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Territorial Taxation for Individuals
Republicans Overseas releases a White Paper on Territorial Tax Reform for Individuals. Consistent with the proposals being considered for corporate tax reform, worldwide taxation for individuals should be replaced with a territorial system. A territorial system for individuals would:
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 over four days.
During their summer meeting, the RNC approved a resolution initiated by Solomon Yue, Jr., CEO and VP of Republicans Overseas, supporting the transition from Citizen Based Taxation to Territorial Taxation for Individuals. Read the approved resolution here.
Republicans Overseas launches a letter writing and petition signing campaign to demonstrate to the White House the strength of overseas Americans’ support for a transition away from citizenship based taxation and towards TTFI. The full campaign details can be found here.
Solomon Yue, Jr., CEO & VP Republicans Overseas, and Michael DeSombre, Worldwide President Republicans Overseas, will deliver the signed letters and the petitions to the White House on the afternoon of October 2, 2017.
Senior members of Republicans Overseas will meet with the House Ways & Means Committee and with the Senate Finance Committee to further discuss the inclusion of Territorial Taxation for Individuals into the Tax Reform Package.
Grover Norquist, President of Americans for Tax Reform, wrote a letter to Chairman Kevin Brady of the House Ways and Means Committee urging him to include TTFI in the tax reform bill’s markup Grover Norquist urges House Ways & Means Committee to include TTFI in bill markup
Congressman Holding and Chairman Brady recognize need to move away from CBT while speaking from the House floor
Both Congressman Holding and Chairman Brady recognized that CBT is inconsistent with the current territorial taxation for corporations as well as harming U.S. firms’ competitiveness overseas. As a result, they pledged to continue to explore moving away from CBT. This demonstrates the commitment from Chairman Brady to get this done. We now need to focus on the Senate tax bill since this fight is far from over. Congressman Holding recognizes the need to move away from CBT on the House floor
Territorial Taxation for Individuals is receiving endorsements from a variety of organizations that support overseas American taxpayers. Please see the endorsement letters here.
This was an exclusive discussion with leaders from both the Democrats Abroad and Republicans Overseas and a great opportunity to gain high level insights into the taxation issues affecting U.S. business overseas. They discussed the upcoming bill on Territorial Taxation for Individuals and what it will mean for business owners.
Kerry Reddington organized this bipartisan TTFI event jointly hosted by American Chamber of Commerce Germany, Republican Overseas Germany, and Democrats Abroad Germany on September 24. The TTFI legislation passage requires all of us to work together regardless of party affiliation and political spectrum.
Vice Chairman and CEO of Republicans Overseas Solomon Yue (Left), Chairman of Republicans Overseas Italy Dr. Nancy Galan (Middle), and Vice President of AmCham Italy Luca Arnaboldi (Right) joined by the American Chamber of Commerce Italy Executive Committee members for a lunch meeting in Rome to discuss Congressman Holding’s TTFI legislation. AmCham Italy liked and agreed to support the legislation.
On December 21, 2018, Congressman Holding introduced H.R. 7358 – Tax Fairness For Americans Abroad Act of 2018. This was an historic moment when a member of Congress stood up for overseas Americans and proposed legislation that would end more than 100 years of unfair double taxation. The full bill can be read here.
Damien Regnard, French Senator representing French Abroad will not only support the Tax Fairness For Americans Abroad of 2018 (H.R. 7358), but also lobby members of U.S. Congress from both sides of the aisle next week to make TTFI a reality for his dual citizens and Accidental Americans. Republicans Overseas France Chairman Marc Porter (left), Republicans Overseas Vice Chairman and CEO Solomon Yue (middle), French Senator Damien Regnard (right) at the French Senate chamber on Sept. 21, 2018.