THE TRANSATLANTIC MAGAZINE
THE TRANSATLANTIC MAGAZINE
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Democrats Abroad (DA) has released a Summer 2019 Tax Update in which they say Representative Carolyn Maloney (D-NY12) "is expected to re-introduce ... two bills of interest to Americans abroad" in the coming months.
The two bills would be the "Commission on Americans Living Abroad Act" and the "Overseas Americans Financial Access Act". The former bill would "form a standing commission to review laws that have adverse impacts for Americans abroad and to prevent new laws from being enacted that inadvertently harm non-resident Americans", whilst the latter bill would exempt "from all FATCA reporting the accounts of Americans abroad in the countries where they live".
Alongside the update, DA also commented on developments relating to efforts to end Citizenship Based Taxation for overseas Americans. Carmelan Polce, Chair of the Democrats Abroad Taxation Force, wrote in the post that "Work on legislation to enact Residency Based Taxation (RBT) is currently in the hands of Ways and Means Committee staffers, i.e. lawyers who have been briefed by our RBT champions on the House Ways and Means Committee, Democrats Abroad, and all of our colleague organizations advocating for expat tax reform. They are taking a fresh view of the policy aims, have undertaken preliminary work on the 2019 bill and are making it a 'high priority August recess project'. In our view this is really great and important."
Whether or not the sun really comes out on US Tax reform for overseas Americans, only time can tell.
The full Democrats Abroad Summer Update can be found at https://www.democratsabroad.org/carmelan/mid-summer_expat_tax_reform_updates
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