Senate Finance Committee Rethinks Tax Rules for Americans Overse - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Senate Finance Committee Rethinks Tax Rules for Americans Overseas

WASHINGTON, D.C. (WDAM) -

This is a news release from the U.S. Senate Finance Committee

In a new policy paper, Republican

staff of the Senate Finance Committee have proposed major changes to the

way the United States taxes its citizens overseas. According to the report,

“The United States needs to rethink its taxing rules for nonresident U.S.

citizens.”

Citing a proposal developed by American Citizens Abroad, Inc. (ACA, Inc.) to

create a Residence Based Taxation (RBT) system – the same system which

is currently proposed for U.S. corporations – committee staff added, “we think

it makes sense to tax the individual, as a general rule, only on income from

U.S. sources.”

This common sense approach is a marked shift from today's uncompetitive

and discriminatory tax practices whereby American workers overseas are

sometimes taxed twice on the same income in addition to facing onerous

penalty fees for errors, omissions and other discrepancies even if no taxes

are owed.

“We are thrilled to see members of the Senate Finance Committee joining the

growing chorus of supporters for Residence Based Taxation,” said ACA's Tax

Team Director, Jackie Bugnion. “As an organization ACA remains committed

to working on a bi-partisan basis with members of both parties to get these

proposals passed in 2015.”

ACA's proposal entitled, “Residence Based Taxation: A Necessary and

Urgent Tax Reform” provides an in-depth analysis of why the United States

must change tax practices with respect to overseas workers in order to remain

competitive internationally and avoid another economic downturn. (To access

the report:

https://americansabroad.org/files/6513/6370/3681/finalsubrbtmarch2013.pdf)

“Getting this proposal into the Senate Finance Committee's report is another

example of ACA's growing influence in Washington,” said ACA Executive

Director Marylouise Serrato. “Passing RBT in the next Congress is a win-win

for Americans living overseas and our economy back home.”

For more information on the Senate Finance Committee's report and the ACA

tax proposal, please contact:

Marylouise Serrato at info@americansabroad.org or 202 322 8441.

Copyright 2014 WDAM. All rights reserved.

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