On Tuesday 17 September Rep. Carolyn Maloney (D-NY12) and Rep. Don Beyer (D-VA08) introduced two bills to provide support and relief to Americans Abroad. They are the Commission on Americans Living Overseas Act and the Overseas Americans Financial Access Act. Democrats Abroad endorses these bills and thanks Rep. Maloney and Rep. Beyer for their on-going interest in and support for the Americans abroad community.
Commission on Americans Abroad Act
The Commission on Americans Abroad Act, first introduced by Rep. Maloney and former New York Rep. Charlie Rangel in the 113th Congress, would create a commission to establish the impact of U.S. laws and regulations on Americans living abroad and make reform recommendations. You can read about it here.
Overseas Americans Financial Access Act
The Overseas Americans Financial Access Act, first introduced by Rep. Maloney in the last Congress, provides an exemption for Americans abroad from all Foreign Account Tax Compliance Act (FATCA) reporting for the accounts we hold in the countries where we live. FATCA was created to discourage and apprehend Americans using foreign financial accounts to hide money from the IRS; it was never intended to track the accounts we use in the places where we live to pay our bills and save for the future. You can read about it here.
Democrats Abroad is in Washington DC this week (18-20 September) for more talks about expat tax reform and will be discussing these bills in our meetings. Expat tax reform activists are encouraged to participate in our Congressional CallStorm this week to tell our elected representatives that we need relief from the unjust burden that the U.S. tax code and other laws and regulations place on Americans abroad.
Please send comments and questions to [email protected].