Discover and read the best of Twitter Threads about #worldwidetaxation
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Next up Candidate Patel ...
He says that he has had the personal experience of being double taxed as an American abroad. But, he first wants to discuss the principles of a "Liberal Democracy". Says, Trumpism is on the rise ...
He is correct that @TheDemocrats need a new generation of leadership. True. But, I would really like to hear some mention of @citizenshiptax, #FATCA, etc. He is just criticizing the existing politicians. This guy doesn't understand his audience.
In 21st century the most interesting thing about a person is his/her @TaxResidency. For UK residents "non-dom status means #territorialtax! For UK doms there is #worldwidetax and #RBT. For US citizens there is #worldwidetax, @CitizenshipTax and #FATCA. theguardian.com/politics/2022/…
.@TaxResidency is often confusing and often has a huge impact on ones life. In simple terms, you are a #taxresident of a country which has the right to impose the full force of its tax rules on you. This is different from HOW and on WHAT sources of income tax residents are taxed.
What income is subject to taxation: Terms like "worldwide taxation" (wherever the income is earned) and "territorial taxation" (income earned only in the country) describe HOW and ON WHAT income #taxresidents are taxed. These terms do NOT describe @TaxResidency (who is taxed).
