There is a possibility that the US Congress may introduce, debate and vote upon a bill that may ease the US tax burdens placed on such overseas Americans. A bill is currently being drafted to establish “Territorial Taxation for Individuals” (TTFI). From what I understand, the bill will put forth a legislative change moving away from the current regime of US “citizenship-based taxation” to one of “residence-” or “territorial-based” taxation. The concept is not new, and while it has been introduced some years back, to date, efforts to change the law have not met with success.
With the Trump Administration’s move toward a territorial-based regime for corporate taxpayers, perhaps the road to change for individuals may now be a bit more maneuverable. Striking while the iron is hot, Solomon Yue, CEO of Republicans Overseas has been involved with drafting the TTFI bill.
Mr. Yue will publicly present information about it at a special AmCham event taking place in Canada later this month. Joining Mr. Yue are prominent tax specialists Elena Hanson, Managing Director of Hanson Crossborder Tax Inc. and John Richardson, a US tax and Canadian attorney of Citizenship Solutions. Learn more about the AmCham Canada event scheduled for August 16, 2018. John Richardson has written a blog post specially on the topic.
Published August 4, 2018
All the US tax information you need, every week –
Just follow me on Twitter @VLJeker (listed in Forbes, Top 100 Must-Follow Tax Twitter Accounts 2017 and 2018).
Subscribe to Virginia – US Tax Talk to receive my weekly US tax blog posts in your inbox.
Read my US Tax Blog Let’s Talk About US Tax hosted by AngloInfo since 2012