IRS changes for Expat Americans
Well, now, not only is the USA the only developed country that taxes its overseas citizens, it has just changed the rules, which could result in two to three times the old tax levies. Changes:
1. Rules for assessments for housing provided by employers are more onerous
2. Above $82.5K, income is taxed at its actual rate; you do not start at the rate of zero income.
The papers are covering US citizens who are weighing the idea of giving up the US passport, if they are dual citizens.
I guess we knew this would happen...and it was supposed to be the Democrats that envied expat tax rules...again, the Republicans have shown they're worse in almost every way. Even more disgusting...they snuck it in legislation at the last minute, in mid-December, and it applies from the beginning of 2006; of course our friend George signed it immediately. (Lucky he didn't issue a 'signing statement' seizing all income!)