Part I – Summary of post:
The Biden 2024 Green Book message to #Americansabroad and @USAccidental: @Citizenshiptax and #FATCA are here to stay! Either comply or @JustRenounce! https://t.co/WK8c8PRMfl pic.twitter.com/ZHU21x4Dee
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) March 16, 2023
The proposals for Americans abroad include:
1. A provision to (and presumption of) heighten enforcement of the 877A exit tax through changes in the Internal Revenue Code
2. A possible “carve out” from the 877A exit tax for certain Americans abroad with limited ties to the United States (under rules prescribed by the Treasury Secretary)
3. NO RELIEF whatsoever from U.S. citizenship taxation and the way that the rules apply to Americans abroad. This assumes a continuation of U.S. citizenship taxation with no evidence of change.
In other words: Either comply or renounce!