Former President Trump is promising to end the so-called double taxation of Americans living abroad, expanding on his recent string of tax break promises in an effort to woo voters.
Americans who live abroad can be required to pay both U.S. income taxes and taxes in whichever country they reside. Some features of the U.S. tax code are intended to mitigate what Trump calls double taxation, but the U.S. is unique among major developed countries in taxing its expats in this manner.
“I support ENDING the Double Taxation of overseas Americans,” Trump said in a statement to FOX Business. “Let’s put America First, together. Register to Vote, and vote Republican to, MAKE AMERICA GREAT AGAIN!”
The president was not clear on the details of his proposal, including whether there would be limits so millionaires and billionaires do not establish residency in low-tax countries to dodge the IRS. Neither did he outline how he would offset potential tax revenue losses with spending cuts or alternative sources of revenue.
But his new tax proposal, first reported by The Wall Street Journal, was welcomed by Solomon Yue, the chief executive of Republicans Overseas, a group that advocates for Americans living abroad.
“Republicans Overseas has been fighting for the rights of Americans abroad since its inception ten years ago,” Yue said in a statement. “We have spoken to many politicians over the years, and while they sympathized with the burden of double taxation, very few have been willing to act. President Trump fights for the economic freedom of America’s working men and women, whether they live stateside or abroad.”