Donald Trump's Promise to End Double Taxation | The Freak-Out It Created
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Donald Trump made a remarkable campaign promise to end double taxation - that is, if you live overseas and have no US sourced income why should you be doubly taxed? Once by the country you arein, and the once again by the US?
No other country in the world does this to its citizens. So why should the US hinder Americans who wish to find a potential fortune overseas? Why would the American people vote for tax regime that makes them not so wanted overseas by employers and business partners?
Sure the foreign earned income exclusion ands foreign tax credits may offer some relief from double taxation, but not always and it does not get rid of the stigma of being an American overseas, unable to get bank accounts or not willing to get married because of informational report due on spouses who aren't American?
Citizenship-based taxation makes Americans second class citizens in both business and in love. And Donald Trump is considering adoprting the Republicans Overseas initiative to end it.
This proposal, which would effectively end citizenship based taxation doesn't need an amendment, the 16th amendment does not need to repealed and no law actually needs to be passed.
The reason is that the indivudal tax law is so poorly and vaguely written that is never gets around to definiting what an "individual" is,m. otehr than an individual can be single, married, head of household or widowed. These martial statuses are, in fact, the only indication that "individual" means a person.
Therefore through a mere regulatory change, that is Trump's new secretaty of the treasury, can, by promulgating an "individual" to mean someone who lives in the US for a time certain per year.
And with that simple regulatory change, double-taxation of Americans would end.
So what is the Democrat's response to this development? It appears as if (1) ignoring the winning issue while claiming that allowing Americans Abroad to do something called "Direct file" that is a just as good a proposal.
Also, many Democrats are besides themselves with rage. Whart drives the anger that Donald Trump offered to help them. Why is this such a huge threat to them?
In this episodes of the IRSMedic podcast, host Anthony E. Parent, Esq. a 20-year veteran of international tax issues, John Richardson, Esq. a Toronto Based attorney and one of the all-time top advocates for repealing citizenship-based taxation, and Keith Redmond, advocate for the American overseas, discuss the Democrat's response to Donald Trump incredible campaign promise to end double taxation.
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