AICPA Praises Simplified New U.S. Tax Rules on Expatriation Recently Signed into Law
New tax rules signed into law by President George W. Bush will require high-net worth Americans who renounce their citizenship to pay more in U.S. taxes through an “Exit Tax” and an “Inheritance Tax” on gifts to others. The new rules will raise $411 million in revenue over the next 10 years to help pay benefits to military personnel provided by Public Law 110-245, the “Heroes Earnings Assistance and Relief Tax Act of 2008.” Staff members of the congressional tax-writing committees devoted much effort in working with the AICPA on this legislation.
