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American Expat Tax Issues: The Trump Tax Bill

Transcript of the above video:

In this video today as the topic suggests, we're going to be discussing the Trump tax bill very briefly; the current tax bill very briefly.

What I wanted to say on this topic is that first of all we don't know what the finalized version of this is going to look like and for that reason I'm really hesitant to speculate at all about it because it's been my experience over the years that legislation will pop up ,it will be discussed, it will be vetted, it will be amended, it'll be conference committeed and re-conference committeed before it finally comes out and what it finally turns out as, is a rather in different incarnation of itself than what initially went through. It's kind of like going through a meat grinder; what it looks like on one side doesn't look like the same thing on the other side necessarily. So the thing to keep in mind, and the reason I wanted to make this video, is the one thing you need to take note of is especially as expats, I think no matter how this thing plays out, we are going to see some rather dramatic changes with respect to certain expat benefits with respect to taxation. I think we might see some of the more onerous burdens especially with respect to certain disclosure issues being at least somewhat mitigated although it's hard to say for certain and I think that that probably will be, the biggest thing to keep in mind, I think there are going to be changes and when there are changes it usually means that lay people are going to have a harder time dealing with filing their taxes especially filing taxes for those who abroad and especially in the context of people that have berries interests and investments abroad because these changes can be rather fundamental and as a result, just as a general matter.

 I think it's a good idea to go ahead and have professional assistance with respect to tax preparation and strategies with respect to mitigation of one's tax liability because, I suspect this Trump Tax Bill, I personally think is probably going to pass. I think it's probably going to pass in some form just because various legislators want to go home to their constituents and say look we passed a tax reform bill. Now will it be a massive difference as far as revenue obtained by the state, or tax raised from people paying? I don't know the answer to that question. My only point, the thing I wanted to bring up in this video ,and we will do further videos as this progresses and we'll certainly do a video once if this Bill actually becomes law, I’ll probably do a fairly detailed video, just kind of go over, an overview of how this thing is going to play out. but that being said, the thing to keep in mind now, I think it's fairly safe to say, post 2018, assuming this tax bill passes which I think it will; we are coming up on election year. I think it's pretty safe to, it’s a logical inference to assume that this Bill is going to go ahead and pass in some form.  That means there's going to be changes to the tax law and for those watching this video it probably would be a good idea to get some professional assistance especially for those expats abroad and preparing their tax documentation.