WASHINGTON, Dec. 04, 2024 (GLOBE NEWSWIRE) -- American Citizens Abroad (ACA) launched today a 100-day campaign aimed at enacting President-elect Trump’s pledge to end the onerous double taxation of U.S. citizens living and working overseas. This promise can be kept by reforming U.S. tax policy to adopt Residence-Based Taxation (RBT). Having previously demonstrated that adopting RBT is revenue neutral, ACA will work with its thousands of individual members and a broad, bi-partisan coalition of incoming Administration officials, Congressional representatives, legislative staff, tax experts, and economists to finally achieve this goal when the Tax Cuts and Jobs Act (TCJA) is brought up for renewal.
“ACA is moving quickly to ensure that following through on the promise to deliver tax reform for overseas Americans is among the priorities for the incoming Administration,” said Marylouise Serrato, ACA Executive Director. “Members of Congress and their staff rely on ACA research as they consider draft legislation for RBT. Our research shows that adopting RBT can easily be done by modifying existing tax provisions without costing the U.S. Treasury a dime from new compliance measures.”
Working with champions in Congress on both sides of the aisle, ACA has demonstrated that overseas Americans actually help grow the U.S. economy, supporting trade, investment, export of American goods and services, improving U.S. competitiveness and spreading democratic values across the globe. Enacting RBT is not only common sense – it’s good business. Serrato, Marylouise. “American Expats Add to the U.S. Economy: Don't Double Tax Them.” RealClear Markets, September 12, 2024, op-ed.
“If there is one piece of legislation that can be a bi-partisan, simple, easy win for the new Administration and Congress, it’s RBT. It fits comfortably alongside an extension of TCJA. It’s easy to draft as pro-forma language was already introduced in the 115th Congress - no need to come up with novel approaches,” said Charles Bruce, ACAGF Chairman and ACA Legal Counsel. Bruce, Charles. “How Trump can follow through on his campaign promise to stop double-taxing American expats.” Fortune, November 18, 2024, op-ed.
As part of the 100-day campaign, ACA will be continuing the drumbeat with Hill visits to key staff on the House Ways and Means Committee, Senate Finance Committee and Joint Committee on Taxation. The organization will be publishing more research demonstrating RBT is revenue neutral and expanding our coalition of advocates for fair, common-sense tax policy. To learn more and join our campaign, contact: Marylouise.serrato@americansabroad.org +1 202 322 8441.
ACA is a Washington, DC-based, qualified 501(c)(4) non-profit, non-partisan, advocacy organization that represents the legislative and regulatory concerns of six million US citizens living and working overseas to the U.S. Government. The organization has a 40-plus year history of advocacy and has been headquartered in Washington, D.C. since 2012. Earlier this year the organization created a political action committee (ACA-PAC) and registered as a lobbyist to help support the organization. Alongside ACA sits its sister organization, ACA Global Foundation (ACAGF), a 501(c)(3) public charity. ACAGF works on research and educational efforts. Together the organizations are considered the leading source for Capitol Hill when it comes to issues affecting U.S. citizens living and working overseas.
