America has a very large international balance of payments deficit. One of the best ways to encourage exports by American businesses, and encourage imports by those living abroad, is to end the practice of imposing income taxes on individuals’ worldwide income. Section 911 of the US Tax Code penalizes Americans abroad vis-à-vis their foreign counterparts by raising the cost of employment and living. Americans abroad frequently work to sell American exports, and even more frequently create demand for American goods and services in foreign markets. For the good of the national economy, Senator Chuck Grassley should end his war on Americans abroad, and the US Treasury can help by explaining the true cost of taxing Americans abroad.
Idea No. 37