We now understand the extent of the financial horror of the 2017 Tax Cuts and Jobs Act for Americans abroad who own businesses. The two new “transition taxes” they will bear will force many to close the companies that they have worked so hard to build and which sustain their families and prepare them for financial security in retirement. A true tax tragedy. And another call to arms for the Americans abroad community to demand that Congress:
• find a “transition tax” remedy to prevent the destruction of many thousand of businesses owned by Americans living abroad;
• work with the members of Congress developing a Residency Based Taxation proposal;
• co-sponsor HR 2136, the “Overseas Financial Access Act” – to eliminate the foreign financial accounts of Americans living abroad from reporting under FATCA;
• co-sponsor HR 1205, the “Social Security Fairness Act” - to repeal the Windfall Elimination Provision that prevents Americans abroad with pensions in their countries of residence from claiming the full amount of Social Security payments owed to them;
• address the needs of Accidental Americans who want only to shed unwanted U.S. citizenship without lengthy procedures and undo penalties.
Democrats Abroad needs you to back up our efforts by calling your elected representatives and demanding tax reform for Americans abroad.
Download our Guide with everything you need to call, message and write to Congress.