Tag Archives: US Wealth Tax

Professor @Gabriel_Zucman Discusses US Taxation Of Americans Abroad and FATCA

Leave a reply

On June 19, 2023 the Global Progressive Caucus of Democrats Abroad hosted Professor Gabriel Zucman to discuss “Fair Share Taxation And Tax Enforcement”. You may know that Professor Zucman is a strong advocate of wealth taxation. Senator Warren (in the specifics of her proposed wealth tax) appears to be a disciple of Professor Zucman’s views.

During the presentation Professor Zucman reinforced his view that “Fair Share Taxation” should include a wealth tax. Interestingly he recommends that FATCA be replaced by the CRS.

But, most interestingly he expressed his view that the current U.S. system of citizenship taxation (as it applies to most Americans living outside the United States) simply cannot be justified. Based on this video, I would say that Professor Zucman may be an ally in the fight to reform the taxation of Americans abroad.

I have put together a short twitter thread to highlight his main points. But, I do recommend that people watch the entire video. The discussion at the end is every bit as interesting (and revealing) as Professor Zucman’s presentation.

A threadreader version of the twitter thread is here:

https://threadreaderapp.com/thread/1674191242681352193.html

A pdf version is here:

ThreadReader_0_expatriationlaw_1674191242681352193

The live Twitter thread …

John Richardson – Follow me on Twitter @Expatriationlaw

It’s 11:00 pm – Do You Know What The @TheDemocrats Are Up To?

1 Reply

On May 14 – 16 the Democratic Party had its Global Annual Meeting. It’s interesting to see the resolutions proposed. (Those not dealt with will considered at a later meeting.)

Americans abroad who understand that the single most important issue facing them is US citizenship-based taxation, should be aware of resolution 18. Shockingly this resolution was proposed by FOUR MEMBERS OF DEMOCRATS ABROAD and includes (but is not limited to):

1. A strong endorsement of US citizenship-based taxation and the proposed US Wealth Tax

2. Some proposals to make US citizenship-based taxation, FATCA and FBAR work a little better

Notice in this excerpt they completely acknowledge that at best, their proposal is designed to create “de facto” residence-based taxation for some Americans abroad. To put it very simply:

Clearly (at least) some members of Democrats Abroad:

1. Do NOT want pure residence-based taxation; and

2. Are playing the same game of proposing some “carve outs” for some people, some of the time, under some circumstances.

(The retention of citizenship-based taxation allows them to keep changing the rules.)

It’s shocking that this proposal is coming from members of Democrats Abroad!

Here it is in all of its glory …

All 25 DPCA Resolutions submitted to the 2021 Global Meeting_Adopted, Withdrawn, or Deferred