The former president’s latest pitch to return economic power to citizens included vowing an end to one particularly burdensome standard — double taxation.
Throughout his campaign, former President Donald Trump has repeatedly signaled that a second administration would seek to expand on the economic successes that were foiled by the compound forces of the COVID-19 response and Bidenomics.
While his opponent, Vice President Kamala Harris, embraced the latter, the GOP leader was exploring ways to expand American freedoms, including opportunities to work abroad without being raked over the coals by collectors from more than one government.
In a statement reported by the Wall Street Journal, Trump expressed, “I support ending the double taxation of overseas Americans.”
“Fellow Americans living abroad, your vote is more important than ever,” he added as many were currently being taxed on income earned overseas even if they had already paid taxes to the country where they were working.
According to the IRS, Americans abroad were expected to “pay estimated tax in the same way as those residing in the United States,” including filing estate, gift, and income tax returns. However, they currently do not pay taxes to the United States on the first $126,500 earned in addition to having eligibility for foreign tax cuts
“It’s a giant first step,” said, Republicans Overseas Chief Executive Solomon Yue. “America first also means Americans first, regardless of where they are residing.”
While speaking at a rally in Reading, Pennsylvania Wednesday, Trump’s tax proposals, which already included no tax on tips, overtime pay, and social security for senior citizens, also included a promise of a “15% Made in America Corporate Tax Rate” down from 21% which he boasted he had brought down from 39%.
The rate would be exclusive for companies making their products domestically.
“For those who don’t make their product in America,” Trump explained, “they will be forced to pay a rather stiff tariff for the privilege of competing with our cherished companies that we’re gonna take care of, and for the privilege of stealing our jobs, our treasure and our wealth.”
Regarding double taxation, American Citizens Abroad Executive Director Marylouise Serrato told the Journal that compliance costs can exceed the actual taxes, “It makes it very difficult and complex to file, and it also limits the ability of a lot of Americans to invest and live when they’re overseas.”
“A complex tax system, unique in the world, unfairly burdens American citizens abroad. It imposes significant costs on tax preparation and reporting, often where no tax is due and many times leads to double taxation,” contended Association of Americans Resident Overseas in a statement reported by the Daily Mail. “To address these issues, our organizations advocate ending citizenship-based taxation and aligning the United States with the universal practice of residency-based taxation.”
Trump was not unique in trying to woo voters living abroad as it had previously been covered that the Democratic National Committee had partnered with private donors to invest over $450,000 in their get-out-the-vote efforts overseas.
Meanwhile, Notre Dame law professor Michael Kirsch suggested “a lot of people would be on the move” if such a system were in place citing Monaco’s lack of a personal income tax as an example. “For the amounts involved, I’ve never been to Monaco, but I’ve heard it’s a nice place.”
Despite the notion that an end to double taxation would introduce a loophole for Americans to skirt the tax system, Yue argued Congress would implement guardrails to steer clear of abusing the system.
Native of Brooklyn, NY, Kevin Haggerty is a graduate of Hunter College where he studied Cultural Anthropology and Geography. An avid reader and truth seeker, he currently resides in Texas with his wife and their dog and, when he isn't researching current events and their impacts, you'll find him spending time with friends and family or working on his next novel.
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