From a post on the RenounceUSCitizenship Blog.
“Numbering well over one million and representing the United States around the world in all aspects of commerce, these overseas Americans constitute an important national asset. Recently, however, U.S. law governing the rights and obligations of these citizens has fallen subject to increasing criticism – first, as to its fairness; and second, as to its wisdom, at a time when America’s international economic competitiveness, which depends heavily on effective business activity by U.S. citizens abroad, is under severe challenge. I therefore deemed it important that the policy implicit in this diverse body of law be subjected to a fresh and comprehensive examination.” – Senator George McGovern July 2, 1980 – From: U.S. Law Affecting Americans Living and Working Abroad
This is truly amazing. Can you believe what you are reading? A U.S. Senator referring to Americans Abroad as an “important national asset”.
Question: How did these important national assets, become worthless, unpatriotic tax cheats? What might have happened if Carter had been reelected? We do owe the 1986 PFIC rules to the Reagan years and the mutual fund lobbyists.