Kevin Packman, chair of the Offshore Tax Compliance team, was quoted in this Wall Street Journal article discussing the legislation proposed by Messrs. Schumer and Casey regarding the concern and ability of wealthy investors to avoid larger U.S. capital-gains taxes. The legislation proposed would impose a 30% capital-gains tax on future investment gains in the U.S. by wealthy people found to have given up their citizenship in order to avoid taxes. In addition, if the IRS found that a person gave up his citizenship to escape taxes, he would be barred from returning to the country.
"People are just sick and tired of this. They feel they are being scapegoated as tax evaders," said Mr. Packman.
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