Under the current U.S. law, American citizens must file federal tax returns annually, regardless of residency status. In other words, Americans living abroad must pay taxes to the U.S. government and the country where they reside, a situation known as double taxation. Mechanisms like the Foreign Earned Income Exclusion (FEIE) and the Foreign Tax Credit (FTC) could mitigate this burden, but they do not fully eliminate U.S. tax liability for the majority. (Related: Donald Trump: Kamala Harris would "decimate" Social Security and Medicare if she wins.)
In a video statement released on Oct. 10, Trump said he would end double taxation for overseas Americans "once and for all."
"You've been wanting this for years, and nobody has listened to you, and you deserve it, and I'm going to do it," Trump said. "It's the right thing to do, and no American leader has ever been willing to stand up and commit to you the way that I have on many things, but this is a very important element for your safety, security and frankly, for your wallet."
He also urged overseas Americans to vote in the upcoming election. "We're in a failing nation, and we’re going to bring it back, and we’re going to bring it back strong. You have to make sure that you are registered and you are going to vote because I'm going to take very good care of you. I'm going to take care of our nation," Trump said.
Trump vows to implement new tax incentives to save American auto industry
The former president also promised a series of new tax incentives to boost the U.S. auto-manufacturing industry.
These tax incentives include expanding research and development tax credits, increasing equipment deductions for small businesses and allowing car loan interest to be tax-deductible. The proposed incentives also include a 100 percent tax write-off for heavy equipment in the first year and full expensing for new manufacturing investments. Additionally, Trump suggested raising the equipment deduction limit for small businesses from $500,000 to $1 million and extending tax deductions on car loan interest, similar to those available for home loan interest.
"This will stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of working American families," he said in front of about 500 business leaders at the Detroit Economic Club.
Furthermore, Trump vowed to revisit the U.S.-Mexico-Canada Agreement (USMCA) to address trade imbalances, particularly the growing trade deficits with Mexico and China upon taking office "to save the American auto industry."
"You vote for Trump, and you will see a mass exodus of manufacturing jobs, but from Mexico to Michigan, from Shanghai to Sterling Heights," he said, knowing that many people in the audience work in the auto industry.
Learn the latest developments from Trump's presidential campaign at VoteRepublican.news.
Watch this clip from Fox News reporting on how Trump may take back another demographic that the Democrats have dominated for decades – Black voters.
This video is from the NewsClips channel on Brighteon.com.
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