THE TRANSATLANTIC MAGAZINE
THE TRANSATLANTIC MAGAZINE
GILTI Tax was meant to tax the profits of the foreign subsidiaries of gigantic U.S. multinationals like Google, Starbucks, and ExxonMobil. Unfortunately, it also taxes the profits of the small to medium size businesses Americans abroad have registered as companies in the places where they live. The impact has been devastating with many businesses in danger of collapse due to the double taxation of profits.
Democrats Abroad is talking to Congress about GILTI Tax relief for American business owners abroad, asking for reforms to be included in the legislation they are working on this year. They are promoting reforms to re-focus the GILTI tax on U.S. multinational corporations and provide much needed relief to Americans abroad whose businesses are supporting their families and creating their retirement nest egg.
It is clear that Congress, the Joint Committee on Taxation and the Committees and Subcommittees, that have oversight of taxation and of small businesses, lack data on the experience of ordinary American business owners abroad and GILTI tax.
Americans abroad that own small businesses registered as companies in the country they live in can help provide this data. It could help persuade Congress of the need for GILTI reforms to be included in legislation being written this year.
Congress needs data on Americans abroad who have small businesses hit by GILTI Tax. If you are an American living abroad with a small to medium size business registered as a company in the country you live in, click here to complete this GILTI Tax survey.
