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Trump pledges to end 'double taxation' for Americans abroad in latest attempt to woo voters READ MORE: The end of Trump-era tax breaks: Levies and taxes set to rise By Sonya Gugliara For Dailymail.Com Published: 06:27 BST, 10 October 2024 | Updated: 06:32 BST, 10 October 2024 e-mail 1 View comments Donald Trump has added another economic promise to his list as he ramps up efforts to secure votes ahead of the presidential election in November. The Republican nominee has vowed to end 'double taxation' for Americans living abroad after previously pledging to get rid of taxes on overtime, tips and seniors' social security payments.
'I support ending the double taxation of overseas Americans,' Trump announced in a campaign statement. US citizens living in or traveling to other countries are obligated to pay taxes on their entire income, even if they earned that money outside of America. But that person may also owe taxes to the country they are living in, meaning their funds are taxed twice - once by the US and once by the other country.
Donald Trump promised to end 'double taxation' for Americans living abroad Trump supporters cheered him on at a rally on Wednesday They are required to file income, estate and gift tax returns and 'pay estimated tax in the same way as those residing in the United States,' according to the US Internal Revenue Service. Read More Where taxes would rise the most if Trump's tax cuts expire The IRS also said that Americans living abroad do not have to pay US taxes on the first $126,500 they earn and are eligible for some foreign tax cuts. America has treaties with other countries that reduce rates and exemptions.
People who claim foreign tax credits can lessen the amount they owe in US taxes and can dodge double taxes on the money they earned in another county. With his latest claim, Trump was hoping to appeal to the millions of Americans living in other countries. As of 2022, about 4.
4million citizens live abroad, according to data from the Federal Voting Assistance Program. Of those citizens, about 2.8million were allowed to vote in their former states.
Trump hopes this proposal will specifically encourage Americans living in Israel to vote for him, a source familiar with the topic told The Wall Street Journal . The issue of double taxation mainly targets high earners and people with investments or retirement incomes. Organizations including the Association of Americans Resident Overseas have been pushing for a tax policy that aligns with what Trump has proposed.
In a recent DailyMail.com poll, Trump took the lead over his democratic opponent Kamala Harris 'A complex tax system, unique in the world, unfairly burdens American citizens abroad. It imposes significant costs on tax preparation and reporting, often where no tax is due and many times leads to double taxation,' the AARO said in a statement.
'To address these issues, our organizations advocate ending citizenship-based taxation and aligning the United States with the universal practice of residency-based taxation.' Trump also plans to extend his 2017 Tax Cuts and Jobs Act , which is set to expire in 2025. Democratic presidential candidate Kamala Harris has also made her fair share of economic plans to lure voters in before the November 5 election .
She said she wants to cut taxes for the middle class. Her plans include expanding tax credits for small businesses and increasing corporate taxes. Harris has not directly commented on policies for abroad taxation.
Kamala Harris' economic plans focus on relief for the middle class Based on analysis from the Committee for a Responsible Federal Budget, Trump's economic plans would raise federal debt by double the amount Harris' would . Trumps plan would bring the country's debt to an astonishing $7.5trillion by 2025.
While Harris' plan would bring the debt to about $3.5trillion over the same time period. Based on a recent DailyMail.
com poll , Trump has extended his lead over Harris with a 58.8 percent of winning to Harris' 41.1 percent.
The latest polling data now suggest that Trump is on track to win 302 electoral college votes to Harris' 236. Donald Trump Share or comment on this article: Trump pledges to end 'double taxation' for Americans abroad in latest attempt to woo voters e-mail Add comment.
