Byron Dorgan: “As I understand the current tax law--and I might ask the Senator to confirm this--that if you have accumulated…”

“As I understand the current tax law--and I might ask the Senator to confirm this--that if you have accumulated substantial assets and wealth in this country and have substantial gains on those assets and then decide to renounce your citizenship and leave the country, we'll give you a special deal. You do not have to pay tax on the way out on your gains. I am going to bring something to the floor later this session on another perverse tax incentive that says, ``Close your manufacturing plant in America and move it overseas and we will give you a tax break for that as well.'' As I understand it, what the Senator is offering is a sense-of-the-Senate amendment saying let's close the loophole by which people can renounce their citizenship and leave this country with substantial amounts of accumulated gains in income and end up paying no taxes.”