PREP Podcaster - ”Success Favours The PREPared Mind”
News:News Commentary
April 12, 2022 - Participants Include:
Virginia La Torre Jeker - @VLJeker
John Richardson - @ExpatriationLaw
Note: This podcast is based on a blog post published today here.
The Biden Administration recently released its Green Book of tax proposals. Although not likely to become law soon, the Green Book often provides advance notice of major changes in the US tax system. On page 31, the administration proposes to completely change how gifts are taxed. This change is introduced with the title:
"Treat transfers of appreciated property by gift or on death as realization events"
The basic idea is to follow Canada and Australia and treat gifts/bequests as "deemed sales" made at the time of the gift. The gift would take place at fair market value. In other words, an ordinary gift might generate a taxable capital gain.
In this podcast Virginia and I discuss:
- how this creates a new and additional tax on gifts and bequests
- how the new tax would work
- how this might interact with the existing Estate and Gift tax regime
- why this might be a particular problem for Americans abroad
- why Americans abroad considering making gifts might consider making those gifts sooner rather than later.
Insights and Solutions Into The Problem Of US Citizenship Or Holding A Green Card
SEAT Working Paper Series - Extraterritorial Taxation #15 - Taxing in Respect of Rights
Canada's New Capital Gains Tax And Navigating Wealth Management Strategies in Canada
SEAT Working Paper Series - Extraterritorial Taxation #14 - Revenue Neutrality Makes No Sense
The Life And Times Of Nova Scotia's Atlantica Party - With Ryan Smth
SEAT Working Paper Series - Extraterritorial Taxation #13 - Other Countries Have A Duty To Act
The US Tax Treaty Saving Clause As A Vehicle To Tax Residents Of Other Countries On Non-US Income
SEAT Working Paper Series - Extraterritorial Taxation #12: It's Not About Paying Taxes
Insights into the Intertwining of Politics and the Law in Ontario's Justice System
SEAT Working Paper Series - Extraterritorial Taxation #11: Deference or Constitutionalization?
SEAT Working Paper Series - Extraterritorial Taxation #10: Violating Human Rights
Insights on Boosting Immunity to fight the common cold with Health Coach David Coutts
David McKeegan's Journey with Greenback Tax Services
SEAT Working Papers Series - Extraterritorial Taxation #9: Forcible Destruction Of Citizenship
SEAT Working Papers Series - Extraterritorial Taxation #8: More Violations of Equal Protection
Coach Coutts - Leave The Democracy To US!
Canada's Justice System: A Deep Dive With The Founders of Compassionate Justice Canada
SEAT Working Papers Series - Extraterritorial Taxation #7: Unlocking the Complexities and Discrimination of Citizenship Taxation Laws
Catching Up With Amy From Sydney - Unraveling US Taxation and Voting for Expatriates
SEAT Working Papers Series - Extraterritorial Taxation #6: No Compelling Governmental Interest
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