Americans Abroad Pin Hopes on Trump Promise to End Double Taxation | Bloomberg
Posted by Aca Admin on December 19, 2024
Bloomberg, December 19, 2024
Americans Abroad Pin Hopes on Trump Promise to End Double Taxation
"Still, groups representing American expats think they have a solid chance under the incoming administration.
The American Citizens Abroad group (ACA), a non-profit also advocating for an end to double taxation, started in early December a 100-day campaign to encourage Trump and the upcoming Congress to deliver on the pledges.
The group says the changes could be included in Trump’s Tax Cuts and Jobs Act, which is up for renewal next year. That would be an “easy win” for the new administration, wrote Charles Bruce, legal counsel at the ACA, because it has bipartisan support.
Ending double taxation is also 'good business,' said Marylouise Serrato, ACA executive director. She said that under the present system some Americans are deterred from moving abroad or end up renouncing their citizenship because of the tax burden. Changing the rules could boost US trade, investments and exports and 'strengthen the US economy,' she said."