Expats’ Push for Residency-Based Taxation Faces Uncertain Path | Tax Notes Today International
Posted by Aca Admin on June 05, 2025
"Expats’ Push for Residency-Based Taxation Faces Uncertain Path,” by Jonathan Curry, Tax Notes Today International, May 22, 2025.
"'On the face of things, time is running out to add something — presumably provisions of the LaHood bill with a handful of obvious nip-and-tuck changes — to the One Big Beautiful Bill,' Charles Bruce of American Citizens Abroad told Tax Notes."
"According to Bruce, the LaHood proposal comes with provisions that enable legislative drafters to dial up or down the cost of the overall proposal relatively easily. For example, the provision that links the proposal’s departure tax threshold to the basic exclusion amount for the estate and gift tax could be lowered to offset revenue loss."
“'There are enough toggle switches in this bill so ending up at zero is not at all impossible,' Bruce said."
"Bruce similarly said his organization has 'nits' with the LaHood proposal, but on the whole, it’s still an 'excellent bill.' The minor shortfalls could easily be addressed in a quick drafting session to polish up the bill before inclusion in the larger tax bill, he said."