Business

Americans abroad seek tax-law changes

Citizens must pay US taxes even if they live abroad and earn their income overseas.
Citizens must pay US taxes even if they live abroad and earn their income overseas.Shannon Stapleton /Reuters

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The IRS reaches every corner of Charles Allard’s world. The US citizen, who lives in Hong Kong, is among those living abroad who are seizing the debate over a US tax code rewrite to push for changing a policy that taxes citizens’ income regardless of where it’s earned.

The issue affects many executives who work in other countries. For them, tax filing can involve more than 100 pages and forms. Allard has regularly had to amend tax filings — on top of paying levies to the countries where he lives and works. New disclosure rules on financial accounts held overseas have further muddied the process.

The United States is the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.

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