VIEWPOINT | End the IRS's worldwide tax grab
Column by Veronique de Rugy
The new year will bring a new administration, and I’ll be watching to see if President-elect Donald Trump’s team finally puts an end to the worldwide taxation of individual Americans’ income. Fixing this is imperative. It would not only be sound fiscal policy but could keep millions of law-abiding Americans living overseas from being treated like financial pariahs.
Trump seems to agree. “I support ending the double taxation of overseas Americans,” he promised in a campaign statement. This problem is rooted in America’s bizarre worldwide tax system.
Most people don’t realize it, but if you’re a U.S. citizen, the IRS wants to know about all the dollars or euros you earn, no matter where in the world you earn them. This isn’t about jetsetters or Americans hiding money in offshore accounts. It’s a tax grab that applies even if you haven’t lived here for decades and pay your fair share in another country. It’s like having the IRS follow you around the globe, demanding an account of every paycheck, bank account or investment.
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