Cross posted from RenounceUScitizenship.
Why you ask? It’s simple. With Congressman Ryan on the ticket, tax reform will move to “front and center” of the 2012 Presidential campaign. Congressman Ryan supports territorial taxation. Congress just passed HR 6169 a bill called “Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012“.
Continue reading
One of the last acts of the House before they went on summer recess was to pass HR 6169. It has a snowball’s chance in Hell of passing the Senate as currently configured. It was seen as a partisan political document to campaign on, rather than a realistic attempt at tax reform. That is how the game is viewed in DC by the political wonks, and in fact it is how it plays out in reality. However, since it is “game on” time, I like that this gauntlet was thrown down. The title appeals.
It was called “Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012”
Here is the text version. It got NO votes from the Dems in the House. So why do I bring it up?
Take a look at Section 2, (B) (5) (F) of the legislative language, and you will see the following language that should be of interest to all here:
It says..
(5) makes American workers and businesses more competitive by–
(F) transitioning to a globally competitive territorial tax system;
Here is how the non partisan global publication, Tax News reported it, if you wish to read further. You can Google search for many partisan opinions if you are interested.
Here is the latest that is coming out of DC on territorial taxation that was just proposed yesterday. Of course, as to be expected, it is Corporation directed in its focus. They are the ‘super persons’ that get all the attention around Congress these days. However, there is language that is encouraging here. I think we need to be writing Senator Enzi, as he is asking for comments. He is stopping short with his efforts, and these measure should include US citizens residing abroad as well. Regional taxation should be for all, not just super persons! In our letters, we can use many of the excellent arguments Roger has provided us as support. The bills title should be… Bring Back the money and create more export jobs in the US with Territorial taxation for all!
