Republicans Overseas releases a White Paper on Territorial Tax Reform for Individuals. Consistent with the proposals being considered for corporate tax reform, worldwide taxation for individuals should be replaced with a territorial system. A territorial system for individuals would:
- Promote the exports of U. S. goods and services
- Increase the soft power and reach of the U.S.
- Encourage skilled immigration to the U.S.
- Discourage citizenship renunciation by U.S. Citizens and encourage repatriation of wealth from overseas
- Eliminate unfair double taxation of U.S. Citizens
- Enhance U.S. national security by removing the sharing of sensitive personal information with unfriendly countries
- Substantially reduce the size and cost of the IRS
Read the white paper here: Territorial Tax Reform Proposal (Jan 6, 2017)