WASHINGTON, DC / ACCESSWIRE / December 19, 2024 / Today, one of the nation's leading taxpayer advocacy groups praised Congressman Darin LaHood (R-IL) for introducing a bill that'd eliminate double taxation and burdensome paperwork requirements on roughly 5 million U.S. citizens who live and work abroad. LaHood plans to reintroduce the bill at the start of the 119th Congress -- and it could become part of the tax reform reconciliation package that lawmakers will take up next year.
"Congressman LaHood's bill would improve America's economic competitiveness," said Marylouise Serrato, executive director of American Citizens Abroad. "The United States is the only country besides Eritrea and North Korea that taxes its citizens living overseas on income they earn overseas. Every other nation recognizes this archaic practice disadvantages its citizens in an increasingly globalized job market."
The bill would allow American citizens living abroad to opt into a system of residency-based taxation -- thereby eliminating ordinary ex-pats' need for the expensive lawyers and accountants required to prepare the needlessly complex returns that the IRS currently demands.
American Citizens Abroad's detailed analysis of the bill -- and how it compares to current law -- can be found here.
"There is bipartisan support for ending the inefficient and unfair practice of citizenship-based taxation," noted Serrato. "Congressman LaHood's bill would bring our tax code in line with the rest of the developed world, while including common-sense safeguards -- such as excluding tax havens -- to prevent a notable loss of government revenue. We look forward to working with Congress and the Trump administration to ensure these reforms are included in next year's reconciliation package."
About American Citizens Abroad
ACA is a Washington, DC-based, qualified 501(c)(4) non-profit, non-partisan, advocacy organization that represents the legislative and regulatory concerns of 5 million U.S. citizens living and working overseas to the U.S. Government. The organization has a 40-plus year history of advocacy and has been headquartered in Washington, D.C. since 2012. Earlier this year the organization created a political action committee (ACA-PAC) and registered as a lobbyist to help support the organization. Alongside ACA sits its sister organization, ACA Global Foundation (ACAGF), a 501(c)(3) public charity. ACAGF works on research and educational efforts. Together the organizations are considered the leading source for Capitol Hill when it comes to issues affecting U.S. citizens living and working overseas.
###
Contact:
Greta Timmins
Email: Greta@keybridge.biz
Phone: (202) 796-5015
SOURCE: American Citizens Abroad
View the original press release on accesswire.com
