2017 Tax Reform: Why we need Territorial Taxation for Individuals
by: Claudine Gindel
It’s time to petition Congress to end Citizenship Based Taxation by supporting Territorial Taxation for Individuals (TTFI). We were joined today by Keith Redmond, American Overseas Global Advocate. He brought us up to speed on where things currently stand, and what we can do to support the fight.
TTFI Meetings in Washington
During last weeks meetings at the White House, Solomon Yue (RO Vice Chairman & CEO) and Michael DeSombre (RO Worldwide President) delivered the already signed petitions and letters to the White House and to select members of Congress. Keith accompanied them to certain key meetings in Congress. While it went well...your support is still needed!
During the meetings, a strategy was discussed for having TTFI included in the Tax Reform Bill. While the White House is supportive of the efforts to get TTFI included, only Congress makes laws. We have the opportunity to petition Congress and truly make a difference.
So, if White House support is there, what, or who, are we up against? Where is the pushback coming from?
First, US financial investors because they're selling financial products to non-US persons, and they have an advantage...invest in the US and avoid taxes! But why should a foreigner get a better tax treatment than a US person? We've learned in the past that powerful lobbies can squelch laws that will take money out of their pockets.
Second, the Tax Compliance industry. There. We said it. While this may be the industry we're in, we have to agree that many other companies like the laws the way they are because it drums up business. But, as Attorney Parent exclaimed, "But that means they're putting their interest before the best interest of their clients!". If TTFI is passed, there will still be plenty of opportunities to help our clients in other, more meaningful ways. Instead of having to constantly fight the US tax code, we could use it to our advantage to help our clients benefit, and flourish.
Average Americans may be wondering how this affects them – wouldn’t this only affect Americans living overseas? How does this affect all Americans?
It's true that many people very unexpectedly end up living overseas. It could be for work...or love...or any other reason. For homeland Americans, TTFI would help US Industries overseas, and this helps everyone. It would create more capital and more opportunity.
The petition campaign will run through Sunday, October 22nd. The team fighting for TTFI will be back on Capitol Hill on October 23rd to the 25th to deliver the petitions and lobby Congress.
Let's end Citizenship-Based Taxation
Please sign the petition, then share it with family and friends! It takes only seconds to fill out. We all have the opportunity to make the changes we so desperately want. http://ttfi.info
Keith told us that the Republican National Committee solicited its database of 60 MILLION voters to sign a petition supporting tax reform. They received around 6,400 responses. He knows that the estimated 9 million Americans overseas have a lot of passion about this issue. They want to get at least 6,400 petitions to bring to Congress requesting that TTFI be included in the Tax Reform Bill. They already have about 1300 petitions, they need 5100 more! Combine Americans overseas with Homeland Americans, and we know we can smash this goal!
Let your voice be heard.
The petition campaign will run through Sunday, October 22nd. The team will be back on Capitol Hill between the 23rd and 25th of October to deliver the petitions and lobby Congress.