dry Side of the Wet Coast
Contact:

Post by Norbert Schlenker »

Can't get a link into a post to save my life.

http://online.wsj.com/article/SB1211932 ... _nonsub_pj
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