As American expats and Green Card holders around the world prepare to take advantage of their ability, under the recently-signed CARES Act, to access their share of the US$2trn federal coronavirus stimulus package, some Americans resident abroad have been expressing unease with the fact that expats have been included in the handout.
As awareness of the problems associated with the Obama-era law known as the Foreign Account Tax Compliance Act (FATCA) has gradually become more widespread, there's been more discussion about the possibility of the U.S. moving away from its globally-all-but-unique citizenship-based tax regime, to one based on residency.
New York Representative Carolyn Maloney, a Democrat who is co-chair of a Congressional group known as the Americans Abroad Caucus, is planning to re-introduce two bills of interest to Americans abroad, one of which calls for the creation of a "standing commission" that would review all laws that are currently having an adverse impact on Americans resident abroad, and also work to prevent new laws from being enacted that inadvertently harm non-resident Americans.
As Bright!Tax partner and managing Certified Public Accountant Allyson Lindsey explained last month, Americans who are resident outside the U.S. are potentially eligible to receive a "recovery rebate" check or...
May-14-2020
