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By by Mike Godfrey, Tax-News.com, Washington
09 June, 2017
Americans for Tax Reform (ATR) has urged the Ways and Means Committee to include residence-based taxation for overseas Americans in an eventual tax reform package.
The taxpayer advocacy group submitted a statement to the tax-writing committee's hearing regarding tax reform measures related to jobs and international competitiveness. ATR said that it is vital that the United States abolish its citizenship-based tax system.
Currently, US citizens must file US tax returns and pay US tax on their worldwide income, even if they do not live in or travel to the US. Most other jurisdictions in the world tax individuals on the basis of residency.
According to Treasury Department statistics published in the Federal Register, a record 5,411 US taxpayers gave up their passports or their green cards in 2016 – over 26 percent more than the previous record of 4,279 set in 2015.
The acceleration in the number of individuals giving up their citizenship has coincided with increased actions by the US Treasury and Internal Revenue Service to trace American undeclared assets and income held abroad, particularly by enforcing the Foreign Account Tax Compliance Act (FATCA) and the requirement to file a Report of Foreign Bank and Financial Accounts.
Tags: Individuals | Expatriates | Compliance | Foreign Account Tax Compliance Act (FATCA) | Tax | FATCA | Internal Revenue Service (IRS) | Legislation | United States | Tax Reform | Compliance | Expats | Tax
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