The Nation - News from March 3, 1988

Bills to end the $70,000 income tax exemption for Americans abroad were introduced in both houses of Congress. Rep. Joe Kolter (D-Pa.) issued a statement saying his bill would save the U.S. Treasury $1.2 billion the first year and $6.7 billion over the next four years. A similar bill was introduced by Sen. William Proxmire (D-Wis.). K1869378661increased from $20,000 to $70,000 to encourage more Americans to work abroad and sell more American products. It did not work, he added, pointing to the increase in the U.S. trade deficit.