Alright let’s get this going. Who is better for us Americans Abroad?
Trump promises to remove double taxation (sweet.)
And unlike Bidens administration that left Americans to die in Afghanistan, or to rot as hostages because of Hamas…I’d wager that if a foreign nation messed with us (ahem China) that Trump would send the marines or make a deal for us.
For me that’s a big one. I want to know that if China did invade Taiwan - that the US military would come for my family and myself.
Trump holds a track record so far for not having gotten Americans embroiled in a new war. Something even Biden can’t claim as the Israel conflict continues.
I think there are very few Americans in Taiwan that actually pay taxes on their foreign income, so double taxation likely isn’t a big deal for most people unless you’re doing pretty well. If you’re married and still pay US taxes, you’re doing incredibly well. I think removing double taxation is targeted at helping the wealthy, not us (sorry if you fall into the extremely wealthy Americans with foreign income in Taiwan).
You can’t trust anyone in the government to look out for you. You gotta look out for yourself. Best case is they actually do something, and worst case is you’re as prepared as you can be in the situation they don’t (which is likely with either candidate).
When I was a kid my family and I had to evacuate a war torn country. We were called by the US embassy before shit went down big time and told to evacuate. Hopefully we would at least get the same courtesy if something came down in Taiwan….or as some would say: before there was Big Trouble in Little China!
I’m not privy to the ins and outs of business ownership, income, and taxation regulations, but if you own a small business in Taiwan and get paid by the business, could you still use the FEIE to exclude the income?
I’m assuming it wouldn’t be a huge difference unless you made a lot of money, but maybe there are significant differences in regulation for businesses when it comes to U.S. taxes.
Common misconception that expats have to “pay taxes” while abroad. Yes, one must always file a tax return. However, few people earn enough to actually pay taxes on it.
From the IRS website:
“The Foreign Earned Income Exclusion, which is claimed on Form 2555, allows Americans abroad to exclude the first $108,700 (the figure for tax year 2021)”.
So, what this means is that anyone earning less than that amount, does not owe income tax.
While withholding comment on like, Biden, Harris, Afghanistan, etc., I believe in a warzone, the US government evacuates US civilians and has always proactively told people to gtfo before things kickoff. In this case, I am distinguishing between folks who are here living, going to school, whatever and folks that would be more similar to interpreters and the like helping US forces and getting left.
