Tax Reform on the Table for Discussion and ACA is there with Residence-based Taxation (RBT)
It is clear from our meetings during the 2013 Overseas Americans Week (OAW) in Washington, DC that tax reform is on the table for discussion. Both sides of the aisle acknowledged that tax reform will need to be addressed and both were aware of proposals for residency-based taxation.
Many key offices like the Ways & Means, Senate Finance and the Joint Committee on Taxation were familiar with the ACA proposal, RBT. It is clear that it has been reviewed, discussed and seriously considered in light of overall tax reform.
During our week (11-15 Feb. 2013) in Washington, the Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sandy Levin (D-MI) announced on February 13, 2013, the formation of 11 separate Ways and Means Committee Tax Reform Working Groups.
The groups will be led by one Republican Member serving as Chair and one Democratic Member serving as Vice Chair. Each of the 11 groups will review current law in its designated issue area and then identify, research and compile feedback related to the topic of the working group. The working groups will be responsible for compiling feedback on its designated topic from: (1) stakeholders, (2) academics and think tanks, (3) practitioners, (4) the general public and (5) colleagues in the House of Representatives. Once the work of those groups has been completed, the Joint Committee on Taxation will prepare a report for the full Committee, due by April 15, 2013, that describes current law in each issue area and summarizes the other information gathered by the Committee Members.
ACA will submit testimony and comments for inclusion however; all individuals are welcome to participate by sending comments. Those interested in sharing information, facts, and data can email their comments to the Committee. To ensure that comments are widely available and accessible, comments that are received will be posted on the Ways and Means website at www.waysandmeans.house.gov.