FEIE Repeal Nixed!
May 21st, 2003
Thanks to Brian for bringing the good news–Congressional leaders, meeting to hash out the respective Senate and House tax cut plans, have killed the proposed repeal of the Foreign Earned Income Exclusion. CNN reported:
In a significant concession, House leaders agreed in principle to accept some, but not all, of the so-called “offsets” needed to bring the tax package down to $350 billion. Those offsets are effectively tax increases. The group also agreed to kill one particularly controversial offset, the elimination of $32 billion in tax breaks for overseas workers.
So you can file your 2555 and get the $80,000 exclusion in April ’05 and forward, as usual. Crisis ended.