WASHINGTON, July 31, 2024 (GLOBE NEWSWIRE) -- ACA launched its Residence-based taxation (RBT) lobbying campaign at the beginning of July and today officially registered as a lobbyist to move ahead utilizing its political action committee, ACA-PAC. ACA will lobby for RBT and related tax bills in both chambers of Congress.
Americans living abroad, regardless of where they live or how they vote, want the tax code to be changed from citizenship-based taxation to residence-based taxation. RBT will level the playing field and increase American competitiveness. It is the approach followed by all other countries except Eritrea.
Under RBT, individuals residing outside the US would not be taxed on their foreign income. They would only be taxable on their U.S. income. Members in both Parties have supported RBT. This approach was adopted in 2017 for American corporations in the Tax Cuts and Jobs Act (TCJA) The same thing was not done for individuals simply because Congress ran out of time and bandwidth.
The TCJA provisions will lapse in 2025 if not extended. “Just about every lobbyist in Washington knows that this subject is on the table. We must make sure that RBT which is so important for Americans abroad, is there too,” said Marylouise Serrato, Executor Director, American Citizens Abroad. “Now is the time to do this. It is the perfect opportunity.”
Broad alliances have started to lobby for amended international tax rules. ACA advocates for its membership - Individuals living overseas, as opposed to large corporations. It knows the details probably better than anyone, having run detailed studies. It will leverage its members and data to educate Congress and the presidential candidates. ACA is also a leading organization of the RBT Coalition, a group of advocacy organizations across the spectrum advocating for RBT.
“Americans living abroad must be at the table helping to decide how legislation will be written. Things can go in many different directions. Pushing smartly for this is critical,” according to Charles Bruce, American Citizens Abroad Political Action Committee (ACA-PAC).
| This announcement is made by ACA-PAC and is not authorized by any candidate or committee. Only Members of American Citizens Abroad can contribute. Foreign nationals cannot contribute. Contributions are not tax-deductible. ACA-PAC’s political purpose is to support policies on the national level which benefit US citizens overseas. It is nonpartisan. |
Contact: Marylouise Serrato, marylouise.serrato@americansabroad.org or +1 202 322 8441
