Yes, I know this is a duplicate call of a previous posting on IBS by Shadow Raider. But thought I would update and draw attention to this from the ACA website:
Please support ACA’s residence-based taxation (RBT) proposal by submitting comments to the Ways and Means Committee.
The Ways and Means Committee, is actively developing a comprehensive tax reform proposal. Chairman Camp and Ranking Member Levin have created 11 bi-partisan tax reform working groups. They have called on stakeholders and professionals to submit tax reform proposals and suggestions – before April 15, 2013.
You can make your voice heard by writing to the Ways & Means Committees and sending submissions to: email@example.com (see submission details from Ways & Means below)
ACA has submitted its comments in support of its proposal Residency-based taxation (RBT) . The ACA proposal would eliminate the serious difficulties that Americans overseas face due to the toxic combination of citizenship-based taxation, FBAR filing requirements and FATCA legislation. Americans abroad would be taxed by the US the same way they tax non-resident aliens – essentially through withholding taxes on US source income revenue such as dividends, rents, royalties, etc. Americans abroad would once again have access to foreign financial institutions and would not be subject to filing the 1040 and FBAR or FATCA reporting.
You may send your own suggestions and thoughts for tax reform or you may use a pre-formatted letter that supports the ACA position on taxation (see attached) and also allows you to include personal comments or insert a testimonial (see our letter here).
Details for the Submission of Written Comments to the Tax Reform Working Groups
1. Any person(s) and/or organization(s) wishing to submit comments can firstname.lastname@example.org.
2. In the subject line of the email, please indicate “Comments: (name of) Tax Reform Working Group” (note: be sure to specify the name of the working group in the subject line – e.g., Energy Tax Reform Working Group).
3. Attach your submission as a Word document.
4. In addition to the Word document attachment, please include in the body of the email a contact name, physical address, phone number and email address.
5. For questions, or if you encounter technical problems, please call (202) 225-3625 or (202) 225-1721
On behalf of all Americans abroad, thank you for your support for RBT. This is a once in a lifetime opportunity to have your say in D.C.
Additional Note from Just Me:
I strongly urge all of us who have been so active in our vocal and blogging opposition to FATCA to use this opportunity to also write to this commission to call for the Repeal of FATCA as part of any reform effort.
This may be in the category of stating the obvious, but while we have to make our point strongly, it needs to be in such a way so it does not insult those reading it or they will reject it.
I hate to admit it, but you have to remember your audience when talking to these Congressional House Representatives. You have to come across as a credible and thoughtful concerned citizen, or ex-citizen as the case may be. It is better not to be too hyperbolic, which means, I will not call it the FATCA FATWA, Offshore Jihad, WOOTE (War On Offshore Tax Evasion) or refer to it as ‘Carpet Bombing the Globe’ in my submission! LOL Even I will be a little more restrained and PC, as they say.
I understand that this is NOT something that all who read and comment here will care to do. I get that. But for those of us who can, and or so inclined, we should accept this open invitation for comments.
In the opinion of many who have been lobbying Congress for many years, this submission is a once in a lifetime opportunity. My understanding of the efforts on the Hill in the February Over Seas Week, the group of sister organizations, ACA, AARO and FAWCO, did get strong indications that many in Congress are anxious and receptive to real tax reform, and not just some more exemptions or loopholes on the margins.
Everything I read, tells me that Chairman of House Ways and Means, Representative David Camp is serious in wanting to get a real reform effort out this year. H.R.1 designation is being saved for this effort. We hope that he has some bi-partisan partners in the Senate. They already have their own draft and are just waiting for Camp to come forth first, as required in the law.
Bottomline, partisan politics aside, they all know that the tax code is a total mess, and frankly a creation of their own making. It has been said, and more cynically true than we may want to admit, the tax code exists as a funding mechanism for politicians’ reelection. It will be very hard for them to vote against special interest lobbying and the restructuring of special provisions which has helped fund their campaigns for years.
However, the stars may be aligning just right, and there is a possibility for big changes, even a historic one. Dropping FATCA would NOT even be that big of a change in the context of revisions being envisioned. Pulling the plug on this not fully functioning fiasco shouldn’t be all that hard to do. So far it has only generated costs and created chaos for Americans and financial institutions overseas. It is draining Treasury and IRS resources that in this time of sequester. Time and energy could be better spent shoring up defenses against homeland tax evasion and identity theft. That would have a higher ROI than this massive ideological mission for a global GATCA which has very little revenue return for the effort while threatening great harm to the world’s economy.
Give it a shot!