Bugs
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If Trump Invoked Section 891 of Title 26 of the Tax Code
Bugs replied to Bugs's topic in Current Events and Hot Social Topics
To stay within ToS, the first few paragraphs of the article state: “US President Donald Trump isn’t happy about the way some countries are taxing American citizens and companies. He has made clear he’s willing to retaliate, threatening to double taxes for their own citizens and companies. “Can Trump really do that, unilaterally, as president? It turns out he can, under a 90-year-old provision of the US tax code – Section 891. “In an executive memo signed on January 20 outlining his ‘America First Trade Policy’, Trump instructed US Treasury to: “Section 891 of the US Internal Revenue Code is short, but it is in sweeping terms. “If the president finds that US citizens or corporations are being subjected to ‘discriminatory or extraterritorial taxes’, under the laws of any foreign country, he ‘shall so proclaim’ this. US income tax rates on the citizens or corporations of that country are then automatically doubled.” -
Article on Trump’s signed executive order that may trigger this can be found here: https://theconversation.com/what-is-the-90-year-old-tax-rule-trump-could-use-to-double-us-taxes-on-foreigners-248154
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Hello, I am a U.S./Phil dual citizen. For the past several years, we have been sending regular monthly remittances (150 USD / 7,500 PHP) to family in the Philippines. However, at the end of the year we will be sending a large sum (17,000 USD / 900,000 PHP), to help cover the cost of home construction. I know about the U.S. gift tax (we will be under that trigger at 17,000 USD). But are there any taxes due to the Philippines on this that we are unaware of? If so, how is it enforced?