Trump pledges to end ‘double taxation’ for Americans abroad in latest attempt to woo voters

Donald Trump has added another economic promise to his list as he steps up efforts to secure votes ahead of November’s presidential election.

The Republican candidate has vowed to end “double taxation” for Americans living abroad, after previously pledging to eliminate taxes on overtime, tips and Social Security benefits for seniors.

“I support ending double taxation of foreign Americans,” Trump announced in a campaign statement.

U.S. citizens who live in or travel to other countries are required to pay taxes on all of their income, even if they earned that money outside of America.

But that person may also owe taxes to the country in which he or she lives, meaning their money is taxed twice: once by the US and once by the other country.

Trump supporters cheered him on at a rally on Wednesday

According to the U.S. Internal Revenue Service, they are required to file income, estate and gift tax returns and “pay assessed taxes in the same manner as those living in the United States.”

The IRS also said that Americans living abroad will not have to pay U.S. taxes on the first $126,500 they earn and will be eligible for some foreign tax credits.

America has treaties with other countries that reduce tariffs and exemptions.

People who claim foreign tax benefits can reduce the amount they owe in U.S. taxes and avoid double taxes on the money they earned in another province.

With his latest statement, Trump hoped to appeal to the millions of Americans living in other countries.

According to data from the Federal Voting Assistance Program, approximately 4.4 million citizens live abroad in 2022.

Of those citizens, about 2.8 million were allowed to vote in their former states.

Trump hopes this proposal will specifically encourage Americans living in Israel to vote for him, a source familiar with the matter said The Wall Street Journal.

The issue of double taxation is mainly aimed at people with high incomes and at people with investments or pension incomes.

Organizations including the Association of Americans Resident Overseas have pushed for tax policies that align with what Trump has proposed.

In a recent DailyMail.com poll, Trump took the lead over his Democratic opponent Kamala Harris

“A complex tax system, unique in the world, places an unfair burden on American citizens abroad. It incurs significant costs in preparing and reporting taxes, often when no tax is due, and often leads to double taxation,” the AARO said in a statement.

“To address these issues, our organizations are advocating to end citizenship-based taxation and align the United States with the universal practice of residency-based taxation.”

Trump also plans to extend his 2017 Tax Cuts and Jobs Act, which expires in 2025.

Democratic presidential candidate Kamala Harris has also made her fair share of economic plans to lure voters ahead of the Nov. 5 election.

She said she wants to cut taxes for the middle class. Her plans include expanding tax breaks for small businesses and raising corporate taxes.

Harris has not commented directly on the foreign tax policy.

Kamala Harris’ economic plans focus on helping the middle class

Based on an analysis by the Committee for a Responsible Federal Budget, Trump’s economic plans would increase federal debt by double the amount Harris would.

Trump’s plan would bring the country’s debt to an astonishing $7.5 trillion by 2025. While Harris’ plan would bring the debt to about $3.5 trillion over the same period.

Based on a recent DailyMail.com poll, Trump has widened his lead over Harris with a winning percentage from 58.8 percent to Harris’ 41.1 percent.

The latest polling data now suggests Trump is on track to win 302 electoral college votes to Harris’ 236.