The Democrats Abroad Taxation Task Force Steering Committee today voted in support of submitting a resolution to update the Democrats Abroad FATCA policy from "reform" to "repeal".
What does this mean?
Since FATCA was implemented, Democrats Abroad has advocated on behalf of Americans abroad given the breath of damage it has caused to our lives. It was through Democrats Abroad advocacy work that Rep. Carolyn Maloney (NY-12) introduced H.R.5799 - Overseas Americans Financial Access Act (aka the FATCA Same Country Exception Bill).
- The information that has come to light is the following from the recently released TIGTA government report from the US Department of Treasury which said: “When the law was passed in March 2010, the Congressional Joint Committee on Taxation estimated that revenue from FATCA would be $8.7 billion from FYs 2010 to 2020. To date, the IRS has been unable to quantify revenue generated from FATCA compliance activity beyond the $14 million in revenue from penalties unrelated to the campaigns, despite spending over $574 million on implementation and establishing two campaigns that have sent out 847 letters to taxpayers.” This data unequivocally and with no doubt demonstrates that FATCA has failed to perform the purpose it was intended for which was to reduce tax evasion and money laundering.
- DA has over a decade of testimonials, surveys, and data from DA members and Americans abroad that confirms the material harm that FATCA has caused - in the most extreme circumstances reports of divorce from a non-US spouse and suicide. We have always and will continue to demonstrate leadership on issues that impact Americans abroad, submitting a resolution demonstrates this leadership.
- The deadline to submit a resolution in order to change DA policy is this coming Thursday, April 21 and so steps we are taking are to meet this deadline.
When will it officially become Democrats Abroad policy?
There is no guarantee it will become Democrats Abroad policy at this time. A number of steps need to be taken in order for it to become official DA policy. This Thursday is the deadline to submit resolutions for consideration at the DA annual global meeting that will take place May 21-22 online. Once the resolution is submitted, it is subject to changes based on feedback from DPCA reps and the Resolutions Committee. If the resolution is selected for the agenda at the global meeting, a certain amount of time will be allotted for debate and a vote will take place. Only DPCA reps are able to vote at this meeting, but any DA member can attend and observe.
What is a DPCA rep?
DPCA stands for the Democratic Party Committee Abroad. It is the acronym for the official name of Democrats Abroad. Every DA Country Committee has a certain number of DPCA reps proportionate to the number of DA members in that country. DA holds a meeting once a year called the global meeting, where resolutions are submitted to update DA policy positions. The meeting this year takes place on May 21-22.
How can I help?
- Sign your name in support of the resolution (deadline is this Wednesday) by clicking here. (you must be a Democrats Abroad member to add your name. You can easily join for free by signing up here).
- Share the link with friends and family to ask they add their name in support of the resolution, here's the link to share: https://forms.gle/38WihYb54WcjFNyf6
- Ask your DPCA voting representatives to co-sponsor the resolution in the country you live in. You can find a list of your DPCA voting reps by going to the DA country page on this website and clicking on the leadership list on the right-hand side of the page. The more co-sponsors we have, the higher the chance of it passing.
REMINDER: If you've not taken the 2022 Democrats Abroad Tax Survey of Americans Abroad yet, there's still time! Go here to take the survey: https://demsabroad.typeform.com/taxsurvey Deadline is April 30. For more information about the survey click here.