U.S. Representative Darin LaHood (R-IL) has announced the introduction of a draft bill for the introduction of a residence-based taxation system for U.S. citizens currently living overseas, the Residence-Based Taxation for Americans Abroad Act. --- December 18, 2024 Washington, D.C. – U.S. Representative Darin LaHood (R-IL), a member of the House Committee on Ways and Means, introduced the Residence-Based Taxation for Americans Abroad Act, a bill that would implement a residence-based taxation system for U.S. citizens currently living overseas. Today, the United States is the only major country that uses citizenship-based taxation, a system that levies taxes on individuals regardless...