” The Ex-Patriot Act would also tax an ex- citizens capital gains at 30 percent for 10 years. “
Good way to cause more capital flight from the USA right away!
RE: The Ex-Patriot Act would also tax an ex- citizens capital gains at 30 percent for 10 years.
Peter Schiff, in a lecture given a few weeks ago, spoke about a Canadian woman was was born in the USA to Canadian parents 35 years ago ( which makes her American whether she likes it or not ), who NEVER LIVED in the USA and thus NEVER FILED taxes here ( Her domicile is in Canada ).
Recently, she decided to invest in a few condos in the Northeast to take advantage of the strong Loonie and the drop in our real estate prices... guess what? The IRS went after her because as an American, SHE FAILED TO FILE TAXES IN AMERICA HER WHOLE WORKING LIFE !!
In other words, America has a claim to the money she made IN CANADA by virtue of her being an American citizen whether she wants it or not.
How is America still the land of the free again?