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Donald Trump’s New Tax Promise: Eliminating Income Taxes for Americans Abroad
In the final stretch of his 2024 presidential campaign, Donald Trump has made a bold new promise to eliminate US income taxes for Americans living abroad. This latest proposal joins a growing list of plans aimed at cutting personal tax bills. Trump has also floated the idea of exempting tipped wages, overtime pay, and Social Security benefits from taxation, all part of his broader strategy to lessen the tax burden on Americans. In a statement aimed at American expatriates, Trump declared, "I support ENDING the Double Taxation of overseas Americans!" He added, "Let’s put America First, together. Register to Vote, and vote Republican." Currently, US citizens, no matter where they reside in the world, must file tax information with the Internal Revenue Service (IRS). Some expatriates are required to pay US taxes in addition to the levies they pay in the country where they live. Trump's plan could simplify these obligations for the approximately 9 million Americans the State Department estimates live abroad. The tax system, as it stands, does not mean all expats owe money to the IRS. The tax code provides credits to offset federal taxes owed, and individuals earning less than $126,500 are not required to pay any US taxes. However, advocates for changing the taxation of Americans abroad point out that these IRS rules contribute to a trend where a few thousand people renounce their US citizenship annually. It is typically higher-earning expatriates who face the most significant tax bills under current rules. If implemented, Trump’s plan could potentially allow wealthier Americans to relocate to low-tax countries and avoid paying US taxes altogether. The Wall Street Journal was the first to report Trump’s proposal. While the plan would reduce paperwork and likely lower tax bills for Americans abroad, it would require approval from Congress. If successful, it could mark a significant shift in how the US handles expatriate taxation. This pledge to eliminate taxes for Americans living overseas is just one piece of Trump’s broader tax-cutting agenda. Throughout his campaign, he has championed efforts to reduce household and corporate tax burdens. Trump has promised to push for a renewal of the 2017 tax overhaul, much of which is set to expire at the end of next year. These sweeping tax proposals, if implemented, could amount to more than $10 trillion over a decade, according to estimates from the Committee for a Responsible Federal Budget. While Trump’s plan offers relief for Americans abroad, it contrasts with his approach to US-based businesses. He has called for lowering the corporate tax rate to 15 percent from the current 21 percent, but only for companies that manufacture inside the US. Companies that operate overseas, on the other hand, could face higher tax rates and tariffs if they attempt to sell their products to American consumers. Widespread tariffs are a core component of Trump’s economic strategy. Last month, he threatened to impose steep import duties on Deere & Co., a major US farm machinery manufacturer, if the company moved its manufacturing operations to Mexico. As the 2024 election approaches, Trump’s tax-cutting promises continue to grow, appealing to various groups, from expatriates to domestic manufacturers. Whether these proposals will come to fruition, however, depends on the outcome of the election and the willingness of Congress to support such sweeping changes to the US tax system. Based on a report from Business Standard 2024-10-11 -
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Former Aussie cop’s epic run across Thailand for tsunami victims
I wish you the very best Peter and hope you raise much more than your goal. -
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Pattaya Police Raid Poker Gambling Ring, Arrest 9 Foreign Players
Does this mean I have to store away my Bingo game? I still need to win back 50 bht I lost from my sister! -
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Pattaya Police Raid Poker Gambling Ring, Arrest 9 Foreign Players
Speaking from experience i see. You’ve obviously been rammed in the butt by a ladyboy or two -
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Thaksin and Pheu Thai Party face constitutional showdown
Daughter the pm Thaksim controlling from the back room yes daddy. No problem for them they know how to fix things like this -
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Police Identify 24 Suspects in Connection with Hundreds of Deaths at UK Hospital
Forcing people to stay alive as long as possible with all sorts or awful conditions is pure evil -
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THAILAND LIVE Thailand Live Friday 11 October 2024
Thai Police Bust Multi-Million Baht Sex Toy Smuggling Ring Picture courtesy: Daily News Thai police uncovered a massive illegal sex toy smuggling operation worth millions of baht. On October 10, the Anti-Trafficking in Persons Division (ATPD), led by Major General Saruti Khwaengsopha, arrested nine people in connection with the illegal trade. These arrests took place in locations across Bangkok, Nakhon Pathom, and Chonburi. Full story: https://aseannow.com/topic/1340384-thai-police-bust-multi-million-baht-sex-toy-smuggling-ring/ -
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60-Year-Old Man Fatally Shoots Ex-Girlfriend, Then Himself, After Failed Reconciliation
A murder-suicide unfolded in Muang district of Nakhon Ratchasim, as a 60-year-old man shot and killed his former lover, a 40-year-old fruit smoothie vendor, before turning the gun on himself following a failed attempt to reconcile. Police from the Nakhon Ratchasima City Police Station were alerted to the incident at a three-story apartment complex in Muang Wai Subdistrict. Upon arrival, officers found the lifeless body of Ms. Korn, 40, from Chonburi, outside her ground-floor apartment. She had been shot multiple times, sustaining wounds to her shoulder, chest, abdomen, and thigh. Approximately five metres away, the body of Mr. Direk, 60, from Ayutthaya, was discovered with a gunshot wound to the right temple. A 9mm handgun was found next to his body. Forensic teams, along with medical personnel from Maharat Nakhon Ratchasima Hospital, were called to examine the scene, and the bodies were later transferred for further autopsy. According to Ms. Ratchanee, a friend of Ms. Korn, the victim had been selling fruit smoothies at the Night Market in Korat. A hardworking woman, she had been supporting her ailing mother. Ms. Korn had previously been involved with Mr. Direk, whom she referred to as “Pa,” but had distanced herself after learning that he had a family. CCTV footage showed Mr. Direk arriving alone at the apartment, where he knocked on Ms. Korn’s door. The footage captured Ms. Korn attempting to flee moments after letting him inside, but Mr. Direk chased her down, firing several shots before taking his own life with the same gun. Authorities believe the motive was jealousy, as Mr. Direk’s attempts to reconcile with Ms. Korn were unsuccessful. The case is still under investigation. Picture from responders. -- 2024-10-11 -
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Thai Police Bust Multi-Million Baht Sex Toy Smuggling Ring
Thai police uncovered a massive illegal sex toy smuggling operation worth millions of baht. On October 10, the Anti-Trafficking in Persons Division (ATPD), led by Major General Saruti Khwaengsopha, arrested nine people in connection with the illegal trade. These arrests took place in locations across Bangkok, Nakhon Pathom, and Chonburi. The individuals arrested included both Thai nationals and Laotian citizens. Their names are Suchada Saelu, Anon Saekhong, Dokkeo Douang Oudom, Mongkol Witoon Inthapat, Niksanh Douangoudom, Chaiwat Chalermsin, Sukho Amornvutthipong, Ekkarat Saewan, and Wutthiphong Plukjai. During the raids, authorities seized more than 2,500 sex toys and 66 electronic devices used in the operation. The investigation began with suspicions that the group was distributing illegal adult content involving minors through platforms like Telegram and private websites. However, it soon revealed a larger network selling unauthorized sex toys and stimulants to an online community of over 90,000 people. Picture courtesy: Daily News This illegal trade reportedly made a significant monthly income, estimated between 100,000 and 200,000 THB (about $2,800 to $5,600), with millions in total transactions, reported Daily News. The arrested suspects confessed to running private Telegram groups and websites for two years, promoting and selling these illegal items. They are facing charges for producing and distributing pornography, operating without proper work permits, and managing illegal websites. Police are continuing their investigation and moving forward with prosecutions. TOP Picture courtesy: Daily News -- 2024-10-11 -
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Trump chickens out again.
In your dreams. The polls on msnbc and cnn say that harris is in the lead, they woukd never lie to us! -
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Pattaya Police Raid Poker Gambling Ring, Arrest 9 Foreign Players
I agree the locals upset jealous they were not invited so grass them to the police.Not as bad as the bridge club arrest ,if no money on show just cards and chips no case really.Everyone knows and sees thai gambling the king card game i think after they pay who lost like snooker clubs too.They don,t try to hide it,just wait for the casinos to be legal and see who is at those tables playing poker -
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Pattaya Police Raid Poker Gambling Ring, Arrest 9 Foreign Players
Aren't they supposed to be referred to as "gambling dens"? And, thank goodness that no one in the villages does any kind of gambling where they go into debt and end up owing the loan sharks thousands. Fortunately for me, no one in my extended ever got caught up in the sin. -
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Post-Y2K BUG & The New American Bedlamism: Was America, historically, ever this crazy?
Maybe the best Psycho of all time....happened in Tokyo.....not in America.... -
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Jack Smith’s Struggle in Pursuing Trump: A Fumbling Legal Strategy?
Let him keep doing what he do. It hasn't had a very good result so far. He is part of the reason Trump looks likely to win at this point.
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Pattaya: Three suspects charged in connection with abduction and threats made against two 18 year old women
By
webfact
in Pattaya News
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