Please watch the following short video for seven reasons why the proposed Same Country Exception to FATCA is useless.
Even one citizenship renunciation because of FATCA is too many. Overseas Americans are not old shoes for FATCA architect Elise Bean throw away.
Will Democrats Abroad Chair Solon join Republicans Overseas to condemn #FATCA architect Elise Bean’s statement that repeal FATCA is a mistake because only 4,300 expats were forced to renounce compared to 730,000 new tax-paying citizens in 2015?
President Trump’s administration is sending out an Official Tax Reform Survey to ask voters about tax reform.
Please fill out the survey and make sure to mention in one of the ‘other’ boxes that he should repeal FATCA and move towards TTFI (territorial taxation for individuals–previously called ‘RBT’ – residence based taxation).
On April 26, 2017, the House will hear testimony as to the damage done to overseas Americans by FATCA.
For background information on FATCA, click here.
Donna Lane Nelson
Video: Donna Lane Nelson Testimony
Written: Donna Lane Nelson Testimony
Stephen John Kish
James Bopp, Jr.
In a Facebook post published on April 20, 2017, Democrats Abroad attacked Republicans Overseas’ FATCA hearings scheduled for April 26th.
However, comments on their post clearly demonstrate how far DA’s pro-FATCA position deviates from the anti-FATCA position of their constituents.
TERRE HAUTE, IN – Congressman Mark Meadows (R-NC) will chair a hearing of the Subcommittee on Government Operations of the House Committee of Oversight and Government Reform on “Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act (FATCA)” on Wednesday, April 26, 2017 at 2:00 pm in the Rayburn House Office Building (Room 2154).
FATCA has been the primary factor in the dramatic increase in citizenship renunciation by Americans overseas for the past five years. Last year, 5,411 individuals gave up their US citizenship (compared with 231 in 2008); many chose the irrevocable option simply to be able to have basic bank accounts in the communities where they live overseas.
“Dear Speaker Ryan, Majority Leader McConnell, Rep. Brady, and Sen. Hatch:
As free-market and taxpayer protection organizations representing millions of Americans, we urge that repeal of the Foreign Account Tax Compliance Act (FATCA)—a plank in the 2016 Republican Party Platform—be included in any tax reform package sent to the White House.
Enacted in 2010 by a Democrat-controlled Congress and signed into law by President Obama, FATCA purports to catch rich tax cheats hiding their wealth overseas but instead has ensnared innocent Americans in an appallingly draconian scheme that true wealthy tax evaders can still easily avoid. It treats any American asset held abroad as tantamount to criminality, demanding reams of private financial data without the need for a warrant or a showing of probable cause.
Since FATCA’s introduction, Americans living overseas have lost access to their banking and investment accounts as foreign financial institutions drop clients rightly perceived as toxic. This has not only impacted the welfare of the estimated nine million Americans who live and work abroad but hampers small businesses owned and operated by Americans attempting to compete internationally.”
Read the complete letter here: 2017-FATCA_repeal_coalition_ltr
Click below to read the letter urging the Trump administration to support the repeal of FATCA and listing steps that can be taken immediately.