Democrats Abroad is scheduling zoom meetings with Congress for Americans abroad who own small to medium size businesses getting hit by GILTI tax. Congress doesn't understand the enormous pressure GILTI tax is putting on the businesses of Americans abroad. Let's tell them.
If you want to talk to your Representative about GILTI and your business abroad, please click here to register. Leave the rest to us.
Democrats Abroad published research in September profiling the experience of Americans abroad and the GILTI tax. We have been sharing it with Congress and are not surprised to see that they have little to no understanding of the devastating impact that GILTI tax is having on businesses that are supporting the families and futures of Americans abroad. Our research demonstrates:
- 77% of respondents are paying 10% more for tax return preparation because of GILTI
- One in 3 is paying at least 50% more
- For 37% tax preparation comprises at least 10% of profits.
- 30% have re-structured their businesses or operations because of GILTI
- 46% have been forced to alter their accounting treatment to calculate GILTI tax
- 63% have altered plans to invest and expand the business
- 53% say GILTI tax makes their business less competitive
- Nearly 10% have already sold or closed their business because of GILTI
Of course, all of this is data on the page. In order to move Congress to fix GILTI for Americans abroad they will need to hear directly from the small business men and women whose businesses are struggling to survive because of it.
Reports indicate that GILTI tax rate is increasing and allowable deductions are going down, which will increase the GILTI tax burden.
It is not too late for Congress to fix it, but it will be soon. We need your help to make the case for a GILTI tax exemption for middle class Americans abroad.
Please join us for a discussion with your member of Congress to explain the impact of GILTI on your business abroad. Click here to send an expression of interest in participating.
Send questions or comments to [email protected]