Trump

[Gaybutton]

Well, Trump didn't get the pope job.

Even so he probably thinks he did, but the conclave election of Pope was stolen from him . . .

[Harald]

Republican proposed 5 percent excise tax on all international transfers from US. Citizens can apply for tax credit whatever it means.

[Harald]

Social security taxation will not be abolished. Instead 4000 is proposed to add to the standard deduction for senior citizens.

[Gaybutton]

Instead 4000 is proposed to add to the standard deduction for senior citizens.

I'll take what I can get. I wonder how an excise tax wold fit into this.

[Harald]

I do not know. Perhaps TravelerJim can explain this. It may vary from major headache to a form of capital control.

[Gaybutton]

At first I liked Trump's idea to end Social Security tax, but Congress instead wants to continue the tax and increase the income tax standard deduction by US $4000.

I'm wondering if, for us expats, the way Congress wants to do it works out better for us. If Trump had ended the Social Security tax, then Social Security would no longer be protected by the income tax treaty, would it? Meaning that now Thailand could tax us on our Social Security benefit. The treaty protects us from double taxation, but ending Social Security tax, what would protect us from being taxed on it by Thailand?

If Social Security tax continues, then by treaty we're still protected, aren't we? So, it seems to me that the US $ standard deduction increase would be the better option for us.

Am I wrong or missing something?

[Dodger]

The treaty protects us from double taxation, but ending Social Security tax, what would protect us from being taxed on it by Thailand?

U.S. Social Security income will not be taxable in Thailand - Period!

The amount of tax you pay on your Social Security income in the U.S. (if anything) is irrelevant as far as the DTA is concerned. According to the DTA between the U.S. and Thailand this income is not "assessible income" and cannot be taxed in Thailand.

[Jun]

I agree with Dodger's interpretation of the DTT, for government pensions.

On the other hand, anything not exempted by the treaty could be subject to the higher of the 2 tax rates.

If I moved to Thailand, I'd have a potential problem. Income and capital gains that are in a UK tax free ISA wrapper (currently), could be subjected to whatever taxes Thailand chose to levy.

So the scale of the threat very much depends on your circumstances.

The wealthy are hardly going to be moving to Thailand with so much uncertainty over taxes.

[Dodger]

This rift between Trump and Musk could turn out to be a ship-sinker.

I have a funny feeling about this.

I can see (maybe just wishful thinking) Trump being exposed and facing impeachment for concealing Epstein evidence which Musk apparently has in his hip pocket...and Musk losing $$billion$$ and possibly prosecution when Trump attacks his business interests that are connected to China (and others).

In any event, this thing is bound to turn a hell of a lot uglier...because they can both bury each other and have the money (and power) to do it.

I couldn't be happier for both of these twisted assholes.

[Gaybutton]

I couldn't be happier for both of these twisted assholes.

Great friends one day, bitter enemies the next. I'm enjoying that.

"I hope you ENjoy . . . . . your eeeeeeeeeveNING."
- Bela Lugosi (Count Dracula), 'Dracula'