Trump Keeps the Tax Cut Promises Coming, Now for Americans Abroad

Published On Oct 9, 2024, 8:32 PM

Former President Donald Trump has proposed eliminating the 'double taxation' on Americans living abroad, meaning they would no longer have to pay U.S. taxes in addition to foreign taxes. This promise comes as part of his ongoing presidential campaign, where he aims to attract various voter groups by pledging significant tax cuts. However, the details of such changes are unclear, and there are concerns that they could lead to wealthier individuals relocating to tax havens. Trump's tax cut plans are anticipated to cost roughly $7.5 trillion over the next decade and could disproportionately burden lower-income Americans through higher tariffs. Vice President Kamala Harris has criticized Trump's proposals, advocating instead for increased taxes on corporations and high earners.

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Trump's tax proposals, if enacted, could benefit certain sectors associated with international finance and tax services, as they may see increased demand from wealthy individuals seeking to optimize their tax liabilities. However, concerns about potential economic inequality and the burden on lower-income Americans due to increased tariffs may negatively impact consumer spending and sentiment. Therefore, while some financial services firms (like H&R Block or Intuit) could see a positive impact, broader economic conditions may remain volatile.

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Trump Keeps the Tax Cut Promises Coming, Now for Americans Abroad

Oct 9, 2024, 8:32 PM

Former President Donald J. Trump said in a statement that he would seek to end the “double taxation” of Americans overseas.

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