H. R. 10468 proposes amendments to the Internal Revenue Code of 1986 to allow nonresident U.S. citizens to choose a new type of income tax based on their residency. This elective system would apply residency-based tax rules to these individuals and offer certificates of...
Simple Explanation
The bill wants to make it easier for people from the United States who live in other countries to pay taxes based on where they live, rather than where they came from, and also makes sure banks in those countries treat them fairly.