Congress Should Pass 'Tax Fairness For Americans Abroad'
Law360 (April 5, 2019, 3:50 PM EDT) -- On Dec. 20, 2018, Congressman George Holding, R-N.C., introduced the Tax Fairness for Americans Abroad Act of 2018, or TFAA, a long-awaited residency-based tax bill with the very real potential to provide the framework necessary to ultimately replace the current U.S. citizenship-based taxation regime. As drafted, TFAA would be applicable to taxable years beginning after the date of enactment of TFAA.
Presently, the U.S. maintains an antiquated approach to taxing its citizens. Contrary to the vast majority of the rest of the world’s standard of taxation — residency-based taxation, or RBT, where a country taxes its nonresidents only on income earned...
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