Gift tax in the United States
If a person is a non-resident alien for purposes of gift tax, taxation of gifts is determined in a different way. If the property is not located in the U.S., there is no gift tax. If it is intangible property, such as shares in U.S. corporations and interests in partnerships or LLCs, there is no gift tax.
Americans Standing for the Simplification of the Estate Tax
Since 2000, high earners in the U.S. have been able to avoid an estimated $100 billion in gift (taxes) and estate taxes through tax code loopholes. ASSET claims that their plan would eliminate loopholes in the current estate tax code, as well as the need for wealthy taxpayers to shelter their assets in trusts to avoid estate taxes upon death. By eliminating incentives for the high earners to hide assets from the IRS through unproductive tax avoidance schemes, ASSET says that such individuals will therefore have to contribute their fair share of taxes to the U.S. Treasury. The group says that its plan is revenue neutral, and described it as permanent solution to the problems of the current estate tax collection method. The group asserts that the proposal would cost the taxpayers nothing.