KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Donald Trump has pledged to eliminate US income taxes on Americans living overseas as part of his tax proposals in the final stretch of the 2024 presidential campaign. His plan aims to simplify tax obligations for the estimated nine million US citizens living abroad, many of whom are currently required to file tax returns with the Internal Revenue Service (IRS) and, in some cases, pay US taxes in addition to taxes in their country of residence.
"I support ending the double taxation of overseas Americans!" Trump, the Republican presidential nominee, said in a statement, urging expatriates to register and vote Republican.
This proposal would require congressional approval and, if enacted, would reduce paperwork and potentially lower tax bills for expats, particularly higher earners who face tax obligations due to current US tax rules. Currently, Americans making under US$126,500 aren’t required to pay US taxes, and many are eligible for tax credits to offset federal tax costs.
However, critics argue that Trump's plan could allow wealthy Americans to move to low-tax countries and avoid tax obligations entirely. The proposal also contrasts with his business tax plan, which offers lower tax rates for companies that operate domestically, while higher rates and tariffs would apply to firms manufacturing offshore.
Trump’s no-taxes-on-Americans-abroad pledge is part of a broader strategy to reduce household and corporate tax bills if elected for a second term. His mounting tax cuts, including proposals for exempting tipped wages, overtime pay, and Social Security benefits, are estimated to exceed US$10 trillion over a decade, according to the Committee for a Responsible Federal Budget.
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