The Tax Apprentice: Wealth Planning under the Trump Presidency
Now that Donald Trump is in power and firmly asserting his constitutional rights as President, the likelihood of U.S. tax reform is higher than anytime since 1986. The Republicans have their eyes set on repealing Obamacare and its maligned offspring, the 3.8% surtax on investment income, as well as possibly eliminating U.S. estate tax entirely. These potential changes have been met with approval by American resident voters, but the changes fall short in benefiting Americans living in Canada and, in particular, those who have a non-American spouse (“mixed marriage”). In this article, we will review the more pervasive U.S. tax rules that stymie well-intended Canadian tax policy and dismantle otherwise effective wealth accumulation tax planning strategies.