— U.S. Citizen Abroad (@USCitizenAbroad) June 3, 2013
The above article appeared in the Toronto Star. Our friend Roy Berg is quoted. The article says that the purpose of the law is to encourage tourism. It appears that the article is open for comments. This would be a good opportunity to explain how U.S. tax laws hurt and will ultimately destroy the U.S.
“It looks like a great deal. I can be in Palm Springs for 240 days., but they didn’t tell you that it comes with a very high tax cost,” Roy Berg, international tax lawyer at Moodys Gartner Tax Law in Calgary, said in an interview.
The changes, part of a U.S. immigration reform bill introduced in the Senate on April 15, are likely to become law, but it is not clear when they would take effect, observers say.
Would-be holders of the so-called Snowbird or Canadian retiree visa could become subject to U.S. income tax and estate tax, “and would, therefore, inadvertently light the fuse on the Snowbird Visa tax bomb,” Berg wrote in a recent article.
Under the current rules, those who spend more than 182 days out of 365 days in the calendar year, or more than 120 days per year on average over a three-year period, may be considered a U.S. resident for tax purposes.
The U.S. also imposes an estate tax on the value of certain individuals’ worldwide assets owned at death, Berg said. The estate tax could take effect even for someone who lives in the U.S. for a brief time, depending on the circumstances.
It’s astonishing that:
You can comment on the above article too.