American Citizens Abroad (ACA) submits testimony for the Senate Finance Committee hearing, “How US International Tax Policy Impacts American Workers, Jobs and Investment.”

27 Mar 2021 4:37 PM | Mike Hearn (Administrator)

The Senate Finance Committee held a hearing on Thursday, March 25th on the subject of US international tax policy, “How US International Tax Policy Impacts American Workers, Jobs and Investment.”  ACA submitted testimony for this hearing highlighting the need for the tax-writing committees to be educated on how tax policy affects international taxpayers - Americans living and working overseas. 

ACA believes that tax legislation will be taken up in the 117th Congress and the Senate Finance Committee hearing is a clear indication of this and a signal that more hearings on domestic and international taxation will be held.  ACA’s recent meetings with Congressional and Administrative offices, tax writing committees and the US Treasury Department, indicate that there is interest in addressing the problems of international taxpayers.   Congressional and Administrative offices are well aware of the problems overseas taxpayers have reported, banking lockout, excessive cost of compliance, double taxation, thanks to ACA’s advocacy work and the work of other organizations and individuals who are raising the alarm.

“The COVID-19 pandemic has not stopped ACA’s advocacy on tax reform and our push for holding hearings on the tax and compliance issues for Americans overseas,” said Marylouise Serrato, ACA Executive Director, “ACA continues to meet virtually with the key offices involved in tax legislation. There is increased awareness and interest in international tax policy.  This is a good sign.”

As ACA continues to advocate for the adoption of residence-based taxation (RBT), the organization stresses that the important next step is to hold hearings so that a full airing of the problems of the 5 to 6 million American living overseas are heard by the committees responsible for driving tax legislation.  Community participation in the ACA write-in campaign calling for hearings is supporting ACA’s efforts.  ACA is also updating its data and research and continues to add to its extensive body of work on the subject of RBT and tax reform. 

“ACA has a wealth of knowledge and hard data on the tax and compliance issues of American taxpayers overseas and this information needs to be put on official record with the tax committees.  We are confident that this will happen,” said Jonathan Lachowitz, ACA Chairman.

“ACA also pays close attention to what’s happening with corporate tax changes, as these signal Congressional thinking on aspects of the RBT issue, such as, zero-tax income and tax havens”, added Charles Bruce, Chairman, American Citizens Abroad Global Foundation.

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