Summary Report on RO’s efforts to replace CBT with TTFI
Summary Report: Asian Republican Coalition and Republicans Overseas Territorial Taxation for Individuals (TTFI) joint team held 26 meetings with Congressional members on the House Ways and Means Committee, Senators on the Senate Finance Committee, and White House officials in the last four days.
Our message is if we want to put America First and increase American businesses’ competitiveness overseas, we must address a 40% premium in hiring Americans working abroad due to our Citizenship Based Taxation – double taxation on expats’ worldwide income. Replacing CBT with TTFI will allow U.S. companies to hire more American professionals and managers who are the most effective advocates for and exporters of American-made goods and services. Increases in American exports will create more jobs within the U.S.
Everyone whom we met agreed that our TTFI makes sense and is consistent with President Trump’s America First agenda. Some had personal stories to relate, like Congresswoman Jackie Walorski who moved to Romania in 2000 and founded Impact International providing medical supplies to impoverished children there.