Yet another capital flight barrier

[c1ue]

http://www.nypost.com/seven/07032008...ax__118342.htm

The new law, bill JCX-44-8, reads like this: "In general, the provision imposes tax on certain US citizens who relinquish their US citizenship and certain long-term US residents who terminate their US residency. Such individuals are subject to income tax on the net unrealized gain in their property as if the property had been sold for its fair market value."

And that number is $600,000.

[krakknisse]

Re: Yet another capital flight barrier

Logical next step: restrictions on transportation of gold. "Money launderers", etc. You get the gist of it.

[Spartacus]

Re: does the bill change the name of the US?

to

"united roach motel of America" ?

"capital checks in, and never checks out "

[Judas]

Re: Yet another capital flight barrier

I wonder how long until they finally close the borders.

To outbound traffic.

Maybe someday Sarkozy will be standing in front of a large concrete barrier, exclaiming "Mr. Obama, tear down this wall!"

[krakknisse]

Re: Yet another capital flight barrier

I wonder how long until they finally close the borders.

To outbound traffic.

Maybe someday Sarkozy will be standing in front of a large concrete barrier, exclaiming "Mr. Obama, tear down this wall!"

Guys: Sarkozy is not going to do anything of the sort. There are going to be mutual flights between Brussels and DC, and photo-ops showing McObama, Sarkozy, Berlusconi patting the "Greater North Atlantic Co-Prosperity Wall". Think Europe is so much better? Just give the economic cyce a couple of years, and Europe will be up to its ears in the same muck.

Italy just sent its army into the streets of Rome. Sound like the 1920s?

Financial Times: Italy gets tough on crime while neglecting corruption
...True to his campaign promise, the army on Monday put 3,000 soldiers on urban crime patrols and a national emergency has been declared to deal with the hundreds of mostly African immigrants floating their way from Libya to Italy’s shores. A “census” and the finger-printing of foreign Gypsies have begun. Many are to be expelled...

An even better view of the same story at Al-Jazeera.