Sound tax policy is hard to find these days. As CF&P has extensively covered, Congress included the Foreign Account Tax Compliance Act as part of the HIRE Act, passed in March 2010. FATCA takes a fundamentally wrong-headed approach to tax policy. Rather than looking at how to make the U.S. tax system more hospitable to […]
read more...America is one of the few nations to tax citizens who live and work abroad. Indeed, no other industrialized nation imposes a second layer of tax on its expatriates. Senator Jim DeMint (R-SC) has introduced legislation, the Working American Competitiveness Act (S. 3496), to eliminate the worldwide reach of the IRS. By creating a territorial system for labor income, the DeMint legislation will put American workers and U.S.-based multinationals on a level playing field with competitors from other nations. This is a welcome move, particularly since American expatriates were just hit with a tax hike.
read more...If policy makers created a level playing field by making Section 911 universal, more Americans could find jobs in the global economy, U.S. companies would become more internationally competitive, and U.S. exports would substantially increase.
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