ACA In The News: Dunhill Financial webinar: Italian tax breaks for foreigners; ACA call for expats to urge Congress to hold hearings
The American Expat Financial News Journal (June 28, 2020)
Dunhill Financial webinar: Italian tax breaks for foreigners; ACA call for expats to urge Congress to hold hearings
"American Citizens Abroad’s Serrato ended the webinar by explaining a bit about her organization, for those unfamiliar with it, and with an urgent reminder that any American expat listening should 'go on the ACA website' and 'engage in our campaign that is calling on the House Ways and Means Committee to hold hearings' into the ACA’s No. 1 advocacy issue, the need to move the U.S. to a 'residence-based tax regime' from the current citizenship-based system.
According to the ACA, Congressional representatives have thus far received almost 15,000 messages from ACA members and others urging them to hold hearings on the tax issues Americans living and working abroad are currently struggling with, but as Serrato stressed to her webinar listeners, thousands more messages are needed to drive the point well and truly home.
After all, for Americans abroad, Serrato noted, 'citizenship-based taxation is not just about taxing and revenue, it has so many tentacles that go deep, things like FATCA… the passport revocation provision, under which someone’s passport can be revoked or denied, if you have a debt of US$50,000 or more; the implications of the Transition Tax and GILTI regimes, and the implications of PFICs.
'All these issues really have to be put in front of the tax writing committees. That’s the only way legislation can be written that will really address the problems.'"