U.S. Congress tax study group welcomes overseas comments

The expat group American Citizens Abroad is encouraging comments by individuals to the U.S. House Ways and Means Committee, which it said is actively developing a comprehensive tax reform proposal.

The comments can be delivered by email until April 15.

The expat group said that there are 11 working groups considering various aspects of U.S. tax law.

American Citizens Abroad favors a residency based tax law that would eliminate much of the overseas reporting by U.S. citizens now.

The proposal would eliminate the serious difficulties that Americans overseas face due to the toxic combination of citizenship-based taxation, foreign bank account report filing requirements and the foreign account tax compliance act. Americans abroad would be taxed by the U.S. the same way they tax non-resident aliens – essentially through withholding taxes on U.S. source income revenue such as dividends, rents, royalties, etc., said the organization. Americans abroad would once again have access to foreign financial institutions and would not be subject to filing extensive tax paperwork, it added.

The organization gives instructions for submitted written suggestions to Congress via email HERE.

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