With Trump re-elected what are the chances the USA shifts to a residency-based taxation system?

Discussion in 'Taxes and Accounting' started by kmgilroy89, Nov 8, 2024.

  1. I've heard that the USA and Eritrea are the only two countries on the planet that tax their citizens who are living/working abroad. Most countries tax based on residency. Trump has brought it up, but will he follow through this time? I'm considering moving to Singapore where I could pay 0 capital gains. Right now I believe the only loophole allowing you to live this way is via Puerto Rico with ACT60 (which isn't the most desirable place to live in my opinion with high crime, poor infrastructure including constant disruptions to electricity, and hurricanes that wipe out power for months).
     
  2. newwurldmn

    newwurldmn

    Trump is going to bankrupt America by making taxes zero and continue to spend like a loon.
     
  3. RedDuke

    RedDuke

    add tariffs on top of this.
     
    NoahA likes this.
  4. poopy

    poopy

    Trump gave us the largest increase in the National Debt since Reagan (notional). We'll hit $50T in four years and will force PAYGO sequestration. That's the goal.
     
    mervyn likes this.
  5. poopy

    poopy

    Implicit spending.
     
  6. 2rosy

    2rosy

  7. poopy

    poopy


    Cool story, Bro. Over 10Y you say. Written by GOP Chair and completely devoid of legitimacy.

    Ur delusional.

    Appendix III: Methodology
    This analysis estimates the additional borrowing approved by Presidents Trump and Biden through tax and spending changes passed by Congress or contained in executive actions from their administrations. It does not estimate the amount of debt that accumulated over their terms, which partially reflects actions taken prior to their time in office and does not account for the fiscal impact of the actions approved by the President but incurred outside of his four-year term. We will publish changes in debt during their terms in a supplemental analysis.

    Ignores the track record of increasing revenues following passage of TCJA

    Undercounts the costs of President Biden’s executive actions by more than $800 billion
     
  8. BKR88

    BKR88

    Some like Kuppy & Peter Schiff think it's a great place to live.
    Kuppy has a generator though for when power goes out and I wouldn't be surprised if Peter does also. Both pretty wealthy so can afford nicer homes with the extras.

    https://x.com/hkuppy/with_replies
    https://x.com/PeterSchiff/with_replies
     
  9. poopy

    poopy

    upload_2024-11-8_10-4-38.png
     
  10. 2rosy

    2rosy

    Isn't that the crfb numbers? Left leaning bias. Any conclusion can be drawn. I doubt the government even knows the real debt and if it does can just redefine some terms
     
    #10     Nov 8, 2024
    spy likes this.