From AI - Generated from the actual transcript of the hearing
Taxation of Expatriated Citizens: Senate Finance Committee Hearing, 1995
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The provided text consists of excerpts from a 1995 Senate Finance Committee hearing regarding the tax treatment of U.S. citizens who renounce their citizenship. The hearing addresses various proposed bills (S. 453, S. 700, H.R. 831, H.R. 981, H.R. 1535, and H.R. 1812) aimed at preventing tax avoidance through expatriation. Testimonies from Leslie B. Samuels (Treasury Department) and Kenneth J. Kies (Joint Committee on Taxation) present the Administration's and Congressional perspectives on the issue, discussing the shortcomings of existing law, the mechanics and potential revenues of different proposals, and concerns about fairness and international law. The discussion highlights differing approaches, such as taxing unrealized gains versus taxing U.S.-source income for a period after expatriation, as well as challenges in enforcement and potential loopholes.
