Are these provisions mentioned in the article in regards to foreign income set to sunset in three years, like the dividend tax amnesty, or are they permanent?
Here is the link to the actual text of the bill as it came out of the Finance Committee:
http://thomas.loc.gov/cgi-bin/query/z?c108:S.2.RS:
Following are snipetts from the text, that you can reach from the above link (my remarks are in bold blue and I also highlighted a few key words of the legislation in red bold):
SEC. 340. REVISION OF TAX RULES ON EXPATRIATION.
(a) IN GENERAL- Subpart A of part II of subchapter N of chapter 1 is amended by inserting after section 877 the following new section:
`SEC. 877A. TAX RESPONSIBILITIES OF EXPATRIATION.
`(a) GENERAL RULES- For purposes of this subtitle--
`(1) MARK TO MARKET- Except as provided in subsections (d) and (f), all property of a covered expatriate to whom this section applies shall be treated as sold on the day before the expatriation date for its fair market value.
Such abusive laws just encourage wealthy expats to move ALL of their assets (property) offshore, before they renounce and leave only their debt in the US. Without such laws, most expats would leave a sizable chunk of their investments in the US, where it would help fund our current tax system, but such punitive laws mean that they will likely take ALL of their assets out of the US before renouncing.`(2) RECOGNITION OF GAIN OR LOSS- In the case of any sale under paragraph (1)--
`(A) notwithstanding any other provision of this title, any gain arising from such sale shall be taken into account for the taxable year of the sale, and
`(B) any loss arising from such sale shall be taken into account for the taxable year of the sale to the extent otherwise provided by this title, except that section 1091 shall not apply to any such loss.
SEC. 350. REPEAL OF EARNED INCOME EXCLUSION OF CITIZENS OR RESIDENTS LIVING ABROAD.
(a) REPEAL- Section 911 (relating to citizens or residents living abroad) is amended by adding at the end the following new subsection:
`(g) TERMINATION- This section shall not apply to any taxable year beginning after December 31, 2003.'.
This line effectively repeals Sec 911 after 12/31/03.(b) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after December 31, 2003.
SEC. 601. SUNSET.
(a) IN GENERAL- Except as otherwise provided, the provisions of, and amendments made, by this Act shall not apply to taxable years beginning after December 31, 2012, and the Internal Revenue Code of 1986 shall be applied and administered to such years as if such amendments had never been enacted.
"Except as otherwise provided" I'm no lawyer, but I think that the 911 repeal qualifies as an exception.(b) EXCEPTIONS- Subsection (a) shall not apply to the following provisions of, and amendments made, by this Act:
(1) Title I (other than section 107).
(2) Title III (other than section 362).
These dumbass politicians will, if we stand idly by, continue to run more trains into the wreck they themselves are creating.
Wake up, America!
The solution, is, of course, the National Retail Sales Tax!
“I have sworn upon the altar of God eternal hostility against every form of tyranny over the mind of man.” [Thomas Jefferson, letter to Benjamin Rush, 1800.]
Click here to help us scrap the Code, scrap the IRS and abolish the VLWC!
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We will never be a truly FRee people so long as we have the income tax and the IRS.