Re: Nando.net on expatriate tax issue

["E. ALLEN SMITH" <EALLENSMITH@ocelot.Rutgers.EDU>]

From:	IN%"unicorn@schloss.li"  "Black Unicorn" 29-APR-1996 02:16:40.69

>On Sun, 28 Apr 1996, E. ALLEN SMITH wrote:

> >Billionaires' tax loophole could complicate passage of health reform

>What precisely does this reporter think is being "tightened" in his or her
>version of the House bill?  (Note that in current law there is no $500,000
>floor).  In fact the reporter hasn't bothered to describe what the
>provision really does.  (Imposes a expatriation is taxable event
>analysis).  Talk about a snow job.  I won't say it is or is not advertant,
>but it's bloody annoying.

	Fascinating. One wonders how the House managed to convince the
CBO that it would gain money... it did.

> >The House version would be extremely difficult to enforce and would allow
> >patient expatriates to avoid the tax by holding their assets for 10 years
> >before selling, they say. In the interim, they could raise cash by
> >borrowing against the assets.

>Which is the law today.  What is with this guy?  Get your facts straight
>media.

	I have relatives who went to journalism school during the Depression.
I begin to see why they complain about modern media, and why Heinlein said
that Time _never_ got the story right on anything he saw in person. Modern
journalism schools are going more and more to communication theory courses
as opposed to how to write and how to get the facts straight.
	-Allen