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!
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
Born in the USA? Those who relinquished US citizenship under INA 349(a) are NOT eligible to vote in the November 3, 2020 US election
Interview with @RonanMcCrae 2: On The Nature Of Citizenship
Scaramucci 2: If they want the Expat Vote -They Need To Understand The FATCA Life!
In an election season, the parties want the vote of Americans abroad. But they don't care that they don't care about the issues that impact Americans abroad
Ronan McCrea Discusses Citizenship By Descent In Ireland: Do The Rules Make Sense In The Modern World?
China is NOT adopting citizenship-based taxation: Dr. Bernard Schneider of Queen Mary explains how tax residency is defined in China
The Reed Amendment: Q. Does Renunciation of US Citizenship Mean That You Will Be Barred From Entering The United States? A. Not likely
"Jenny" of FATCA UK Lawsuit Fame And Her Lawyer Filippo Noseda Discuss Why FATCA Conflicts With The GDPR
Dr. Valerie McCray - Independent Candidate For President Of The United States
Fourth Of July Interview with US born UK Author Claire Kendal about her newest book "I Spy" (with US citizen subplot)
John Richardson interviews "JR": Architect of the anti-FATCA petition to the EU Parliament: Why the FATCA lawsuits must be supported
Part 3: US Taxation of Nonresident aliens: How US IRAs and 401ks are taxed to nonresident aliens
Part 2: US Taxation of Nonresident aliens: How US Source Income May Affect Your Decision To Renounce US Citizenship
Part 1: US Taxation of Nonresident aliens: What is a nonresident alien? The taxation and witholding on FDAP and ECI income
Abandoning The Green Card: Careful the United States may hit you with a special "Exit Tax" on the way out and another possible tax to your heirs
US Tax Residency And the Green Card: Green Card holders are subject to US worldwide taxation even when they don't live in the USA and the Green Card has expired
Renounce US Citizenship: "Some" tax and immigration implications of transitioning from US citizen to nonresident alien
Discussion with Anthony Scaramucci: Wide ranging conversation including the taxation of Americans abroad and the state of US politics
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