How many foreign residents have resided in the US for 8 years & are now subject to the new Exit Tax?

Question

The new exit tax, 42% of worldwide assets, was just passed as part of the HEART Act in July. It applies to all US citizens, legal permanent residents and those who have resided in the US for any 8 years out the previous 15 years. Are you subject to this new tax now? Or are you aiming to leave before your residence hits the 8-year mark so you can avoid paying this tax? The tax has to be paid on all assets (house, property, cars, financial assets, even a strand of pearls your grandma left you in her will!) wherever in the world they are held, and whether they have been sold and gains are realized or not.

Answer 1

I wish you have gotten your facts stright.

1. It was introduced in 7/17/2007 and it only passed the House so far.

Latest Major Action as on 10/15/2007 Referred to Senate committee. Status of the Bill is Received in the Senate and Read twice and referred to the Committee on Finance.

http://thomas.loc.gov/cgi-bin/thomas

2. It is for US Citizens or Resident who expirates to avoid Taxation, not for all US Citizen or PR.

http://thomas.loc.gov/cgi-bin/bdquery/D?...