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By Fiona Moore, for ExpatBriefing.com
22 March, 2017
Americans for Tax Reform (ATR) has urged Congressional lawmakers to include the repeal the Foreign Account Tax Compliance Act (FATCA) in ongoing tax reform talks.
Along with other conservative and free market advocacy groups, ATR has written to key Republican policymakers urging them to support FATCA repeal bills that will be introduced in the House and Senate.
Describing FATCA as a "misguided enactment," the letter states that the legislation "not only impacts the welfare of the estimated nine million Americans who live and work abroad but hampers small businesses owned and operated by Americans attempting to compete internationally."
The President of the ATR, Grover Norquist, compared FATCA with the Alternative Minimum Tax (AMT), saying that for Americans overseas it is "an intrusive, complicated, painful, and unfair tax regime designed to be massive overkill in hunting for coins between the cushions. We are finally abolishing AMT - after 48 years - in Trump's tax reform package. We should put FATCA to sleep at the same time."
FATCA currently provides that any overseas account held by US citizens must be reported to the IRS. Financial institutions must collect and disclose this information or face a 30 percent withholding tax on its US investments. ATR said it also requires American citizens to complete tax filing forms if they have assets overseas in excess of USD50,000.
ATR has argued that compliance costs far outstrip FATCA's effectiveness in curbing tax evasion and has meant that some US expatriates have been locked out of banking with overseas financial institutions.
Tags: Expatriates | Compliance | Foreign Account Tax Compliance Act (FATCA) | Tax | Investment | Small Business | Business | FATCA | Legislation | Withholding Tax | United States | Tax Reform | Compliance | Tax
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