U.S. Congressman George Holding (R-NC) has introduced the Tax Fairness for Americans Abroad Act (Bill H.R. 7358), which would amend the Internal Revenue Code of 1986 to provide an alternative exclusion for nonresident citizens of the United States living abroad. The bill would allow U.S. citizens living/working overseas to elect to be treated as a qualified nonresident citizen, which provides for an exclusion from gross income and an exemption from taxation for foreign earned and unearned income in a taxable year. If approved, the alternative exclusion would apply for taxable years beginning after the date of enactment of the Act....