How The ”Fair Tax” Would End Tax Residency, Worldwide Income And Taxation Of Americans Abroad

<p>March 17, 2022 - Participants Include:</p> <p>Jim Bennett - <a href='https://www.fairtax.org'>Fair Tax</a></p> <p>John Richardson -<a href='https://www.twitter.com/expatriationlaw'> @Expatriationlaw</a></p> <p> </p> <p>Albert Einstein famously remarked that:</p> <p> </p> <p>"The hardest thing to understand in the world is the income tax."</p> <p> </p> <p>The income tax may also be the most unfair tax.</p> <p> </p> <p><a href='http://www.twitter.com/fairtaxofficial'>Fair Tax </a>is a leader in educating and advocating for a "Fair Tax" which imposes taxation on only consumption.</p> <p>This podcast features a discussion with Jim Bennet who is one of the most focussed and prominent advocates for the "Fair Tax" in the world.</p> <p>Interestingly, the enactment of the "Fair Tax" would have the unintended consequence of ending the taxation of Americans abroad.</p> <p>______________________________________________________</p> <p>The concept of the income tax coupled with worldwide taxation means that "tax residents" of a country are subject to taxation on their worldwide income. This leads to enormous complexity, compliance costs, uncertainty, anxiety and unfairness.</p> <p>Many countries (Canada and the United States) have both an income tax and a consumption based tax. Some countries have only a consumption tax (example Bahamas).</p> <p>Because of the unfairness, discriminatory nature, complexity and cost of administering an income tax system, there is a movement toward moving toward ONLY a consumption tax system.</p> <p>Nobody explains this better than Jim Bennett. I thank him for being my guest today.</p> <p>Learn more about the "Fair Tax" <a href='https://www.fairtax.org'>here.</a></p> <p> </p> <p> </p> <p> </p> <p> </p>