After much anticipation, the Trump administration’s tax plan was recently revealed. The plan comprises a grand total of one page, so deciphering what it means, let alone its impact, for American citizens living abroad has been challenging for the tax adviser community.
The bullet-point plan does not address a number of fundamental issues that lie at the heart of the current tax experience for US expats including, for instance, the viability of Fatca, the exit tax, foreign account reporting, the anti-tax-deferral regimes, etc.
Without any guidance from the Trump administration on these and other issues affecting expats, it can only be assumed, at this point, that president Trump does not intend to shake up the status quo with regards to these matters.
For now, what we can do is examine the points laid out in the plan and analyse their unique potential impact for US individual taxpayers living abroad.