“Republican hopes for revamping the tax code rest, for now, in the hands of six men.” So says author Richard Rubin in a recent Wall Street Journal article (“GOP Tax Overhaul’s Fate Rests on ‘Big Six’ Talks“, July 7, 2017). These six men, all prominent, influential players in the upper echelons of the US government, have shouldered the task of producing a tax reform plan capable of passage through both houses and subsequently becoming law. The group meets regularly and plans to complete its work in September.
As members of this influential group, these men need to hear from us. What?! “Again”, you ask? Yes, again. We have never been so close to achieving the goal of ending FATCA and/or CBT as we are right now. Recycle an old letter, write a new one, email, Tweet, whatever, but … please … contact these people! (See link to addresses below.)
On Monday afternoon, July 17, 2017 Donald Trump provided some relevant fodder for our communications. In his remarks at the opening of “Made in America” week he said 1) he wants to create a “level playing field” for all Americans and their businesses; and 2) “reciprocity is my favourite word”!
We can inform the “Big Six” that the playing field with the steepest slope of all is the one created by the US tax system (now enforced by FATCA) as applied to Americans who live and work abroad. The alternative, and our request, is the abandonment of CBT in favour of the RBT/TBT of the rest of the civilized world.
And we can inform them also that if Donald Trump loves “reciprocity” it can’t just be the “tit-for-tat” border tax against nations who impose tariffs on US imports (to which he was referring in his speech). He must also be prepared to order US banks to turn over the banking data that foreign nations are demanding as reciprocity under the terms of the FATCA IGAs. His alternative, and our request, is the repeal of FATCA altogether.
For contact addresses please see this link. My thanks to Pacifica!