PREP Podcaster - ”Success Favours The PREPared Mind”
News:News Commentary
December 29, 2020 - Participants Include:
Hank Adler - Chapman University
John Richardson - @ExpatriationLaw
On December 18, 2020 Mr. Adler's article appeared on the Wall Street Journal began with:
"California’s Legislature is considering a wealth tax on residents, part-year residents, and any person who spends more than 60 days inside the state’s borders in a single year. Even those who move out of state would continue to be subject to the tax for a decade—a provision that calls to mind the Eagles’ famous “Hotel California” lyric: “You can check out any time you like, but you can never leave.”
You can read the complete article here ...
https://www.wsj.com/articles/a-california-plan-to-chase-away-the-rich-then-keep-stalking-them-11608331448?reflink=desktopwebshare_twitter
I am pleased to have interviewed Mr. Adler - a man with a wealth of experience in taxation and tax policy. If we sever the title of the Wall Street Journal article into two parts we see that:
1. On the one hand, California has a - Plan To Chase Away The Rich - California tax policies are driving people away; and
2. On the the other hand California wants to - Keep On Stalking Them - California's proposed wealth tax purports to tax them on for ten years on their worldwide assets, which includes assets that have no connection to California and were acquired AFTER the individual moved from California.
This has many similarities to Exit taxes in general and the IRS Section 877A Expatriation Tax in particular.
By the way, those Canadians who winter in California and have sufficient assets would be subject to this proposed wealth tax!
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
In conversation with Vancouver lawyer Gary Botting: Interview 2 - The Justice Holmes ruling on double criminality in the Meng Wanzhou case
In conversation with Vancouver lawyer Gary Botting: The Canada US Extradtion Treaty And The Meng Wanzhou case
#Justice4Harry: Interview with Radd Seiger: The US UK Extradition Treaty and how it applies to the Sacoolas case
Voting, Citizenship and US citizenship-based taxation - Does the right to vote justify the taxation of Americans abroad?
Renounced (former) US citizens are receiving Coronavirius relief from the USA while citizens resident in the USA are denied relief
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