If you've harbored a secret desire to live and work overseas, a new tax law raising tax rates for American abroad might change your plans. It could also change the hiring practices of many companies.

The tax hike is hitting hardest at ex-pats working in places where housing costs are high and taxes low, like Russia, Hong Kong and Singapore.

Under the new law, ex-pats can exclude $82,400 in foreign earnings from U.S. taxable income, which is a little more than before.

However, income above that level is subject to much higher rates and the maximum in overseas housing costs that may be excluded or deducted has been greatly reduced.

American ex-pats in many European countries will feel little change with the tax hike. But it's not all good news. Those workers already pay large tax sums to the country where they live and work which can be used to offset U.S. tax liabilities.

Thanks for nothing!