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Will Don Beyer join calls for Residency Based Taxation?
Democrats Abroad express optimism over progress on a tax bill to support overseas Americans
Democrats Abroad have published a blog post indicating that recent meetings with Democrat Congressman Don Beyer (DA-V) could lead to collaborations with Republican Congressman George Holding (R-NC) on reintroducing a bill to end Citizenship Based Taxation.
George Holding has been a major player in moves to end Citizenship Based Taxation in the last two years, culminating in the introduction of the Tax Fairness for Americans Abroad Act in December 2018. Although that bill hasn't been re-introduced in the 116th session of Congress, the Democrats Abroad blog post says "We understand that a bill establishing a Commission on Americans Abroad and the Overseas Americans Financial Access Act, establishing an exemption from all FATCA reporting for the foreign financial accounts of Americans abroad in their countries of residence, are soon to be re-introduced in the House of Representatives. We will let you know when those bills drop and what you can do to demonstrate your support for them."
The post describes a recent meeting between Don Beyer's constituents and his Legislative Director, which discussed "expat tax reform" and a "few other issues uniquely impacting Americans abroad", as "productive". It goes on to explain that "the Beyer team has scheduled a meeting about RBT with the Ways and Means Committee Legislative Counsel (who the DA tax team met on May 16) as a forerunner to a meeting with Rep. George Holding’s team".
The positive tone of the Democrats Abroad blog post answers questions that have been asked by a number of overseas Americans in recent weeks. During a meeting in London, George Holding explained that a Democrat sponsor to his bill would be needed for it to progress. Could Beyer be that sponsor? Democrats Abroad seem to think he could, explaining "we expect the Beyer and Holding teams to create, in partnership, a consensus view on draft RBT legislation, send it to the Joint Committee on Taxation to be scored and to Ways and Means Committee Legislative Counsel to be structured into a bill which we can then build support for right across both parties and both chambers".
To see the full Democrats Abroad blog post, see www.democratsabroad.org/taxation_news