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ID-78-52 1 (1978-07-27)

handle is hein.gao/gaobaaxpc0001 and id is 1 raw text is: DCCUMENT RESUM~E 06514 - rB21271461 Revenue Estimates under Various Methcdg cf Taming Americans Abroad. ID-78-52; B-137762. Ouly 27, 1578. 3 £. + appendix (25 Pp. ) Report to the Conqress; by Elmer 3. Staats, Comptrcller General. Issue AL-ea: International.Economic and Military Programs U.S. Balance of Trade (602); Tax dii-stration (2700);Tax Policy: Tax Provisions Impact on icononic Stabilization and Growth (1503). Contact: International Div. Bud-qet Function: international Affairs: International Financial Proqraas (155)., Orqanization Concerned: Department of the Treasury. congressional Relevance: House Committee cm Ways and Meams; Senate Committee on Finance; Congress. Authority: Tax Reform Act of 1976. P.L. 95-125. H.R. 9251 (95th Conq.). In a supplement to a report, Impact cn Trade of Changes in Taxation of U.S. Citizens Euplcyed Cverseas, estimates were provided of U.S. tax liatilities of Americans overse.s under a variety of optional taxing methods and cf revenue that would be lost to the Treasury as a result Cf relief to taxpayers under each of the methods. For more than 50 yeers, the United States provided a special tax incentive to citizens employed abroad to promote U.S. exports and commercial competitiveness. In 1976 the Congress enacted amendments which substantially reduced the incentive, but the effective date of the reduction was postponed. Findinqs/Conclusions: The Congress is presently considering several prccsals for tax relief, each involving a different cost in lost revenue. The methods of taxation involve flat exclusions, variakle exclusicns, administration deductions, and exclusicns vith an option of deductions. Calculations were made for each of these methods under conditions in which foreign taxes paid are fully credited and in which they are partially credited. The uethcds rarSe in the deqree of tax incentive or relief %hicb woLid he prcvided from $551 million ($3,700 per tax return), cr 62% of the total tax liability, to $161 million ($1,C81 per return), cL 25% of the total. As recommended previously, serious consideration should be given to providing an incevtive fcr overseas employment, at least until more effoctive means for Fromcting U.S. exports and commercial competitiveness abroad are implemented. (HTW)

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