Monthly Archives: November 2019

FATCA @Citizenshiptax and Wealth taxes: Laura Snyder Engages @Gabriel_Zucman In The Twittersphere

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Introduction

Citizenship-based taxation, FATCA and how the interact can best be understood by Americans abroad.

The professors (who have clearly never lived under a citizenship taxation regime and have limited understanding of FATCA) explain the relationship between U.S. citizenship-based taxation and the success of a – “Made In The USA” wealth tax – in the article which includes:

The situation in the United States is different. You can’t shirk your tax responsibilities by moving, because U.S. citizens are responsible to the Internal Revenue Service no matter where they live. The only way to escape the IRS is to renounce citizenship, an extreme move that in both Warren’s and Sanders’s plans would trigger a large exit tax of 40 percent on net worth.

Some people tweet. Some people tweet for fun. Some people tweet to educate.

The purpose this post is to collect the series of tweets that Laura Snyder complied to provide a higher level of education to the professors.

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Questions to Democrat candidates about a change from @citizenshiptax to RBT should NOT assume revenue neutrality!

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Appreciate these interviews from Democrats Abroad. But, they need to STOP making the question about residence-based taxation conditional on revenue neutrality!
See starting at the 9 minute mark … Separate questions about FATCA and citizenship-based taxation …
This is the @Demsabroad interview with Senator Sanders that includes two distinct questions: 1. About FATCA and 2. About residence-based taxation.
Many people have reported (based on this interview) that Senator Sanders supports residence-based taxation on a “revenue neutral” basis. This is NOT what he said. His answer did NOT include the “revenue neutral” condition. The question asked by the DA representative phrased the question in terms of revenue neutrality. (Arguably, the Senator’s answer was based on an assumption of revenue neutrality – but, I don’t think so.
My impression is that Senator Sanders did NOT condition his support on revenue neutrality. Democrats should stop building the “revenue neutrality” condition into the question. It is obscuring the meaning of the answers.
Finally, Mayor Pete when asked the question ABSOLUTELY made it clear that his support for residence-based taxation WAS based on revenue neutrality. Again, it is possible that he was NOT answering the question more generally.
I applaud Democrats Abroad for this interview series and for asking these questions of all candidates. That said, I do NOT think the question should be based on a move to residence-based taxation being revenue neutral.

#Citizide? Letting Go And Moving On – Online Renunciation Discussion

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The situation for many Americans abroad has reached the boiling point. On Saturday November 9, 2019 I will be hosting an online discussion about renunciation generally and HOW TO DECIDE WHETHER IT MAKES SENSE FOR YOU SPECIFICALLY. The time will be 7:00 a.m. EST (Toronto time). This means that it should work for people in most parts of the world. Although, general in nature, I will attempt to answer as many individual questions as time permits. I recognize that this is a very difficult issue for people – spanning the emotional, financial, identity, etc. That said, the U.S. Government is forcing Americans abroad to consider renunciation as a defensive measure to protect themselves and their families.
See the announcement on Twitter below.

If you are not on Twitter feel free to email me at: expatriationlaw at outlook dot com for registration.

The discussion will last approximately one hour.

John Richardson – Follow me on Twitter at @Expatriationlaw

If you are not on Twitter feel free to email me at: expatriationlaw at outlook dot com for registration.