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. spy

    spy

    With all due respect, are you guys making that little profit or have you never heard of the marginal utility of wealth/income?

    Why uproot your entire lives, abandon friends and family, move to a far-off country that has one very hot and rainy season... just to collect even more nearly worthless government coupons?

    Asking for a friend.
     
    #71     Nov 10, 2024
  2. newwurldmn

    newwurldmn

    I agree with you on this post. Moving to optimize taxes is a poor way to live life.
     
    #72     Nov 10, 2024
    TrailerParkTed likes this.
  3. spy

    spy

    [​IMG]
     
    #73     Nov 10, 2024
  4. Real Money

    Real Money

    Many are already overseas and sick of FATCA/FEIE reporting and compliance expenses. You've got it backwards. Expats want dual taxation done away with and compliance simplified.

    In terms of a value proposition, the warmer regions stateside are the most expensive, while Asia still has a combination of good weather/beaches with moderate cost options.

    Personally, I want to have property in both the US and SEA. Bonafide residency/tax residency could change AFAIK wrt the 180 days/three years law or whatever.
     
    #74     Nov 10, 2024
    SunTrader and spy like this.
  5. newwurldmn

    newwurldmn

    easy solution. Give up your US citizenship.

    or consider the tax the privilege of having the option to come back.

    My father in law gave up his green card and trumps INS denied him a new one. bidens granted it.
     
    #75     Nov 10, 2024
  6. spy

    spy

    OP said they were "considering moving", so it was already framed as uprooting one's life. But, yeah... if you're already gone it makes sense.
     
    #76     Nov 10, 2024
  7. Buy1Sell2

    Buy1Sell2

    No------no he's not.
     
    #77     Nov 10, 2024
  8. SunTrader

    SunTrader

    But will the country make it?
     
    #78     Nov 10, 2024
  9. SunTrader

    SunTrader

    Right - running_bare with the self-own wanting everyone to know it too lol.
     
    #79     Nov 10, 2024
    newwurldmn likes this.
  10. newwurldmn

    newwurldmn

    he bragged about arming Bentleys buy buying them in Long Island and selling them in texas
     
    #80     Nov 10, 2024