American citizens living in the DR or anywhere else outside of the US benefit from an income tax exemption on the first $80,000 earned abroad. This may change with the new tax bill presently in Congress.
From today's NY Times:
WASHINGTON, Friday May 16 ? The Senate Thursday night approved a sweeping tax cut bill that would reduce then suspend taxes on stock dividends before restoring them in 2007, adopting at least for now the central element of President Bush's tax plan.
Vice President Dick Cheney cast a vote breaking a 50-50 tie on the dividend measure. Several hours later, the bill was approved 51 to 49 when a Democrat who had voted against the dividend aspect, Evan Bayh of Indiana, voted for the overall bill.
The bill will now go to a conference with the House, which passed a substantially different tax cut package last week.
...
The bill would repeal the law that let American workers overseas exempt $80,000 of their income from taxation. An effort to delete this provision was rejected, 51 to 49, but senators said there was an understanding it would be knocked out of the bill in the conference committee.
From today's NY Times:
WASHINGTON, Friday May 16 ? The Senate Thursday night approved a sweeping tax cut bill that would reduce then suspend taxes on stock dividends before restoring them in 2007, adopting at least for now the central element of President Bush's tax plan.
Vice President Dick Cheney cast a vote breaking a 50-50 tie on the dividend measure. Several hours later, the bill was approved 51 to 49 when a Democrat who had voted against the dividend aspect, Evan Bayh of Indiana, voted for the overall bill.
The bill will now go to a conference with the House, which passed a substantially different tax cut package last week.
...
The bill would repeal the law that let American workers overseas exempt $80,000 of their income from taxation. An effort to delete this provision was rejected, 51 to 49, but senators said there was an understanding it would be knocked out of the bill in the conference committee.