The Heroes Act of 2008 was passed in, well, 2008, to increase benefits for Veterans. Can’t argue with that, can you. However, there was a provision of the bill that taxes you on your property value if you change your citizenship, as capital gains, regardless of you sell it or not. To quote the Chicago Sun Times (link removed, as it no longer works)
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.
So our government doesn’t want immigrants coming in, nor do they people leaving. I guess you have to pay for that debt somehow. But Seriously, WTF?