This is a petition for the US government to stop the practice of Citizenship Based Taxation (CBT) and move to Residence Based Taxation.
Citizenship based taxation creates hardships for Americans or US Persons living abroad, including:
- double taxation
- complex compliance with current regulations
- extreme negative impact on retirement planning
- restriction from certain banking and financial services
- taxation on individuals who have never worked or lived in the US
- sleeplessness, anxiety
- discourages foreign interest in the US
- restricted international employment opportunities
Only the US and Eritrea support CBT. The current CBT tax regime is unfair and must be discontinued.