Proposal To Eliminate Us Foreign Earned Income Exclusiong

[CaptHaddock]

The proposed Gregg-Wyden bill would overhaul the US tax code. Among other substantial changes it would eliminate the Foreign Earned Income Exclusion, which would mean double-taxation for working expats.

http://www.nytimes.com/2010/02/26/business...ml?ref=business

"They also want to do things that will hit home for some readers of this column, like taxing fringe benefits and no longer excluding income earned abroad by American citizens."

Of course, it's a long way from passing, but it may bear watching.

[hansnl]

Is this really "the land of the free"??????????

[landofthefree]

Is this really "the land of the free"??????????

Absolutely!

[flying]

As Herr Naam has pointed out many times..... At the current burn rate of the FED

We can all expect Mr US Tax man to soon be looking under ever stone in hopes of finding incomes to loot.

Even here in the US they are now scrutinizing things such as farmer markets to be sure taxes are being collected & paid on sales that average $1 or $2 USD

Edited February 28, 2010 by flying

[backsoon]

As Herr Naam has pointed out many times..... At the current burn rate of the FED

We can all expect Mr US Tax man to soon be looking under ever stone in hopes of finding incomes to loot.

Even here in the US they are now scrutinizing things such as farmer markets to be sure taxes are being collected & paid on sales that average $1 or $2 USD

Even if it means doubletaxation, we should all be happy, knowing that the money will be spent well.

Like helping out the Big Banks, Multinational Corporations, or paying for 'Global Warming' in these cold days.

Can you think of better uses? It is your money, isn't it?

[PeaceBlondie]

Don't forget the cost of 75 years of war - which was HALF of the total federal budget two years ago.

[lanny]

Eliminating the foreign exclusion may not be such bad news for some taxpayers. Sine Thai income tax rates are higher than the US, the foreign tax credit should pretty well offset the loss. For those who do not pay Thai taxes, this doesn't help but I already have clients who use the credit instead of the exclusion.

[Tanaka]

Is this really "the land of the free"??????????

No it is not. And I don't think it ever was. It is one of very few western countries that have censored TV. Or have you not noticed? It is ok to show killings and molesting on national TV but beware if there should appear a dick or pussy or just a naked body. That is immediately censored and stricken. And you must not swear or say words like prick, shit just a couple of examples. They are beeped out. So for the american public it is ok to show heads blown off but the citizens are not believed to cope with a natural naked body. Or a four letter word. Iam not sure where it shows more, with the public or with the TV companies.

Anyhow, because of this and with so many american programs shown abroad, americans are a laughing stock in many countries. Or did you not know that either?

[MJP]

US citizens can currently earn $97,500 tax free a year if working abroad. Are you saying this is going to be reduced to the normal allowances (don't know what they are in the US)?

[thaihome]

One of the provisions of the Gregg-Wyden bill would be to terminate Section 911 relating to exclusion of

earned income of citizens or residents of the United States living abroad.

As said earlier, this would pobably not impact people working in the high tax countries such as Thailand, but would be a another blow to those working in places like HK and Singapore.

TH