Proposed legislation targets expatriates who make money in the United States without paying a fair tax load. The so-called “Ex-Patriot Act” would impose a 30% capital gains tax on expatriates on all future investment gains.
The proposal was triggered by the news that Eduardo Saverin, co-founder of Facebook, stands to save $100 million because he renounced his U.S. citizenship prior to Facebook’s initial public offering (IPO). Saverin has lived in Singapore since 2010, where there is no tax on capital gains.
Under the proposed law, a U.S. expatriate with a net worth of $2 million or more or an average income tax liability of at least $148,000 in the previous five years would forfeit citizenship, unless a reasonable explanation is provided.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/31963/proposed-law-de-friends-saverin "