US campaign against worldwide taxation
Campaign group thinks that the US should not tax its citizens when they work abroad
A US campaign group wants to stop American citizens being taxed by their
government when they work abroad.
The US charges tax on worldwide income, meaning citizens must pay tax on
their foreign income, subject to credits for tax paid overseas.
The Asia-Pacific Council of American Chambers of Commerce has teamed up with
several American Chambers of Commerce in Asia to launch the Alliance for a
Competitive Tax Policy,
WebCPA reported.
US laws provided a limited exclusion for the taxes on foreign earned income,
though it has been narrowed recently, meaning some paid as much as $25,000
(£12,500) more in tax.
It is also thought that the UK non-dom charge could make it more expensive
for UK companies to hire US citizens, if the charge is not ‘creditable’ against
US taxes.
Further Reading: