cross posted from citizenshipsolutions
by John Richardson
The discussion around the @USTransitionTax and it's possible applicability to #Americansabroad shows why U.S. @nonresidenttax must end – Dangerous to be American if you don't live in America! https://t.co/00Sm2xc8Kl pic.twitter.com/ub0cQz1SkY
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) March 9, 2018
This is the third in my series of posts about the Sec. 965 Transition Tax and whether/how it applies to the small business corporations owned by tax paying residents of other countries (who may also have U.S. citizenship). These small business corporations are in no way “foreign”. They are certainly “local” to the resident of another country who just happens to have the misfortune of being a U.S. citizen.
The first two posts were:
Immediately prior to the passing of President Obama’s “Affordable Care Act” (which was subsequently ruled to be constitutional BECAUSE it was a “tax”), legislators were faced with a comprehensive, complex and incomprehensible piece of legislation. Very few members of Congress understood the details and impact of what they were voting for.
TCJA passed very quickly and few legislators knew what was in it. In relation to Obamacare, Nancy Pelosi remarked that "we must pass the bill so that you can see what's in it". Would she think that the TCJA should be passed so that we can see what's on it? https://t.co/XubU0xBSH1
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) March 11, 2018