There Goes My Plan To Retire Tax Free To A Tropical Island

After years of threatening to do so, Congress has passed a law that will tax the assets of those who revoke their citizenship and leave the country to avoid taxation.  The assets of the ex pat will be taxed on their way out of the country as if they had been sold.  In addition any assets gifted to a current US citizen will be taxed at the rate of 45%.  These laws apply to individuals with a net worth of more than 2 million.

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Dollars & Sense Education – Raising Your Financial IQ!

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