The US presidential elections are fast approaching and we thought it’d be a wise idea to have a look at the two main candidates’ tax proposals for the next administration.
During his first term, President Donald Trump pushed through the 2017 Tax Cuts & Job Act, which brought a wide series of changes to the country’s tax system, some of them affecting US citizens living abroad.
Democratic candidate Joe Biden, on the other hand, is looking to increase many taxes, including the US corporate tax and GILTI, which primarily affects un-repatriated low-tax earnings.
Most importantly, the US is in the middle of a battle with the OECD and Europe on the taxation of the digital economy and it will be interesting to analyze how a potential Biden presidency would alter the country’s policies vis-à-vis this issue.
With all of this in mind and more, on Monday, October 19 at 12 pm UK time we held a webinar led by John Richardson on the presidential hopefuls’ main tax proposals as they affect both the domestic and international markets.
Questions on Trump & Biden’s Tax Plans for the US.
Some the questions tackled by our panelists included:
- Will a second Trump administration significantly alter the tax policies pursued during his first term?
- How will Biden’s tax proposals affect Accidental Americans and US citizen residing abroad?
- What can be expected from the US’s involvement in the ongoing negotiations over the taxation of the digital economy?
- And plenty more?
If you have any follow-up questions for our experts, please make sure to submit them below.
John Richardson is a Toronto, Canada based lawyer. He provides advice and assistance for US citizens and Green card holders who do not reside in the United States. He specializes in US citizenship relinquishment, Green Card expatriation and assisting US persons with their compliance obligations. You can contact him on his website www.citizenshipsolutions.ca.
Aboulafia, Avital, Shrensky & Co.,
Larry Stern is a US CPA practicing in Israel for the last 9 years and Partner in a mid-size Israeli CPA firm. His firm provides both US and Israeli tax consulting and compliance work (tax returns, audit) for individuals, companies, partnerships, non-profit organizations and more.
Larry has over 20 years of experience in the field of international tax with over 12 years of experience at Big 4 firms in the US and Israel.
For individuals, Larry specializes in taxation for dual citizens (ongoing filing requirements and tax planning, accompaniment through the process of giving up citizenship, etc.); international relocations; executive compensation (stock options, RSUs) and its international complications; overseas investments by non-US persons, and; retirement planning (US and foreign pension withdrawals, US social security, etc.). He is also a Certified Acceptance Agent (CAA) for the IRS and can assist non-US persons in obtaining ITINs.
Hanson Crossborder Tax Inc.,
Elena Hanson is a Managing Director of Hanson Crossborder Tax Inc, a private international tax advisory company which she founded in 2012.
Elena assists US, Canadian and international private clients, businesses and the institutions that service them on cross-border taxation issues, investment structuring, and trust and estate planning. She works with Canadian and non-US resident clients and entities on structuring US inbound investments to minimize federal and state income tax exposure. She advises US clients on tax aspects of foreign investments, including anti-deferral rules, entity classification issues and reporting requirements for foreign entities and trusts. Her work in that area also encompasses Canadian and US pre-immigration, departure taxation rules, and expatriation planning, cross-border compensation and employment tax issues and corporate structuring for foreign companies setting up US or Canadian operations. She has extensive experience in crossborder estate and trust tax planning and compliance and crossborder separation and divorces.
Prior to founding her company, Elena spent 12 years working for several of the Big Four in Canada and overseas focusing mostly on Canada and US cross-border tax advisory and compliance for private clients, corporate assignees/mobile executives, cross-border estates and trusts and US inbound and outbound entities. She started her professional career in tax with the IRS, Small Business and Self-Employment Division.
Elena speaks extensively before professional groups including accountants, investment advisors and insurance brokers. She frequently publishes articles in national newspapers and professional journals for accountants and lawyers on various aspects of cross-border taxation planning. She is also currently doing a podcast series with a fellow wealth management advisor, called Two Way Traffic, which is about cross-border tax and financial issues.
She is licensed as a Certified Public Accountant, holds a Master’s in Taxation from Golden Gate University, California, USA, Bachelor of Science in Business Administration – Accounting from Marian University, Wisconsin, USA. She also finished all three levels of the Canadian Tax In-depth through the Canadian Tax Foundation.
Global News and US, IBFD,
Stuart joined IBFD in December 2019 as Chief Editor, US, after a 30-year career as a senior litigator in the Tax Division of the U.S. Department of Justice (and before that, seven years at the IRS). There he handled high-profile matters such as the first tax shelter promoter summons cases, “Son of BOSS” tax shelter trials, and successful efforts to enforce “John Doe” summonses against large foreign banks. (If you ask, he will tell you he considers himself the illegitimate uncle of FATCA.)
After leaving the government, Stuart wrote the chapter on IRS summonses for Saltzman & Book on IRS Practice & Procedure. That gig led, in turn, to his nearly 3-year stint as editor of Tax Notes International, where Stuart wrote, edited, blogged, and spoke at conferences in the U.S., Canada, and Europe on developments in international tax law. After that, Stuart worked for about 18 months as counsel at the Chicago-based law firm Schiff Hardin LLP, where he successfully represented taxpayers in disputes with the IRS.
Stuart returned to tax publishing in early 2019, managing the international tax team at Bloomberg Tax for eight months, before joining IBFD as Chief Editor, US. In May 2020, IBFD added to his portfolio, appointing him as Chief Editor, Global News and US, where he runs the newsroom and contributes to IBFD's US content.