Many Comments Submitted to Ways & Means
ACA members and supporters submitted a record number of comments to the House Ways & Means Committee on Tax Reform before the April 15th, 2013 deadline. Nearly 50% of all the submissions to all the committees were in reference to overseas taxation and a majority of those in support of ACA's Residency-based taxation (RBT Proposal). The submissions highlighted how the current tax policy, FATCA legislation and FBAR reporting were negatively affecting individuals who are working overseas. You can see all the comments to the Ways & Means Committees here. ACA has issued a Press Release on its efforts and the success of this grass-roots campaign to voice overseas Americans' concerns. ACA efforts were highlighted in a recent article by "The Hill,"a newspaper written for and about Congress with a special focus on business and lobbying, political campaigns and other events on Capital Hill.
Of the many comments submitted, the US Chamber of Commerce submission (April 2013) is particularly noteworthy where it states: “The Impact of Territorial Tax Systems on Individuals: As with corporations, the United States has long taxed the foreign-earned income of its citizens residing abroad, resulting in double taxation and disincentivizing the hiring of U.S. citizens. Studies have shown that U.S. expatriates employed as managers in foreign affiliates of American worldwide companies are a powerful driver of U.S. exports, so this practice significantly undermines the global competitiveness of U.S. exporters. No other country taxes its citizens working abroad, and the any transition to a territorial tax system should take this into consideration and end this damaging practice.”
ACA will be working on follow-up with its contacts in the legislature and with Ways & Means to ensure that the comments submitted are seriously considered in the next steps on tax reform. ACA thanks its members and supporters for their efforts to get the word out on this important effort and for submitting their comments.