The Impact of Trump's 2024 Victory on US Expats: The End of Citizenship-Based Taxation?

[@suebowman7258]

Excellent discussion. Thank you. We are American expats in Portugal. Subscribed.

[@jeremiahreilly9739]

Gentlemen, thank you thank you. More please. I think you hit the target, but the wrong target. Yes, I think using "double taxation" could be a great political sell. I think a "regulatory correction" would be welcome, but fragile. It could be changed with the next administration. The ONLY cure to citizen-based taxation would be simple: Only tax people resident in the USA. Period. The real damage caused by taxation of US citizens regardless of residence, is that Americans abroad are caught up in all tax related legislation-I am looking at you FBAR, Form 8938, PFICs, FATCA, etc.. I live and work outside the USA. Here is a short list of financial problems directly or indirectly caused by the current US tax laws: 1. If I optimize my financial portfolio for my country of residence, I get penalized in the USA. 2. If I optimize my financial portfolio for the USA, I get penalized in my country of residence. 3. I cannot easily save for retirement (see points 1 and 2: one or the other country taxes "tax-free retirement accounts of the other country). 4. As a non-resident of the USA, my existing US-based mutual funds won't accept new investments (SEC rules). 5. As a resident abroad, my local investment opportunities won't accept me because I am a US citizen. 6. Self-employed? Gosh that's a bag of hurt. 7. Create a business abroad? That's another bag of hurt. 8. Tax returns so complicated that I have to hire tax preparers in TWO countries. Not cheap. 9. Oh yeah, I actually pay taxes in two countries including the US Net Investment Income tax. I pay taxes in the USA pretty close to what the middle 20% American family pays (the typical American family who earn between 40% and 60% of the average family income). Say what? I pay taxes in the USA equal to or greater than 50% of Americans-after paying taxes in my country of residence.

[@OryBaum]

I could not have said it better myself. Thank you.

[@joe-mama6451]

The tax code defines an individual in title 1 and applies it to “any act of Congress”

[@karlsteinke6706]

Keep up the good work! This is greatly appreciated.

[@NimmiCat]

Check out American Citizens Abroad and their PAC. Ending double taxation can mean those who earn income abroad would not be taxed twice. That is not the same as all Americans abroad do not need to file taxes in the US.

[@ramaneswararaorongala7263]

It’s simple to avoid double taxation is… earnings outside USA should not be taxed in USA and allowed to bring their earnings to USA tax free. Since, source country doesn’t want to lose their country taxes. Hence, these earnings might have suffered taxes. Ex: Similar to USA taxes on earnings by non-citizens in USA.. 2) Ensure Any outward remittances from USA to be tax paid. This solves the double taxation and reduces the regulatory work.

[@joe-mama6451]

always nice to have something from the horses mouth...even if they are couching it in a way that makes it appear that one has to be in a foreign country (WITHOUT which contextually seems to mean jurisdictional nexus) to not be a resident of the United States: IRS revenue ruling 75-489 says: "No provision of the Internal Revenue Code or the regulations thereunder holds that a citizen of the United States is a resident of the United States for purposes of its tax. Several sections of the Code provide Federal income tax relief or benefits to citizens of the United States who are residents without the United States for some specified period."

[@MP-cd5kk]

The most humorous aspect of this video is that you BELIEVE a pathological liar who is also a convicted felon. You believe him! LOL

[@markchristophercrawford]

Believe!

[@jeremyleonbarlow]

I mean framing this as double taxation of US citizens living overseas is important. If the Democrats don't get that this is an issue for working class Americans that they should address on a bipartisan basis is crazy.

[@test1234hvrkhgkrgh]

Government stealing from the creators of wealth will not make you richer.

[@michah321]

" creators of wealth"?? You mean the venture capitalist and private equity that's gutting American businesses?

[@555125kevin]

End citizenship based taxation, we're the only country that does it.

[@balivillaphotographer7535]

And I was just saying, I should write to his party about the subject...I knew he would come through!! meanwhile, the IRS endorses Harris....!

[@MrZipper42]

Excluding 1 million on all types of income.

[@apollothirteen9236]

I am for anything that helps rich people to avoid paying taxes. We have been taking advantage of long enough. It's time the little people pay their fair share.

[@americanironcurtain]

Do you have any idea the type of people citizenship based taxation affects? Why do you think it's only rich people?

[@clakams]

LOL!

[@apollothirteen9236]

@@americanironcurtain Yes! I do. Some little people work overseas. They would benefit, but the productive class could use this to benefit massively.

[@mikebreen2890]

@@apollothirteen9236 No you don't, you are clearly clueless. I'm embarrassed for you.

[@apollothirteen9236]

@@mikebreen2890 I bet your car is worth less than $500k.

[@hallstewart7823]

Thi is a concept of a plan that would.have to meke it through congress.