OPINION

President Donald Trump has taken up the cause of the 9 million Americans living overseas, promising to end the double taxation of Americans abroad. Bravo!Americans abroad have been waiting for this development for decades. Donald Trump’s second presidency made it possible.The U.S. is one of the few countries that tax the foreign earned income of their nonresident citizens. All other industrialized nations, including the U.K., France, Australia, and Japan allow their expatriate citizens to disregard foreign income from abroad and require no reporting.”This is a uniquely American practice and is harmful to U.S. citizens abroad, their American employers, and American exports. President Trump’s support is welcome,” said John Richardson, a Toronto-based lawyer who assists Americans in Canada.Americans abroad are a vital part of the American export supply chain.They have a cultural preference for U.S. goods and services and are natural cheerleaders for American exports. Unfortunately, the burdens imposed by the U.S. tax code have made it so expensive for U.S. multinational companies to hire Americans overseas that they prefer to hire local nationals, who do not have the same tax-compliance and reporting requirements.As a result, Americas overseas tend to be owners of small- and medium-sized businesses or independent contractors living abroad.Unfortunately for them, the U.S. tax code is an annual nightmare.

American tax returns often require preparation in both local currency and U.S. dollars. Different sources of income require separate forms, and taxes rates are unique for each category.

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