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Tax


8 November 2017

UNITED STATES: New tax reform proposal could result in US expats seeing tax bills lowered

Today millions of US citizens working abroad are required to pay taxes both overseas and in the US.  The Republican party is drafting a tax reform bill, which law makers are considering, that could see a shift from a citizens-based income tax system to a residence-based tax system that would effectively only tax people on the income they earn in the US.

Currently for those expatriates living and earning abroad, the first $100,000 of their foreign earnings are except from any tax liability, but they must pay tax on all income, regardless of source, to both the host country and the US. 

If this proposed bill passes, it will be the first major tax reform since the Ronald Reagan administration.  

 

 

 

 

 

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