Liberty and justice for all United States persons abroad

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UPDATE: JUNE 14, 2015

from JakDak:

http://blogs.rollcall.com/topic-a-tax-finance/tax-reform-moves-to-back-burner-but-debate-remains-active/

The Senate Finance Committee chairman, Senator Orrin Hatch (R-UT), has established working groups to study different aspects of the tax system. These working groups are scheduled to report back to the committee by June 26.

http://www.mwcllc.com/updates/articles/2015/6/tax-policy-update-june-9-2015.aspx#Comprehensive_Tax_Reform

Tax Policy Update
June 09, 2015

[Interesting: NUMBER OF THE WEEK: 61. The number of countries that have signed on to implement the OECD’s multilateral agreement for the automatic exchange of tax information, in conjunction with the ongoing Base Erosion and Profit Shifting (BEPS) project. Although the U.S. has committed to implement the standard, it has not yet signed onto the formal agreement (the “multilateral competent authority agreement”), which lays out in detail what information will be exchanged, the timing and method of exchange, and how signatories will work together to ensure compliance. Signatories to the agreement will begin exchanging information as early as 2017. Additionally, the OECD released on June 8 its “Country-by-Country Reporting Implementation Package” developed under the BEPS Action Plan. Under the plan, which the Treasury Department has said it will implement for the 2016 fiscal year, multinational companies are required to aggregate and report information annually regarding where they do business, the global allocation of income, and amount of taxes paid, along with other information that will allow taxing authorities to more closely examine multinationals’ tax practices. The release of the package coincides with the 2015 OECD International Tax Conference in Washington, D.C., this week where OECD representatives are expected to review and discuss key initiatives under BEPS.]

SPOILER ALERT: Comprehensive Tax Reform Unlikely in 2015. In an interview last week, Senate Majority Leader Mitch McConnell (R-KY) outlined a busy legislative agenda between June and August recess: passing a highway bill, cybersecurity legislation, No Child Left Behind, and the Toxic Substances Control Act. Tax reform, however, is conspicuously missing from the list. “We’re certainly not going to be able to be doing big, comprehensive tax reform with this president,” McConnell said. Tax reform optimists have been eyeing the highway reauthorization bill as a potential vehicle to move a limited set of tax reform measures, but according to McConnell, the bill might instead be better suited to pick up a different legislative passenger—the reauthorization of the Export-Import Bank. McConnell believes the highway bill would provide the best opportunity to reauthorize the bank, which is set to expire June 30.

The inability of the Senate Finance Committee Tax Reform Working Groups to meet their original May 31 deadline to report recommendations to Chairman Orrin Hatch (R-UT) and ranking member Ron Wyden (D-OR) only adds to the general pessimism. The international tax working group may offer the only glimmer of hope, with reports that it has made the most progress in hammering out detailed recommendations. The working groups are now aiming to deliver their reports before Congress departs for the July 4th recess.

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UPDATE: MAY 25, 2015

Em’s comment to JakDak:

I’m not sure of the where for the SFC recommendations but the when has been delayed:

http://thehill.com/policy/finance/242916-senate-tax-reform-groups-get-more-time

The Senate Finance Committee’s leaders are giving tax reform working groups some more time to formulate their recommendations.

Finance Chairman Orrin Hatch (R-Utah) and the panel’s top Democrat, Sen. Ron Wyden (Ore.), had hoped for recommendations by the end of May.

But in a statement Thursday, the two senators said that the working groups made it clear that they needed extra time to do the job right. The panel will set a new deadline after lawmakers return from next week’s recess.

“It is our hope these bipartisan working groups will use this extended time to finalize their recommendations for tax reform and produce in-depth analyses of options and potential legislative solutions,” Wyden and Hatch said in a statement.

etc.

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Shadow Raider says
April 29, 2015 at 6:39 pm

The Senate Finance Committee just released the comments sent by the public on tax reform. As expected, there are lots of comments about CBT and FATCA.

http://www.finance.senate.gov/newsroom/chairman/release/?id=3b14e94b-69f9-41e2-9fd3-7d191971b7ee

 

Hatch, Wyden Release Public Input on Bipartisan Tax Reform

Over 1,400 Submissions Made to Working Groups

WASHINGTON – Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) today released over 1,400 submissions from stakeholders on how to best to overhaul the nation’s broken tax code.  In March, the Committee sought input from the public in an effort to provide additional data and information to the Committee’s bipartisan tax working groups, which are currently analyzing existing tax law and examining policy trade-offs and available reform options within each group’s designated area.

“We thank the stakeholders and public who provided us with this valuable data and input,” Hatch and Wyden said. “These submissions have equipped us with the ability to better evaluate how reforming the tax code will affect both American families and business of all kinds.  As our bipartisan groups work towards producing substantive recommendations on how to reform the tax code, they will now be able to consider these valuable ideas.”

All comments received by the Committee that met submission requirements were made public.

Submissions can be found below. Total submissions to each bipartisan tax working groups are as follows:

Individual Income Tax – 448

Business Income Tax – 332

Savings & Investment -128

International Tax – 347

Community Development & Infrastructure – 207

Each of the five bipartisan working groups is currently working to produce findings on current tax policy and legislative recommendations within its area, with the goal of having recommendations from each of the five working groups completed by the end of May.

###

Thanks, Shadow Raider, for alerting all here.  There will be many Brockers reading, starting with the submissions (not all by individuals) to International Tax.

440 thoughts on “Senate Finance Committee posts submissions (and Shadow Raider reports to Brock)”

  2. It’s 30%. Maybe the staffer who wrote 3% didn’t believe it was possible otherwise it was a typo.

  3. Pingback: The Isaac Brock Society | House removes DATCA & passport revocation from trade bills

  5. The international tax working group may offer the only glimmer of hope, with reports that it has made the most progress in hammering out detailed recommendations. The working groups are now aiming to deliver their reports before Congress departs for the July 4th recess. – See more at: http://www.mwcllc.com/updates/articles/2015/6/tax-policy-update-june-9-2015.aspx#sthash.AYakoPos.dpuf

    http://www.mwcllc.com/updates/articles/2015/6/tax-policy-update-june-9-2015.aspx

  10. For those who’ve read JacDak’s article before, note that the author included a couple of corrections:

    “Correction: The University of Kent survey “did not actually ask why people were giving up their citizenship, but asked, among other questions, if people had thought of doing so – and, if so, why,” according to Dr. Amanda Klekowski von Koppenfel, author of the study. “My study did not indicate that Americans were renouncing citizenship because of high taxes, but rather because of high accountants’ fees. In many cases, no tax is owed to the US government – but often high accountants’ fees must be paid in order to document that situation. This is an important distinction, and is noted in the overview of the results, which you also cite: https://www.kent.ac.uk/brussels/news/?view=1973.”

  13. Email and ask Rand Paul to change the treaty NOW

    Carolyn_Moffa@paul.senate.gov Office of Senator Rand Paul

    Thank you for your correspondence to Senator Paul’s office regarding the US-Australia Tax Treaty and the affect it will have on Americans Abroad. Rest assured, as tax treaties are considered in United States Senate, we will be sure to keep your views in mind.

    Sincerely,
    Carolyn

    —
    Carolyn Moffa
    Legislative Aide
    Office of Senator Rand Pau

  14. For all Americans and Canadians (everybody) overseas that want to call Senators or relatives for free by telephone on Android phones get GrooveIP lite at play store Gives you a local US tel # and lets you make calls to the US and Canada free

  17. Fingers crossed

    June 22 2015
    Legislative Activity

    Senate Finance Committee Working Groups to Submit Tax Reform Proposals

    After having been provided additional time to finalize their proposals for consideration by the full Committee, the Senate Finance Committee Tax Reform Working Groups are due to submit their proposals by this Friday, June 26. The Working Group that appears to have made the most progress is the International Tax Working Group. Senator Rob Portman (R-OH), the Working Group’s Co-Chair, has indicated that his group’s proposal will include: (1) an “innovation box”; a “hybrid territorial system”; and a repatriation tax on companies’ overseas profits. According to Senator Portman, the recommendations will be “options,” not legislation.

    http://www.lexology.com/library/detail.aspx?g=36713baa-d5a6-4bf0-bb9d-f5e5e3742e9d

  18. “more hopeful than [he’s] ever been [that Congress] can get something done on the international side

    Relatedly, as tax-writers continue to debate the best way to reform the U.S. Tax Code, it is becoming clearer by the day that the best opportunity of any significant reform will be achieved by overhauling international tax rules. According to House Ways and Means Committee Chairman Paul Ryan (R-WI), lawmakers may be able to “take a couple of steps in the right direction, particularly with international tax laws and international tax rules.” Moreover, senior House Ways and Means Committee member and Subcommittee on Human Resources Chairman Charles Boustany (R-LA) – who is presently drafting an international tax reform proposal – recently suggested that comprehensive tax reform is most achievable through a two-phase approach: international tax reform now, with more comprehensive reforms to corporate and individual tax provisions to be addressed later.

    On the Senate side, Chairman Hatch has set a new deadline of June 26 for the Tax Reform Working Groups to submit their tax reform proposals to the full Committee for consideration. According to Senator Chuck Schumer (D-NY), who co-chairs the group with Senator Rob Portman (R-OH), the International Tax Working Group is “making good progress,” causing him to be “more hopeful than [he’s] ever been [that Congress] can get something done on the international side.”

    http://www.natlawreview.com/article/beps-and-international-tax-reform-highway-funding-focus-tax-writers

  19. Sounds to me like they only care about corporations, not individuals. But I’m willing to be pleasantly surprised.

  22. Thanks for this and all the other heads ups you give us, JacDac. Why do you figure non-residents aren’t mentioned in the upcoming tax reform proposals?

  23. @Bubbles..”Why do you figure non-residents aren’t mentioned in the upcoming tax reform proposals?”

    We are persona non grata……

  24. Who knows can only wait a few days and see

    Honestly it feels like an old Twilight Zone episode

    Cheers
    JakDac

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