Say what you will about Ver, but this is simply more grand larceny by the State. This “exit tax” was implemented under the Clinton administration; another way to legalize theft.
“Specifically, when someone gives up their citizenship, their property is treated as having been sold for its fair market value the day before they renounced their citizenship in a ‘constructive sale.’ Under federal tax law, any gain arising from that ‘constructive sale’ must be accounted for in that tax year.”
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