ACA Welcomes Pres. Trump’s Pledge to End Double Taxation on Overseas Americans
WASHINGTON, Oct. 10, 2024 (GLOBE NEWSWIRE) -- American Citizens Abroad (ACA), a non-profit, non-partisan association, welcomed former President Donald Trump's pledge to end the onerous double taxation of Americans living and working overseas if elected President. ACA has been advocating for the adoption of residence-based taxation (RBT) which addresses this issue for over 20 years. On Thursday, ACA also formally requested a pledge from Vice-President Kamala Harris to end this regressive tax on hard working Americans if elected to office.
“It’s important for both major party candidates seeking the presidency and Members of Congress to commit to a tax policy that treats hard working Americans overseas fairly,” said ACA Executive Director Marylouise Serrato. “While often overlooked by US policymakers, Americans overseas represent an engaged and informed voting block of over 5 million strong.”
ACA was quoted in the October 9th Wall Street Journal article reporting on Trump’s announcement, highlighting issues associated with tax reform for US citizens overseas (Trump Pledges to End ‘Double Taxation’ of Americans Abroad - WSJ). ACA noted that, "often, the compliance costs for filing tax returns can far exceed the actual taxes that Americans owe. … It makes it very difficult and complex to file, and it also limits the ability of a lot of Americans to invest and live when they’re overseas."
Previous bipartisan support and concrete policy proposals demonstrate there is a path forward for addressing this issue. ACA is well-positioned to advocate for RBT and will continue to educate and inform policymakers on its benefits. Headquartered in Washington, DC, ACA is a registered lobbyist. For those interested to know more or join ACA in this effort, please visit: American Citizens Abroad (americansabroad.org)
For media inquiries CONTACT: Marylouise Serrato, +1 202 322 8441, Marylouise.serrato@americansabroad.org
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