The "Fair Tax" And Ending The Double Taxation of Americans Abroad - 2023

This is an AI generated podcast based on the following X.com thread from June 19, 2023:

https://threadreaderapp.com/thread/1670801303306477571.html

This was motivated largely by my lunch meeting with Jim and Christine Bennet:

https://x.com/ExpatriationLaw/status/1669784804429053952

Here is the AI generated description of the X.com thread:

The FairTax: A Solution for Americans Abroad

1 source

The provided text, primarily from John Richardson's ExpatriationLaw tweets, advocates for the FAIRtax, a proposed consumption-based tax system in the United States. Richardson emphasizes that the current tax system is overly complex and burdensome, leading to high compliance costs and a lack of transparency. The FAIRtax, detailed as either a 30% tax on the purchase price or 23% of total expenditure, aims to replace all existing federal taxes like income, estate, and payroll taxes, simplifying the system dramatically. A significant benefit highlighted is that this would eliminate U.S. taxation on Americans abroad and remove the need for compliance with FATCA and citizenship-based taxation. Despite potential concerns about its impact on different economic classes, proponents argue it would be a transfer of power back to the people and could attract more business to America, with a "prebate" system designed to protect lower-income individuals.