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
Taxing us citizens living abroad
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
(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