May 2014: Seeking Support for FATCA Reforms

Seeking your support for our work to effect relief from the burdens of FATCA

Following on from our March 2014 meetings with US regulators and legislators (link to report on website), the Democrats Abroad FBAR/FATCA Task Force has invested the last 6 weeks (exempting the Easter break) taking advice from academics and experts to create the survey for DA’s next round of international research on the unintended adverse impacts of the Foreign Accounts Tax Compliance Act (FATCA).  We continue to receive reports from overseas Americans who are being denied banking and investment services in their country of residence due to the reporting requirements imposed on Foreign Financial Institutions by FATCA.  

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March 2014: DC meetings on Reforming FATCA

FBAR/FATCA Task Force meeting with regulators yields valuable feedback

During the 2014 Democrats Abroad Congressional door knock, the FBAR/FATCA Task Force scheduled a comprehensive slate of meetings with regulators and legislators in order to advance our recommended reforms to the law’s implementation rules.  Meetings included the following groups:  Congress’ Joint Committee on Taxation; the Senate Committee on Finance; the IRS; the IRS’s National Taxpayer Advocate; the Department of Treasury; the General Accountability Office; and myriad Congressmen including Senators sitting on the Senate Finance Committee Carl Levin, Bob Casey, Bill Nelson, Bob Menendez and Ben Cardin and ranking Democrats on the House Ways & Means Committee Sandy Levin and Charlie Rangel.  

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What is FATCA, What are its Impacts & How we aim to Reform FATCA

Democrats Abroad Position on FATCA

  • Democrats Abroad supports strong policy that discourages and apprehends tax cheats.

  • Congress passed FATCA to bring an end to illegal tax avoidance by Americans in the US who use overseas financial accounts to secret untaxed earnings out of the country.

  • But Congress did not fully anticipate the impact the regulations would have on overseas Americans and we, therefore, are now burdened with a tax reporting obligation that treats us like suspected tax cheats and money launderers.

  • Fortunately for overseas Americans, we can address the unintended adverse consequences of this important piece of anti-tax evasion legislation by reforming the regulations that implement it.

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