American Citizens Abroad Completes Crowd-Funding of Revenue Estimates for Push for Residency-Based Taxation as Part of Tax Reform
American Citizens Abroad (ACA) announced today that it has accomplished its goal of $75,000 to fund its efforts for Residency-based taxation (RBT).
November 21, 2017
ACA’s sister organization, American Citizens Abroad Global Foundation (a section 501(c)(3) charitable organization) began a crowd-funding campaign in March to raise funds for revenue estimation of its RBT approach and to present this work to key offices in the Administration and Congress. On November 7th, District Economics Group (DEG), an independent economic consulting firm, concluded the work and determined that “it would be possible to reach a revenue neutral budget score within the ten-year congressional budget window of 2018 through 2027.”
“Although RBT was not included in the House-passed version of H.R. 1, we believe that offices in the Senate are looking to include RBT language in the Senate’s version of H.R. 1,” said Charles Bruce, ACA Global Foundation Chairman and ACA Legal Counsel.
ACA’s revenue estimating work is invaluable to the community of Americans overseas. The knowledge gained about the community – size, asset make-up, analysis of tax treatment –helps with ACA’s advocacy work on a variety of issues facing the community, tax policy being merely one of them.
“ACA thanks the community for its support with the fundraising,” added Marylouise Serrato, ACA Executive Director, “Donations came in all shapes and sizes and clearly showed that the community of overseas Americans appreciates ACA’s advocacy work on tax reform.”
ACA will continue the important work on tax reform in the next weeks, advocating to the Senate and continuing the conversation with key offices in the House, such as Congressman Holding’s office. Congressman Holding went on the record several times strongly supporting a Residency-based taxation system.
“Our fundraising efforts aren’t over,” added Charles Bruce. “For ACA to continue to do the work needed with Congress and the Administration, we absolutely need the support of the community and other interested parties. ACA will continue to raise funds to support this important work. Since ACA Global Foundation is a voluntary organization, all funds go to revenue estimators and the like.”
Contact: Marylouise Serrato +1 202 322 8441.