“In case you hadn’t already figured it out, this is the shape of things to come for U.S. Persons abroad: relentless bipartisan attacks on the Foreign Earned Income Exclusion. The latest effort in this direction contains provisions to phase out 20% of the FEIE every year until it is fully eliminated in 2017. It uses the taxes and penalties raised from U.S. Persons abroad to cut taxes on Homeland corporations, allowing them to repatriate their foreign profits with a waiver of 85% of the U.S. tax that would be due. The benefits of this tax cut will be denied to U.S. corporations which do not maintain their ‘U.S. employment levels’.”
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