In order to understand the purpose and impact of the S. 877A Exit provisions see this 1995 hearing – Pure evil! http://t.co/NO6u1C9A9b
— Citizenship Lawyer (@ExpatriationLaw) August 22, 2014
The video referenced in the above tweet is almost three hours long. The current 877A (U.S. Exit Tax Rules) have their genesis in 1995. It also makes it clear that it was the Clinton administration that developed the current draconian Exit tax rules. They became law in 2008.
You will also note that there is (I believe) no discussion of the plight of Americans abroad. Yet, the complete philosophical justification was the idea of people using U.S. resources, building assets and then escaping.
Any U.S. citizen living outside the United States, who is NOT a covered expatriate (income test, asset test, compliance test) should understand the consequences of becoming a “covered expatriate”.
