Group Insists Residency-Based Taxation Can Be Revenue Neutral by Andrew Velarde
For years, the ACA has pushed for the shift in how U.S. citizens living abroad are subject to taxation, removing foreign income from the pool that is subject to U.S. tax, and have asserted that finding a revenue-neutral path away from citizenship-based taxation is key. This is the second study ACA has conducted. It revises a model developed in 2017-2018 by expanding the number of countries, accounting for the Tax Cuts and Jobs Act and the pandemic, and incorporating changes to income estimates based on numbers from the IRS and Federal Reserve Board. ACA anticipates presenting the study’s results to congressional staff and Treasury."