Proposed bill would utilize new tax system for Americans living abroad
Newly introduced legislation on Capitol Hill would implement a residence-based taxation system for U.S. citizens currently living overseas. The Residence-Based Taxation for Americans Abroad Act, H.R. 10468, sponsored Dec. 18 by U.S. Rep. Darin LaHood (R-IL), would permit Americans living overseas to elect to be treated as a non-resident American, allowing them to be subject to U.S. tax only on U.S.-sourced income and gains. “This is a non-partisan issue that impacts U.S. citizens with ro...
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