When it comes to the “Fair Tax”
If you understand it! You will demand it!
If You Understand It! You'll Demand it! – Learning About The #FairTax with Jim Bennett and Steve Hayes of @FairTaxOfficial https://t.co/uFRjeoCVXY via @expatriationlaw
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) August 21, 2023
The problems that Americans abroad have with the U.S. tax system is that it is primarily an “income tax” system. All Americans deal with the complexity of the Internal Revenue Code. But the U.S. income tax system is particularly punitive for Americans abroad. This is because the U.S.taxes U.S. citizens on their worldwide income regardless of where they live in the world. The “FAIR Tax” is a consumption based tax. The consumption based tax would be applied only to sales in the United States. In simple terms: U.S. citizens abroad would no longer be taxed by the United States unless (and to the extent) that they made purchases in the United States. Their problems would vanish.
Understanding the Fair Tax
Over the last few years I have had the opportunity to host (sometimes separately and sometimes together) Jim Bennett (Grassroots Coordinator & Secretary), Steve Hayes (Chairman and President) and special guest Joe Howard on my podcast. The discussions have been fascinating and have shown the opportunities that the FAIR Tax affords ALL Americans (but especially Americans abroad).
Highly recommend these discussions (they are listed in reverse order):
Americans abroad who support the end of U.S. citizenship taxation should follow:
– Facebook.com/groups/FairTaxAbroad
John Richardson – Follow me on Twitter @Expatriationlaw