Damn:
The Committee believes that the exclusion under IRC Sec. 911 may result in an unfair advantage for individuals who have moved to lower-tax foreign countries, in that such individuals are taxed at a lower global effective rate than similarly situated individuals living and working in the United States. The Committee believes that U.S. citizens living and working abroad still receive the benefits of U.S. citizenship and thus should pay U.S. tax on their foreign income, subject to normally applicable foreign tax credit rules. Sec. 350 of the Bill.I'd like to see that long list of "benefits" the Committee is speaking of. Oh, and to the gallows with all those that want to keep their monies, scoundrels and evil doers, the whole lot of 'em! Posted by Tim at May 27, 2003 03:25 AM | TrackBack
Hmm. If they'll finance my return trips, I may consider it.
But then again...
Does this mean that I have to present a tax form to the U.S. when I return?
Weird. Very, very weird.
Posted by: Taran at June 2, 2003 11:19 PMYea, all joking aside, the IRS sometimes keeps an office within an embassy so that when you renew your passport (or visa, etc.) they'll do a spot check of your finances too. How kind of them.
Posted by: Tim at June 2, 2003 11:19 PM