Former President Donald Trump has pledged to end double taxation for U.S. expatriates, while urging them to vote in the upcoming election.
Former President Donald Trump said he would put an end to double taxation on U.S. citizens who live outside the country, if elected in November, with the promise marking the Republican presidential nominee’s latest campaign pledge to lower taxes on Americans.
U.S. law requires Americans to file tax returns every year, even if they live and work abroad. It also requires them to potentially pay taxes to the IRS on their worldwide income in addition to any taxes they may have to pay in their country of residence, which is known as double taxation.
While there are accommodations such as the Foreign Earned Income Exclusion (FEIE) and the Foreign Tax Credit (FTC) to mitigate double taxation, such arrangements reduce U.S. tax liability but may not eliminate it.
Trump is now promising to eliminate the complexity of navigating U.S. tax obligations abroad by putting an end to double taxation for Americans overseas “once and for all,” he said in an Oct. 10 video statement.
“You’ve been wanting this for years, and nobody has listened to you, and you deserve it, and I’m going to do it,” Trump said. “It’s the right thing to do, and no American leader has ever been willing to stand up and commit to you the way that I have on many things, but this is a very important element for your safety, security, and, frankly, for your wallet.”
In his remarks, the former president urged overseas Americans to vote, framing the election as a critical opportunity to turn around what he said was a country in decline.
“We’re in a failing nation, and we’re going to bring it back, and we’re going to bring it back strong,” he said. “You have to make sure that you are registered and you are going to vote, because I’m going to take very good care of you. I’m going to take care of our nation.”
By Tom Ozimek
