According to recent reports, U.S. Congressman George Holding (R-NC) is working with the Joint Committee on Taxation and the House legislative counsel on a revised draft of the Tax Fairness for Americans Abroad Act, which was first introduced in the House of Representatives as Bill H.R. 7358 in December 2018. 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. At the same time, gains from the sale of...