US expats given hope of lower tax bills
Republicans edge towards eliminating need to pay levies overseas and at home
published in the Financial Times
by Demetri Sevastopulo and Barney Jopson in Washington
You can read the article by answering a simple question that appears when the page loads. I cannot post the entire article due to copyright restrictions.
Here are some excerpts:
Millions of US citizens working overseas could see their tax bills lowered by an overhaul of the tax system as Republicans edge towards eliminating a requirement for American expatriates to pay taxes both overseas and in the US.
Kevin Brady, the Republican head of the House ways and means committee, which is drafting a tax reform bill, said lawmakers were considering the measure, which has been the focus of lobbying by Republicans Overseas, a group of party donors around the world.
“It is under consideration. They have made the case,” Mr Brady said in response to a question from the Financial Times at a Christian Science Monitor breakfast. “Lawmakers representing that area of the tax code have made that case.”
The US Chamber of Commerce, a business lobby group, has urged policymakers to consider US-only taxation for individuals, too, arguing that taxing foreign income hurts American managers at the overseas affiliates of US exporters.
Mark Mazur, who was the top tax official in Barack Obama’s Treasury department, said he supported the change, arguing that it was necessary to address the “inequity” of an expat paying tax on the same income to both the US and a foreign government.
“If you take two people, one works in London, one in New York, working for the exact same US multinational — if they make the exact same amount of money you might think they should be taxed exactly the same,” said Mr Mazur, who heads the Tax Policy Center.
Solomon Yue and Michael DeSombre are also mentioned in the article.
There are quite a few comments with JC doing Yeoman’s Duty.
But – but – but…
Never mind. Better to travel hopefully than to arrive, as the saying goes. 🙂
And who knows, maybe someday FATCA will indeed be repealed. Fingers crossed.
There is no way to guarantee success but to guarantee defeat one need only not to try.
That’s just a bit of sanctimony. Meaningless.
Not at all. Fact of life and nothing more.
So what are you trying that you feel not to try would guarantee defeat?
According to this article (I couldn’t download the actual PR application form because our Adobe is not up to date) you do NOT need a current US passport to renew a PR card. The one you used to apply initially is good enough. The_Animal’s wife should be able to renew her PR card easily and travel anywhere in Canada.
BTW, the PR card is now PC. You can designate your gender as F, M or X.
“BTW, the PR card is now PC. You can designate your gender as F, M or X.”
I [heart] Canada!
“Who cares what the American fifth amendment says?”
I don’t know, I found it on an obscure web site somewhere.
You sound like a judge.
That is great news for The Animal’s family and all Canadians families who have a USC member.
“But – but – but…
What do you mean “Nothing’s happened!”?
My banking information has been sent to the same the peoplethat leaked my data (non-financial) twice in the past. Might as well post it on Facebook and Twitter.
“So what are you trying that you feel not to try would guarantee defeat?”
The number one way to quarantee defeat is to not even try.