Trump Vows to End ‘Double Taxation’ of Overseas Citizens
Posted by Aca Admin on October 11, 2024
Tax Notes, October 11, 2024
Trump Vows to End ‘Double Taxation’ of Overseas Citizens
"Marylouise Serrato, executive director of American Citizens Abroad, welcomed Trump’s announcement and called on the Democratic presidential nominee, Vice President Kamala Harris, to make a similar pledge.
'It’s important for both major party candidates seeking the presidency and Members of Congress to commit to a tax policy that treats hard working Americans overseas fairly,' Serrato said in a statement.
Serrato confirmed to Tax Notes that her organization has yet to receive a response from the Harris camp. 'We haven’t heard back from them. . . . We’re still trying to get in touch,' she said.
Serrato argued that current-law measures such as the income exclusion and the tax credit don’t 'completely wipe away' issues regarding income reporting and double taxation, pointing out that many citizens abroad have been struggling to comply with rules enacted as part of the Foreign Account Tax Compliance Act.
Serrato also pointed to her group’s own analysis suggesting that ending taxation on Americans overseas could be revenue neutral and avoid benefiting wealthy tax dodgers. 'It can be done in a way where loopholes are closed and delivers for the majority of Americans living abroad,' she said.