PREP Podcaster - ”Success Favours The PREPared Mind”
News:News Commentary
January 3, 2022 - Participants include:
John Richardson - @Expatriationlaw
Jim Gosart - Vice-President Republicans Overseas
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The United States is the only major country in the world that continues to impose worldwide taxation on its citizens when they move from the country and establish tax residency in another country. But, it gets worse. When US citizens move from the USA and establish tax residency in another country they are subjected to a separate and more punitive form of taxation that that imposed on US residents.
Nothing illustrates this principle better than the story of US citizens who attempt to carry on small businesses outside the United States. As well as the expensive forms and regulation, those US citizens who are "entrepreneurs abroad" risk being subject to tax on income they never received! Yes, it's true. Read on ...
US citizens abroad are generally subjected to various forms of taxation on "fake income" (meaning income they have never received). Some very common forms of "fake income" are found in Subpart F of the Internal Revenue Code. The Transition Tax and GILTI were created by the 2017 TCJA.
In this episode Jim Gosart and John Richardson discuss "fake income" as a general principle (it doesn't apply to US residents on their US based assets). The 2017 Transition Tax and GILTI are the result.
Our point is simple:
The only solution is for the United States to stop citizenship-based taxation and adopt pure residence-based taxation!
US Treasury publishes list suggesting record numbers relinquishing US citizenship in 2020 - but what can be inferred from the list?
The Tax Treaty Saving Clause - 2021 Edition: How the USA exports @CitizenshipTax throughout the world
Members of @SEATNow_org: American Extraterritorial Taxation Affects Different Groups in Different Ways - Learn How
The Tax Treaty Saving Clause: How it works to export US worldwide taxation offshore to other countries
Mobility Consultant David Lesperance - How tax treaties impact the global mobility decision
Members of @SEATNOW_org: Understanding US @Citizenshiptax and why ending #FATCA will have no effect on US tax policies
Mobility Consultant David Lesperance: Canada as a destination of choice (some even think it's a tax haven)
Mobility Consultant David Lesperance: Why Second citizenship and residence options are insurance in an unsettled world
Retired UK Lawyer Describes How US Citizenship Taxation Impacts His Family AND The Sovereignty Of The UK And Other Countries
A California Plan To Chase Away The Rich, Then Keep On Stalking Them - Hank Adler
Tax Haven USA: Why the USA is a great place to invest for nonresident aliens and how these investments might be structured
Marc Zell - About The Association Of Accidental Americans. v. Department Of State
Wealth Taxes Coming Soon To A Country Near You: Asset confiscation, income taxation or something else?
Locked Into US Citizenship: Do Americans Have The Right To Renounce? Should Renunciations Take Place Through Video Conferencing?
Valerie McCray 4: Discussion with @DrVMcCray2020 and her Financial Officer Mary Lett - Is The US Tax Code Socialism For The Rich? How Do The Political Parties Maintain This?
Valerie McCray 3: Discussion with @DrVMcCray2020 - Her future as one of those @independents
US Citizenship Renunciation: An Appointment To Renounce Is A Rare Opportunity And Hard To Find
Renounce sooner! The Biden Victory suggests (1) more renunciants will be subject to the US exit tax and (2) the exit tax paid will be greater!
Valerie McCray 2: Discussion with @DrVMcCray2020 - @Independents Candidate For President Of The United States
Introducing @SEATNow_Org - A New Organization With The Singular Focus Of Ending US @CitizenshipTax
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