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,[1] 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.[2]

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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