Just because you’ve been looking for them, here are the Joint Committee’s explanation of the law and the budget estimates for the exit tax passed earlier this year. Joint Committee on Taxation Technical Explanation of the HEART Act of 2008 Joint Committee on Taxation Estimated Budget Effects of H.R. 6081 There’s a pop quiz on [...]

The TaxProf blog has a recent post about expatriation. The TaxProf refers to a recent academic paper on the topic, which you can download here. It’s always interesting to see the academic perspective on something that I do, y’know, for money. Expatriation is mostly estate tax driven Giving up U.S. citizenship–when it is tax driven–is [...]

The Joint Committee on Taxation’s Technical Explanation of the exit tax is here as a PDF. Actually, the part you’re interested in starts on Page 36, so skip the rest of it. I’ll give you a plain text excerpt shortly, plus the text of new Section 877A (the part of the Internal Revenue Code that [...]

For those of you who have U.S. passports (or have permanent residency status AKA “green cards”), leaving the country just became a little more expensive. We now have an exit tax–new Section 877A of the Internal Revenue Code. The new law was signed on June 17, 2008. I’ll get a “plain English” explanation shortly. In [...]