Go Back   English Forum Switzerland > Off-Topic > Off-Topic > International affairs/politics  
Reply
 
Thread Tools Display Modes
  #1  
Old 04.03.2017, 22:52
ToothCentral's Avatar
Senior Member
 
Join Date: Mar 2012
Location: Chur
Posts: 441
Groaned at 2 Times in 2 Posts
Thanked 198 Times in 127 Posts
ToothCentral is considered knowledgeableToothCentral is considered knowledgeableToothCentral is considered knowledgeable
The New Trump Tax Cuts

Maybe some "good" news for us expats?

"The United States will join most of the rest of the world and tax income on a territorial basis, meaning we will tax what happens here in the United States, not overseas."

This maybe the last year I have to spend 1000 bucks to have my special overseas taxes prepared, just to let the IRS know that I still haven't made over the exempt 98,000.00 bucks...

http://thehill.com/blogs/pundits-blo...p-gop-tax-plan
Reply With Quote
The following 2 users would like to thank ToothCentral for this useful post:
  #2  
Old 04.03.2017, 23:02
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 10,262
Groaned at 346 Times in 288 Posts
Thanked 12,126 Times in 5,866 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: The New Trump Tax Cuts

And no longer pocketing the taxes from any US American abroad? Mmmh, interesting
Reply With Quote
  #3  
Old 04.03.2017, 23:04
Guest
 
Posts: n/a
Re: The New Trump Tax Cuts

I don't know....I think it may apply to corporations, not individuals. Not sure.
Reply With Quote
This user would like to thank for this useful post:
  #4  
Old 05.03.2017, 00:19
Banned
 
Join Date: Jul 2010
Location: USA, former Zurich
Posts: 2,049
Groaned at 14 Times in 14 Posts
Thanked 4,811 Times in 1,660 Posts
BokerTov has a reputation beyond reputeBokerTov has a reputation beyond reputeBokerTov has a reputation beyond reputeBokerTov has a reputation beyond reputeBokerTov has a reputation beyond reputeBokerTov has a reputation beyond repute
Re: The New Trump Tax Cuts

Quote:
View Post
Maybe some "good" news for us expats?

"The United States will join most of the rest of the world and tax income on a territorial basis, meaning we will tax what happens here in the United States, not overseas."

This maybe the last year I have to spend 1000 bucks to have my special overseas taxes prepared, just to let the IRS know that I still haven't made over the exempt 98,000.00 bucks...

http://thehill.com/blogs/pundits-blo...p-gop-tax-plan
I wouldn't get too excited yet. All I heard so far were talks of a potential territorial system for corporations. Also, lower corporate tax rate across the board, and one-time 10% tax on cash repatriation by corporations.

As a taxpayer, I would love if the US stopped the idiocy of citizenship-based taxation for individuals, but I am not sure it's happening any time soon unfortunately
Reply With Quote
The following 3 users would like to thank BokerTov for this useful post:
  #5  
Old 05.03.2017, 08:41
Corbets's Avatar
Forum Legend
 
Join Date: Mar 2007
Location: DK - previously Zug
Posts: 3,327
Groaned at 169 Times in 123 Posts
Thanked 6,699 Times in 2,236 Posts
Corbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond repute
Re: The New Trump Tax Cuts

It's got about 1.5 years to happen before they lose me (e.g. thats how long I have until I possess a red book, give or take). I've got my fingers crossed, my thumbs pressed, and anything else you can think of, but I'm not hopeful.
Reply With Quote
The following 2 users would like to thank Corbets for this useful post:
  #6  
Old 05.03.2017, 09:42
Forum Legend
 
Join Date: Sep 2006
Location: SZ
Posts: 10,429
Groaned at 29 Times in 25 Posts
Thanked 23,989 Times in 7,553 Posts
meloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond repute
Re: The New Trump Tax Cuts

I would be mighty surprised if any changes to citizenship based taxation were made, let alone even seriously contemplated.

There is little political gain but a fair amount of potential political cost to changing CBT on individual income.

Unlike the call for changes to corporate taxation, we individual overseas voters do not have much of an effective voice or lobby. Our votes are scattered, there are not enough of us voting in any one district to convince a congress critter that our issues align with his or her self-interest.

Few domestic US taxpayers are cognizant of the issues we face, few will ever stand in our shoes.

When the subject comes up, no matter how often I try to explain that I pay a huge amount of US tax in addition to my Swiss tax, while getting no benefit from Uncle Sam, to the typical US domestic taxpayer the concept of how we overseas citizens pay taxes remains poorly understood.

The majority of US domestic voters (who have more effective voices than we do) seem to still be swayed by the myth that US citizens residing overseas, especially those in Switzerland, are all gazillionaire tax cheats. Tax relief for overseas citizens does not play well in Peoria.

The caricature of 'overseas tax cheats' gets lots of play in the press, captures the imagination easily. Any politician proposing tax relief for overseas citizens could find him or herself accused of catering to the wealthy at the expense of The Hardworking Average American.

And unlike corporate tax reform, there isn't much of an argument to be made for how the US domestic population would gain if we overseas citizens did not pay taxes. Why would a politician champion overseas voters when there is little political gain, some definite financial loss, and potentially a fair amount of political downside?

As much as I would love to see it happen, I don't see changes to CBT coming anytime soon. There simply isn't the political will to walk away from the 'easy money' that we overseas taxpayers provide.

---

I'd be so happy to be proven wrong, though.

Given reports of gazillionaires building apocalyptic bolt holes in New Zealand, who know, maybe Trump will listen to his buddies? Then again, the whole apocalyptic bolt hole thing sort of presumes that taxation will be a moot point...

---

When we reach the point where we can no longer afford to live in Switzerland as US taxpayers I will have to return to the mothership. And while I will then pay less tax as a whole, the US will get more from me than they do now. So I guess the system wins.
Reply With Quote
The following 5 users would like to thank meloncollie for this useful post:
  #7  
Old 05.03.2017, 10:14
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 21,381
Groaned at 369 Times in 284 Posts
Thanked 16,183 Times in 9,193 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: The New Trump Tax Cuts

The Republican Party did make a commitment to repeal FATCA as part of their manifesto, but they admitted it was more a vote catcher ploy than anything else. Maybe they'll get around to it, but I wouldn't hold my breath. Best course of action if you can take it is still to get rid of the little blue book.
Reply With Quote
The following 3 users would like to thank Medea Fleecestealer for this useful post:
  #8  
Old 05.03.2017, 17:58
Newbie 1st class
 
Join Date: Sep 2014
Location: Neuchâtel
Posts: 20
Groaned at 0 Times in 0 Posts
Thanked 12 Times in 6 Posts
simonegaud has no particular reputation at present
Re: The New Trump Tax Cuts

Wishful thinking ...
Reply With Quote
This user would like to thank simonegaud for this useful post:
  #9  
Old 10.03.2017, 19:34
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 9,489
Groaned at 391 Times in 339 Posts
Thanked 16,690 Times in 9,038 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: The New Trump Tax Cuts

With his Wall, increased Military spending and infrastructure renewal I do not see any room for tax cuts
Reply With Quote
  #10  
Old 10.03.2017, 21:43
Sbrinz's Avatar
RIP
 
Join Date: Oct 2011
Location: Murten - Morat
Posts: 11,885
Groaned at 563 Times in 354 Posts
Thanked 11,548 Times in 5,941 Posts
Sbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond repute
Re: The New Trump Tax Cuts

There maybe future tax cuts for a property developer with projects overseas....
Reply With Quote
This user would like to thank Sbrinz for this useful post:
  #11  
Old 05.04.2017, 18:44
ToothCentral's Avatar
Senior Member
 
Join Date: Mar 2012
Location: Chur
Posts: 441
Groaned at 2 Times in 2 Posts
Thanked 198 Times in 127 Posts
ToothCentral is considered knowledgeableToothCentral is considered knowledgeableToothCentral is considered knowledgeable
Re: The New Trump Tax Cuts

Quote:
View Post
It's got about 1.5 years to happen before they lose me (e.g. thats how long I have until I possess a red book, give or take). I've got my fingers crossed, my thumbs pressed, and anything else you can think of, but I'm not hopeful.
yeah, I just had very high hopes, but now with further investigation, it's only for corporations, so the rich can get richer...

I'm about a year away to taking my B1 German language competence test, and soon as I have the red passport, I'm g. o. n. e. gone :-)
Reply With Quote
  #12  
Old 05.04.2017, 23:14
DantesDame's Avatar
Forum Veteran
 
Join Date: Jul 2012
Location: Basel
Posts: 1,209
Groaned at 7 Times in 7 Posts
Thanked 1,259 Times in 557 Posts
DantesDame has an excellent reputationDantesDame has an excellent reputationDantesDame has an excellent reputationDantesDame has an excellent reputation
Re: The New Trump Tax Cuts

Quote:
View Post
It's got about 1.5 years to happen before they lose me (e.g. thats how long I have until I possess a red book, give or take). I've got my fingers crossed, my thumbs pressed, and anything else you can think of, but I'm not hopeful.
Yep, this is my situation too. I have no real hope that anything positive will happen on that side of the pond over the next four years
Reply With Quote
This user would like to thank DantesDame for this useful post:
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
New: Trump Jokes Ardneham Jokes/funnies 12 03.02.2020 09:06
The World welcomes Trump NoToM International affairs/politics 0 03.02.2017 11:13
US Tax Increase, no I mean program cuts...wait, what was I saying Desert Rat International affairs/politics 2 24.03.2013 18:44
Austrian ski resorts trump Swiss in new rankings The Local Swiss news via The Local 3 22.12.2011 23:47
CS & UBS Job Cuts will cost the UK tax revenue fatmanfilms Daily life 21 31.07.2011 18:55


All times are GMT +2. The time now is 05:17.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0