April 13, 2021
American Citizens Abroad Global Foundation (ACAGF) announces fundraising campaign to raise $75,000 to support research work for Residence-Based Taxation.
American Citizens Abroad Global Foundation (ACAGF) today announced a major fundraising campaign in support of research that will be key in helping with the passage of Residence-Based Taxation (RBT).
ACAGF is a section 501(c)(3) charitable organization. It is the sister organization of American Citizens Abroad, Inc. (ACA), a section 501(c)(4) exempt organization advocating for Americans overseas.
ACA has been calling on Congress and the Administration to adopt Residence-Based Taxation for US citizens who live and work overseas. “The current system of taxing US citizens based on their nationality is inconsistent with global norms, costly to administer and puts US citizens working overseas at a disadvantage, and importantly it adds to the cost of US exporters wanting to hire Americans to help sell their products and services,” said Marylouise Serrato, ACA Executive Director.
ACAGF’s research project will add to the existing body of work that ACAGF fielded in 2017 with District Economics Group (DEG), a non-partisan economic consulting firm providing specialized economic analysis and insights into federal and state budget, legislative, and regulatory policymaking processes. “Congress and the Administration will not move on tax reform for US citizens overseas unless it can understand and analyze the baseline and other data on the community. ACA produced an analysis in 2017 that provided the Congress and Administration with this information, it was very well received and now offices want updated and more detailed data,” said Charles Bruce, Chairman of ACAGF.
ACA and ACAGF are confident that hearings on amending international tax rules will take place in this Congress and that the issues of overseas taxpayers will be addressed at these hearings. ACA and ACAGF’s data, research and work is already in the hands of the important offices involved in tax reform; the House Ways & Means Committee, Senate Finance Committee and the Joint Committee on Taxation, now it needs to be put on the official record through hearings. ACAGF notes that organizations like itself are well respected and are being looked to as a “go to source” for input.
“We know from a series of Freedom of Information requests and from published IRS data, that there is an incomplete picture of the overseas taxpayer. Our current data provides a more complete picture, which shows that RBT can be adopted without a loss of revenue. ACAGF’s new research project will build on existing data and further support our position that RBT is eminently do-able,” said ACA’s Chairman, Jonathan Lachowitz, adding “anyone who wants to see Residence-Based Taxation passed into legislation should immediately go to the ACAGF website and click donate.”
The deadline for donations is July 1, 2021 and ACAGF has already raised over $25,000 towards its goal of $75,000. Click here more details.
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