Overseas Income Tax Break Wins ‘Golden Fleece’
Sen. William Proxmire (D-Wis.) announced on Monday the award of his monthly “Golden Fleece” to the Treasury Department for supporting a $1.2-billion-a-year tax break for Americans who work abroad.
The foreign-income exclusion allows Americans who meet the guidelines to avoid tax on up to $70,000 of foreign earnings per year, which Proxmire said amounts to a $25,000-a-year tax-free grant.
“What a nice reward for working in London or Paris or other hardship posts favored by big multinational corporations,” Proxmire said.
Proxmire aide Bob Mauney acknowledged that Congress, which wrote the law, could easily have shared the award.
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