This double taxation system of the USA looks immoral to me.
Do you think the double taxation system has any chance of being repealed if proposed in our Congress at all?
I’d be the first to support ANYONE ( Democrat included, although that will be when pigs fly ) if he/she proposes to end it.
It totally is. And we keep company with exactly one other nation in this regard - the total dictatorship known as Eritrea. At least their tax is only 2% on your earnings, not like what the US claims...
Do you think the double taxation system has any chance of being repealed if proposed in our Congress at all?
Nope. Not with the way so many in Congress are looking to maximize tax collections. It would be immediately branded as a "tax cut for the rich" because only "the rich" live overseas. Never mind several people I know who make less than $20,000 a year live and work overseas - because it IS a decent wage over there, and it's a fun adventure.
We're stuck with this until we get a solid conservative Congress (House and Senate) and a GOP President.
America will have to spend so much more money, time and resources snooping on citizens overseas, bullying foreign banks and generally making an ass of herself all for the sole purpose of grabbing cash.
Yep. Any many foreign banks are now contemplating pulling out of the US altogether because the IRS is demanding they provide any and all information about US citizens and US residents who have overseas bank accounts. It's not about setting up a logical system, but trying to squeeze every penny out of the current insane one.
Real simple way to eliminate the issue with overseas income being sheltered overseas - do what all other nations (save Eritrea) do: you earn a buck overseas, you don't have to pay taxes over there. That will encourage people to repatriate their overseas earnings, and that tends to be spent here in the US, rather than overseas.
Our tax system is the reason many corporations move chunks - or entirely - overseas, and why you have US residents and citizens trying to shelter funds outside the US. Our Government is greedy and vengeful to no end, even if it hurts our overall economy.
For goodness sake, our tax system is more fiscally restrictive than China! Source. Spend some time poking around at that link and you'll learn a LOT.