I have no preference for either party in the upcoming elections in the US. I have not voted since I left the US in the spirng of 1998. I am, by inclination a libertarian, but those urges are tempered by an inherent utilitarianism–I simply seek things that are the least intrusive, have the least coercion, but still work.
It is in that utilitarian spirit that I raise one issue that is completely germane to this forum: If the Democrats take over Congress they have pledged to revoke the US$80,000 annual foreign earned income exclusion (FEIE) which would have disastrous consequences for many people–and would drive many people into renunciation of their passports. Renunciations could happen even in the face of US attempts to tax their income for 10 years after renunciation AND even in the face of the US barring them from reentry.
This is not idle speculation on my part. The incoming Democratic Chairman of the House Ways and Means (tax writing) Committee would be Charles Wrangel of New York–who has pushed the revocation of the FEIE for years.
When I look at the election choices I begin to understand how the German voters must have felt in the early 1930s–God help us all!
