Legislation & Lobbying
New Law Seeks Revenue from Tax Exiles
Posted May 28, 2008, 12:46 pm CDT
By Martha Neil
Escaping U.S. taxes by renouncing U.S. citizenship and moving abroad will soon be harder than it used to be.
A new law approved by Congress last week seeks to close loopholes that allowed Americans to reduce their tax bills by going to other countries with less onerous requirements. Among the new provisions intended to fatten United States revenue is a 45 percent gift tax that will be imposed on bequests to residents of this country after the tax exile dies, reports the Wall Street Journal.
But there's still a window of opportunity for those who are prepared to act quickly, according to the newspaper. The new law won't take effect, the WSJ reports, until President George Bush signs it.
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