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December 5, 24
NEWS / US President-elect Donald Trump backs ending “double taxation” for Americans residing abroadUnited States President-elect Donald Trump has promoted the idea of ending “double taxation” for United States citizens residing abroad but did not provide exact details on what he means by that. The plan is actually supported by group of Democrats living abroad. “No matter where you are, your Voice can make a difference. Register to Vote, and support our Vision for a Strong, Prosperous America. That Vision includes Americans abroad: I support ENDING the Double Taxation of overseas Americans!” Trump was quoted in a statement provided by his campaign to Newsweek in October. Trump other major tax proposal is to exempt tip income from taxation. The United States of America is one of the only countries in the world that requires non-resident citizens to file and pay income tax. Many Americans living abroad, including the Democrats Abroad group, advocate for a shift to a residence-based tax system. “Democrats Abroad supports reforms to create a system of Residency Based Taxation that would remedy the vast majority of tax problems faced by U.S. citizens abroad, prevent the use of offshore residence for tax avoidance, and be more administrable for the Treasury. Citizens living abroad could terminate their U.S. tax residency while retaining their U.S. citizenship,” The platform of the group reads. Republicans Abroad also support Trump’s proposal to end the “double taxation” of non-resident Americans. While Americans living abroad can take advantage of the Foreign Earned Income Exclusion of up to $126,500 in earned income, they must still file and report all their income, no matter the source. Americans having foreign financial accounts may also be required to report their financial account on an FBAR form, as well as their financial assets on Form 8938. Some accounts may be subject to foreign trust and passive foreign investment company reporting on forms 3520 and 8621, respectively. Finally, Americans running a business abroad can be required to file Forms 5471 (to report foreign corporations), Form 926 (to report transfers to foreign corporations), Form 8865 (to report foreign partnerships), Form 8858 (to report foreign disregarded entities), or Form 8858 (to report foreign disregarded entities). |
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