Speakeasy forum: Reichsfluchtsteuer

by: James Denison January 13, 2013 12:13 PM PST

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Reichsfluchtsteuer

by James Denison - 1/13/13 12:13 PM

http://en.wikipedia.org/wiki/Reichsfluchtsteuer

is same thing as...?

USA Ex-Pat Tax Act (not passed, yet)


As a temporary "Measure Against Capital Flight and Tax Evasion", individuals who were citizens of the Weimar Republic as of 31 March 1929 and had moved or would move their residence abroad before 31 December 1932, the Reichsfluchtsteuer
would be assessed, provided the emigrant had taxable assets in excess
of 200,000 RM or an annual income over 20,000 RM. The tax rate was set
at 25% of total assets or income and was also applied retroactively.[4]
Taxable persons who attempted to evade this penalty could be punished
with no less than three months imprisonment and an unlimited fine. The
names of those abroad who evaded this penalty were listed in a "Tax wanted poster" published in the Deutscher Reichsanzeiger,
and were to be arrested in the event of a visit to Germany. Any assets
in Germany belonging to tax evaders who had moved overseas were seized.

Now for Ex-Pat Act

The long title of the Ex-PATRIOT Act as given in its Section 1 is:[5]
A bill to amend the Internal Revenue Code of 1986 to provide that
persons renouncing citizenship for a substantial tax avoidance purpose
shall be subject to tax and withholding on capital gains, to provide
that such persons shall not be admissible to the United States, and for
other purposes.
It was sponsored by Chuck Schumer (D-New York) with initial co-sponsors Bob Casey, Jr. (D-Pennsylvania), Richard Blumenthal (D-Connecticut), and Tom Harkin (D-Iowa). It was introduced on May 17, 2012 and referred to the Senate Committee on Finance, of which Schumer is a member (on the Subcommittee on Taxation and IRS Oversight, among other subcommittees). Schumer's fellow Subcommittee on Taxation and IRS Oversight member Ben Cardin (D-Maryland) joined as an additional co-sponsor on May 23.[5]
The introduction of the Ex-PATRIOT Act was motivated by the news that Facebook co-founder Eduardo Saverin had renounced his U.S. citizenship.[6] Saverin, a native of Brazil, lived in the U.S. from 1992 to 2009 before moving to Singapore.[7]
While living in Singapore, he continued to pay U.S. taxes, as the U.S.
is one of the only countries which imposes tax on non-resident citizens.[7][8] In January 2011, he began the procedure to renounce U.S. citizenship in favor of retaining his existing Brazilian citizenship

A "specified expatriate" is defined in clause (i) as any "covered
expatriate" who lost citizenship or permanent residence within the
ten-year period before the bill's date of enactment, as well as future
"covered expatriates". Clause (ii) exempts those who prove that their
loss of citizenship "did not result in a substantial reduction in
taxes". The new subparagraph A provides for the imposition of capital
gains tax on "specified expatriates" at the same 30% rate as
non-resident aliens who are present in the United States for more than
183 days in a tax year. Subparagraph B provides that the tax basis of a "specified expatriate" in U.S. property shall be the value of that property on the day preceding loss of citizenship.
==================================

Every year now starts to feel more and more like a step back in time.

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