New tax rule on foreign tax credit; dual taxation coming?

[jgombos]

What is the name of your state (only U.S. law)? CA

I heard the tax regime will be eliminating the foreign tax credit. The rationale is that it will discourage corps from sending jobs overseas. But what about expats? Does this mean if an individual is earning an overseas wage, and paying tax overseas, that they will no longer be immune from US tax on the first $82k?

[LdiJ]

Originally Posted by jgombos

What is the name of your state (only U.S. law)? CA

I heard the tax regime will be eliminating the foreign tax credit. The rationale is that it will discourage corps from sending jobs overseas. But what about expats? Does this mean if an individual is earning an overseas wage, and paying tax overseas, that they will no longer be immune from US tax on the first $82k?

The foreign income exclusion (the 82k you are talking about) and the foreign tax credit are two completely different things.

Also, neither of those would prevent jobs from going overseas. Eliminating foreign tax credits for corporations might have some effect on that however.