Another winning proposal from Trump:
Trump said in a statement to the Wall Street Journal he supports “ending the double taxation of overseas Americans,” with the Journal noting such a change to the tax code could specifically unburden higher income Americans with investments who pay taxes for both the U.S. and the place they are residents of.
Individual Americans who live abroad do not have to pay taxes on the first $126,500 they earn, while joint filers who are married and meet other requirements can exclude up to $253,000 together, according to the
Internal Revenue Service.
Trump campaign officials offered no details about Trump’s support of ending double taxation, the Journal reported, adding that of the approximately 4.4 million U.S. citizens who lived abroad in 2022, about 2.8 million of them were eligible to vote in their former states.
Trump has recently proposed eliminating taxes on overtime and tipped wage taxes.
www.forbes.com