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.
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
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
"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
"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 email@example.com or 202 322 8441.