Mexico property and ex pats: follow up

[winnie]

Just saw on the NSA (national society of accountants) website that a farm bill passed and quess where some of the money is coming from?! Ex pats. I tried to cut and paste, but was not able to. In a nutshell, expatriates (relinquish US citizenship) treat their property as "sold" on that day and pay US tax on the "gain". This is for wealthy individuals (net worth > $2,000,000). Maybe that is why ex pats don't want US government to know about out of country property!

Josh -- ready to relinquish citizenship?

[JoshinNC]

who said anything about relinquishing citizenship?

Just saw on the NSA (national society of accountants) website that a farm bill passed and quess where some of the money is coming from?! Ex pats. I tried to cut and paste, but was not able to. In a nutshell, expatriates (relinquish US citizenship) treat their property as "sold" on that day and pay US tax on the "gain". This is for wealthy individuals (net worth > $2,000,000). Maybe that is why ex pats don't want US government to know about out of country property!

Josh -- ready to relinquish citizenship?

certainly not me

reread my posts

[DTS]

Farm bill

Is this the same farm bill that Dianne Feinstein and Harry Reid tried to sneak some immigration items into the bill during the last 2 minutes before the vote? If so, I thought Bush vetoed that bill. Was that portion of the legislation left out?

If it is, I think these senators should be hit with stiff prison sentences and I'm not kidding! I know this sort of shenanigan has been done for decades, but I'm so sick and tired of it.

Dennis

[winnie]

Don't know the history, but

Bush had vetoed the bill.

[joanmcq]

This was to tax anyone relinquishing citizenship as if all assets were sold in order to tax assets being taken out of the country or to collect tax on people trying to avoid taxation by relinquishing citizenship. TANSTAFFL.