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What U.S. Income Taxes May Look Like in 2021

On December 9, to over 30 registrants, AMCHAM’s Tax Committee held the virtual webinar: What U.S. Income Taxes May Look Like in 2021. Tax Committee Co-Chair, John Andes, gave a few opening remarks regarding the state of taxes in America before introducing the event’s speakers Matthew Stevens, Director of Taxation, Global U.S. Tax Plan; and Jonathan Blaine, Director – Tax, DFDL Thailand. Matthew Stevens gave a short summary of key U.S tax laws that had been passed over the last four years. He noted the CARES Act and its inclusion to provide relief to U.S. taxpayers.

He provided insight on the President-Elect Biden’s proposed tax plans that had been the focus of his platform during his campaign. Matthew commented that while there is no specific proposal for cryptocurrency that tax payers should be aware of it being listed on their tax returns. He the touched upon President-Elect Biden’s proposals to enhance social security and healthcare. While the Biden team has been unclear about their goals for retirement and healthcare, it looks as if they may expand upon this in the future. The GILTI is could potentially double under a Biden administration, which is something that expats should be aware of during their filing procedures. Matthew finished his presentation by suggesting for most people to stick to their current strategy as none of the laws have changed as of yet.

Jonathan Blaine then added to the discussion, bringing attention to the current Georgia state election runoffs and how influential these decisions would be to passing laws with a Biden administration. He also spoke on the struggles of the American public with the possibility of several million people being subject to eviction and that affecting homeowners and renters alike. Jonathan commented on the uncertainty of the future until the transition is complete. The floor was opened to the audience for a question-and-answer session where participants asked about the stimulus act, the impact of the TCJA and GILTI on individual citizens overseas, the Foreign Income Exclusion eligibility for expats stuck in the U.S., and expected implementation dates for future tax plans.