The Hidden Burden of U.S. Expat Taxes—Should Filing Be Required? скачать в хорошем качестве

The Hidden Burden of U.S. Expat Taxes—Should Filing Be Required?

In this clip, Blake and David discuss former President Trump's proposal to end the double taxation on Americans living abroad. Learn about the history of the US tax system that taxes citizens based on citizenship rather than residency—a policy dating back to the Civil War. While most expats owe no US taxes due to income exclusions and foreign tax credits, they still face burdensome paperwork and compliance costs. Blake suggests that eliminating the filing requirement for those under the income threshold could reduce unnecessary hassle for expats. However, David raises concerns that switching to a residence-based system might allow wealthy individuals to avoid paying US taxes by relocating abroad. They debate the potential impact on the national deficit and whether such a change could open loopholes for tax avoidance by the rich. If you enjoyed this discussion and want to stay updated on the latest in accounting news, be sure to subscribe to our channel.