[ Offshore Tax ] Would the U.S. ever move to Residence Based Taxation?
DERREN JOSEPH:
The question is quite controversial, right? As well, as whether the US would ever move to a residency-based system of taxation, as opposed to the present citizenship-based taxation structure that they have. And you know, the popular comment on top of that is that there's only one other country in the world that taxes its citizens, regardless of where they go, which is a rich area, this tiny country in the horn of Africa. So what's, what's up in the US now I'm going to tell you the truth as I see it. And I'm sorry to be the bearer of bad news. You probably won't like it, right? The answer is no way that is ever going to happen. Likely what we do is, you know, it's, of course, it's a political question, but when you look at tax rules in the 20th century, the US has been a world leader. I mean, the US is, was a leader in many spheres of activity. But what many people don't realize is that the US also leads the way when it comes to international tax. So rules are created and enacted in the United States. Other countries look and they follow suit. So, you know, we can start back in the sixties with transfer pricing, but the most recent example that I think is within everyone's memory is a factor. So packer came out in like 2010, 2011, whatever it was a rider to the higher act. I think hiring incentives to reduce unemployment, to reduce unemployment, or something like that. And President Obama, right? So faculty came in lots of unintended consequences. FATCA is not a tax. As I mentioned earlier, it's a framework for information exchange. So the US signed bilateral agreements with countries across the world, including those that he'd never thought would sign like Russia and China.
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