REPUBLICANS TO THE WORLD: WHAT DO YOU WANT US TO DO? There was a general consensus in the Capitol yesterday: PRESIDENT DONALD TRUMP thoroughly embarrassed the United States standing next to Russian President VLADIMIR PUTIN on the world’s biggest stage. SEN. TOM COTTON (R-ARK.), a reliable Trump ally, criticized the president -- albeit not by name. REP. WILL HURD, a Texas Republican who was a covert CIA operative before becoming a politician, told CNN’s Jake Tapper, “I’ve seen Russian intelligence manipulate many people in my career, and I never thought the U.S. president would be one of them.” SEN. LINDSEY GRAHAM (R-S.C.), Trump’s golf buddy, even had choice words. Story Continued Below BUT, PRIVATELY, senior-level Republican aides and lawmakers had a second message: WHAT THE HELL DO YOU WANT US TO DO? HOLD HEARINGS? They’ve done that, they say. Nearly every Capitol Hill probe into the 2016 election showed that Putin’s Russia did, … [Read more...] about POLITICO Playbook: GOP to the world: What would you like us to do?
Taxing us citizens living abroad
Protesters rally against President Trump's travel ban outside the Supreme Court on January 30, 2017, three days after Trump announced the ban.Jeff Malet/Newscom via ZUMA Looking for news you can trust?Subscribe to our free newsletters. For the first time in Donald Trump’s presidency, the Supreme Court will begin hearing a case Wednesday in which it will decide the fate of one of his key policies. At stake is his travel ban, which bars entry into the United States by people from several Muslim-majority countries. The court has already allowed the ban to go into effect while it hears the case. That means that thousands of American citizens and residents, foreign students, and their loved ones are feeling the effect of the ban, which applies to most nationals of Iran, Libya, North Korea, Somalia, Syria, and Yemen, as well as certain Venezuelan officials. We asked some of those people what they want the Supreme Court to know as it hears oral … [Read more...] about This Is What People Whose Lives Have Been Upended by the Travel Ban Want to Tell the Supreme Court
This actress’ royalties are going to be a headache for her accountants. Tuesday was “Suits” star Meghan Markle’s last tax day as a single woman. Her days as an American citizen may be numbered as well, according to a source with ties to the princess-to-be. On May 19, Markle will marry Prince Harry and become a royal — though not yet a British citizen. Considering all the tax complications the IRS imposes on citizens living abroad, we’re told that the Los Angeles native has been urged by some associates across the pond to cut ties with Uncle Sam, though not everyone stateside thinks that’s a good idea. “Friends are encouraging her not to give up her American citizenship,” we’re told. “That doesn’t mean she wouldn’t.” The royal family’s finances have historically been a highly private matter, but should Markle maintain dual citizenship in the U.S. and the … [Read more...] about Meghan Markle may give up U.S. citizenship to avoid royal tax hassle
Driving the Day Good Monday morning. With the Roy Moore controversy continuing to rage, Republicans in Washington are looking to return to more comfortable territory this week -- tax reform. After months of work, the House is expected to pass its overhaul of the tax code while the Senate Finance Committee is slated to pass their own version. The forward progress is welcomed by the White House and GOP operatives who believe passing a tax package before the midterm elections is even more essential to holding their majorities in Congress than it was just a week ago. BUT, BUT, BUT -- Nothing is over in Washington until it is over. There are still massive differences in the House and Senate bills and it’s unclear how Republicans will find a path forward on key issues like state and local tax deductions. So Republicans could find themselves one step forward, two steps back when it comes to final passage. Story Continued Below WHERE THINGS STAND -- “GOP leaders bullish tax bill … [Read more...] about House Republicans’ big TAX REFORM moment — TRUMP TEASES a Wednesday trade announcement — MNUCHIN and IVANKA to NJ to sell tax reform — DEMS smell opportunity in the South — GREG KELLY gets married
Last Updated Jan 17, 2011 9:19 AM EST President Dwight Eisenhower delivered an unusual speech to the American people when he was about to leave office 50 years ago. (It's often called the "Military-Industrial Complex Speech," and the message is as much about economics as it is politics.) Jeremy Grantham, who runs one of the most astute investment management companies anywhere, published the speech on the firm's web site. He adds comments of his own, making a case on how the country has one way or another ignored Eisenhower's cautions, as well as a few developments that Ike did not anticipate. I'm no expert on Eisenhower, but I do know he presided over some unsavory moments -- and helped establish our addiction to oil (see below) -- but the message is a strong one nevertheless. I've copied the original speech below, and followed by some of Grantham's remarks. His entire commentary is worth a look; you will need to sign up on their web site to read it -- www.gmo.com -- but they won't … [Read more...] about Eisenhower's Farewell Address, Haunting Us 50 Years Later
Last Updated Aug 30, 2017 10:16 PM EDT President Trump delivered a speech Wednesday afternoon from Springfield, Missouri, on his administration's broad goals for a major tax overhaul. In the address, which was touted by the White House as a "tax reform kickoff event," Mr. Trump outlined his administration's four main goals for the tax overhaul: Simplify the tax codeEliminate special interest loopholesProvide tax relief for middle class familiesCut the corporate tax rate "Our tax system should benefit loyal hard-working Americans and their families," Mr. Trump said, promising to lighten the tax "burden." The president vowed "to work with Congress, Republicans and Democrats alike" on the matter. His remarks come as the debate over tax reform heats up among congressional leaders ahead of their return from the August recess. Simplifying the tax code has been one of Mr. Trump's goals since his days as a presidential candidate, and Congress is expected to make it a key focus of … [Read more...] about CBS News Logo Trump outlines tax overhaul goals
(Money Watch) Ever wish you could live somewhere with a lower personal income tax? You're not alone. An increasing number of people are renouncing their U.S. citizenship and a fair number seem to be doing it for tax reasons. According to Reuters, a record 1,800 people either renounced their U.S. citizenship or returned their Green Cards last year. That's the most since the Internal Revenue Service began tracking this number in 1998. The total is up 400 from 2010, almost eight times the total for 2008, and more than 2007, 2008 and 2009 combined. This can be an especially attractive option for the estimated 6.3 million U.S. citizens living abroad. That is because the U.S. is one of the few nations to tax its citizens on income they earn while living in another country. If you're already living somewhere with a lower tax rate, it may very well make fiscal sense to change passports. Compared to other nations the U.S. tax rate isn't actually all that bad. The median U.S. income is around … [Read more...] about Would you leave the US for lower taxes?
(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.)Karen Alpert, The University of Queensland(THE CONVERSATION) Since Congress began taxing incomes, American citizens have been unable to escape the reach of Uncle Sam: They must report their income, no matter where they live or where it’s earned. It’s known as a worldwide citizenship-based tax system.Most other countries, however, have a residence-based system. That means their citizens are only taxed where they live or where their income is earned. The U.S. income of a British expat living in New York, for example, is off limits to Her Majesty’s Treasury.The Tax Cuts and Jobs Act, passed in December, was supposed to change how the U.S. treats Americans abroad. Instead, it only addressed a similar issue faced by American multinational corporations by allowing their foreign subsidiaries to send home certain profits without paying U.S. taxes on them.Meanwhile, … [Read more...] about GOP tax law snubs US expats and ‘accidental Americans’
Tanza Loudenback, provided by Published 7:55 am, Monday, February 12, 2018 Ben Birchall - WPA Pool/Getty Images Meghan Markle will become a member of the British royal family, which commands a fortune over $500 million, on May 19. Markle will remain a US citizen for at least five years and will still have to pay taxes to the IRS on any income earned. If Markle accepts an allowance or other form of "income" in the UK exceeding $104,100, she will have to pay US taxes on that money. Recommended Video: Now Playing: Tourists gathered outside Kensington Palace expressed delight at the news of Prince Harry and American actress Meghan Markle’s engagement. As the media frenzy gathers pace ahead of the anticipated wedding in March next year, there are hopes Markle’s royal status will bring closer ties between the two countries . “Awesome, that’s so cool congratulations,” was the reaction of one young American on hearing the news. Another … [Read more...] about Meghan Markle could get an allowance from the British royal family — but she may have to pay double the taxes
By The Washington Post | PUBLISHED: January 4, 2018 at 4:50 pm | UPDATED: January 4, 2018 at 5:00 pm By Nick Miroff and Maria Sacchetti | Washington Post WASHINGTON – The Trump administration has until Monday to announce one of its most consequential immigration decisions – whether to extend a form of provisional residency known as Temporary Protected Status (TPS) for about 200,000 Salvadorans who have been living in the United States since at least 2001. Both the Department of Homeland Security and the White House have signaled for months that they are determined to end the TPS protections as a matter of principle, potentially forcing the Salvadorans to leave or face deportation if they do not find another way to obtain legal residency. A senior DHS official said Thursday that Homeland Security Secretary Kirstjen Nielsen has yet to make a determination, but the agency would have an announcement before Monday’s deadline. “The secretary has received advice … [Read more...] about Monday deadline looms for 200,000 El Salvadorans in US