Ever since President Trump unveiled his so-called Tax Cuts and Jobs Act just before Christmas in 2017, tax experts familiar with the complex way American expatriates are taxed have been sounding the alarm about what were initially assumed to be the unintended consequences of that legislation on American small-business owners overseas.
Like resolutions to eat less and exercise more, vows to spend less and save more are a traditional feature of many of individuals' Januaries, including Americans who are living outside of the U.S., financial advisers report.
Preet Kaur Gill, a British Labour Party member of Parliament from the greater Birmingham area, has said she plans to continue asking questions of the UK government on behalf of U.S.-born British citizens – like at least one of her constituents, who are facing unprecedented “negative financial implications” as a result of the way such individuals are pursued for tax by the U.S. authorities.
The marketing arm for the island of Jersey's financial services industry has confirmed that it is considering opening an outpost in New York City, to accommodate what it sees as a growing interest from U.S. fund managers in the offerings of Jersey companies.
Of the 21 jurisdictions included on a "blacklist" of financial centers that the Dutch government said last week it considers to be low-tax potential tax havens, few have reacted with as much fury and indignance as the Cayman Islands – at least to judge by the comments that have been posted over the last few days on its news media outlets and social media.
Outgoing House Ways and Means Committee chairman Kevin Brady yesterday appeared to respond to concerns that President Trump's Tax Cuts and Jobs Act – signed into law in late December 2017 – set the stage for a number of unintended and potentially damaging consequences, with the publication of a discussion draft document that invites public comment on a number of proposed "fixes."
Four of the largest U.S. banks with a presence in the U.K. have warned their staff that commuting from London to European cities will not be a "long-term option” for them after Brexit, and that financial support for travel and accommodation costs will be withdrawn within months of their jobs being transferred to Europe, the Financial Times has reported.
In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...
Mar-18-2023
