Thursday, July 03, 2008

Some Sneaky Patriot Act Bullshit

A run for your money :: CHICAGO SUN-TIMES :: Terry Savage

You probably didn't notice this little provision inserted into the Heroes Act of 2008, passed by Congress on June 17.

The headlines in the press release about the law were about the increased benefits for veterans and families of deceased military.

But Richard Kohan of Price WaterhouseCoopers drew my attention to one section of the act -- the portion that states anyone voluntarily giving up his or her citizenship will be taxed on ALL of his assets as if he or she had sold them -- paying capital gains on assets that have increased in value, even though they have not been sold!

That's right. While everyone in the media is focused on keeping aliens out of America, Congress has voted to lock its citizens -- or at least a good portion of their assets -- into -- America! Maybe they're thinking that patriotism won't be enough to keep the smart money from recognizing the coming increases in the tax burden.

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