“Mark Twain” has provided information for the interesting material in this post.
Roger Villere: As Chairman of LAGOP I agree we need to introduce a RNC resolution during our winter meeting to address this ! I will be looking to make this resolution on behalf of the 7.5 million Americans living overseas.
Related comment on Republicans Overseas Facebook page:
The enactment of the FATCA is a good example of taxation without representation for U.S. expats. RO already asked RNC to introduce and pass a RNC resolution during their winter meeting in DC next January expressing concerns that American citizens abroad are forced to choose between paying more taxes and abandoning their citizenship under the act.
Mr. Villere also has a comment on the Facebook page:
I believe FATCA is making it harder for Americans abroad to open new bank accounts. We should be helping small business, not making it harder to do international business.
Republicans Overseas Inc. Established to Speak on Public Policy
A new political organization has been formed to facilitate the involvement of Republican citizens overseas in the political process of the United States.
Republicans Overseas Inc. was registered at the IRS on Sept. 18 as a Section 527 organization. The officers include Bruce Ash (chairman), Solomon Yue (vice chairman), Helen Van Etten (secretary) and James Bopp Jr. as treasurer and custodian of books.
The filing indicates the corporation was “organized to provide an organization, with chapters throughout the world and a headquarters in the United States, to facilitate involvement of Republican citizens overseas in the political process of the United States. In addition, the Corporation will voice the concerns of Republican citizens overseas in the public policy debates in the United States consistent with Republican principles.”
A spokesperson for the Republican National Committee stated Republicans Overseas was not affiliated with the RNC. The RNC already has a Republicans Abroad organization.
Another Republicans Overseas Facebook comment give a link to a submission to the Ways and Means Committee:
“In this analysis, you see that this (overseas) target family requires 1324 calculated hours of preparation time per year, with 132 pages of forms submitted per year, 789 pages of instructions to read. When this taxpayer gives up and says it is impossible, he is subject to fines of $11,190,000.
The analysis shows that the tax reporting burden and penalty structure for US citizens abroad is seriously flawed and needs to be deleted.
No other country in the world taxes its citizens living outside of its borders”
Mark Twain also gives:
In bipartisan spirit:
Although the requirement for Americans to report accounts held in foreign financial institutions (the FBAR report) has existed for many years, new and more invasive reporting requirements were imposed in 2009 with the passage of the Foreign Account Tax Compliance Act (FATCA). FATCA is the result of Congressional and IRS efforts to improve tax compliance among U.S. citizens, both living in the US and living abroad, with foreign financial assets.
The majority of us living and working around the world understands and supports our government’s efforts to close the loopholes that enable tax avoidance schemes. FATCA and the regulations established to comply with it do not, however, sufficiently distinguish between those Americans with foreign accounts that live within the US and those with foreign accounts who legitimately reside offshore. Overseas Americans have the same needs as stateside Americans for access to basic financial instruments of personal banking, business banking, investments, and savings, based in our country of residence. Living and banking offshore does not equate to tax avoidance.