The Republicans Overseas, Democrats Abroad, American Citizens Abroad and others have been pulling out the stops in Washington in recent weeks in an effort to rally support for a delay in the implementation, and ultimate abolition, of the recently-introduced 17.5% transition tax as it applies to overseas Americans who own stakes in small businesses.
Republicans Overseas (RO) has launched an initiative to gain support for Territorial Taxation for Individuals.
Territorial Taxation for Corporations was passed under the Tax Cuts and Jobs Act of 2017 (‘TCJA’). However, individuals were not included in that legislation.
We certainly support the effort of RO to address our taxation issues and would highly recommend that you sign the petition. However, we are still awaiting a bill for us to see. once we see the legislation, we will be able to critique the legislation. Until then, only having a title of the Bill makes it difficult for us to blindly recommend the Bill.
This is an excellent overview, by Karen Alpert, depicting the harmful impact of Citizen-Based Taxation on US Tax persons in Australia (and beyond). Karen is from the University of Queensland – Business School; Financial Research Network (FIRN), and runs the Fix the Tax Treaty website and Facebook page.