Interview with GordonTLong.com – Citizenship based taxation, PFIC, the S. 877A Exit Tax and #Americansabroad
On May 22, 2015 I was interviewed by Gordon T. Long. There is NO way to discuss U.S. “citizenship taxation” (which is primarily “place of birth taxation”) without discussing the S. 877A Exit Tax rules. During the month of April 2015, I wrote a 14 part series on “How the S.877A rules affect Americans abroad“. The interview with Mr. Long serves as a good reminder (or if you don’t want to read the posts) on:
– what it means to be a “covered expatriate”
– how the U.S. S. 877A “Exit Tax” rules operate to impose punitive “taxation” on non U.S. pensions (See the actual scenarios of how the Exit Tax applies to various individuals including those with a non-U.S. pension.
This topic is of extreme important to anybody with a U.S. place of birth. Those with a “U.S. place of birth” begin life as a U.S. citizen. Therefore, those born in the U.S. are in effect:
“U.S. Taxpayers by birth”.
This interview with Mr. Long really should be included as part of the “Exit Tax” series.
Therefore, I have designated my interview with Mr. Long to be:
Part 15 of the Exit Tax Series.
As a reminder this series of “S. 877A Exit Tax Posts” includes:
Part 6 – Understanding “Exit Taxes” – “Surely, expatriation is NOT worse than death! The two million asset test should be raised to the Estate Tax limitation – approximately five million dollars – It’s Time”
Part 12 – Understanding “Exit Taxes” – “The two kinds of U.S. citizenship: Citizenship for “immigration and nationality” and citizenship for “taxation” – Are we taxed because we are citizens or are we citizens because we are taxed?”
Part 15 – Understanding “Exit Taxes” – “Interview with GordonTLong.com – “Citizenship taxation”, the S. 877A Exit Tax, PFICs and Americans abroad”
Original Post By: John Richardson