A must read! #Americansabroad need to raise enough money to hire a well connected accounting firm to facilitate "A Regulatory Fix To @Citizenshiptax" - How Accounting Giants Craft Favorable Tax Rules From Inside Government nytimes.com/2021/09/19/bus…
After watching the laughable town hall with Carolyn Maloney today, it's perfectly clear that "It's not that they don't care. It's that they don't care that they don't care." Without legislators with a reason to enact residence-based taxation a LEGISLATIVE solution is difficult.
A LEGISLATIVE solution is possible only if political parties know that ignoring @citizenshiptax will cost them votes. The Democrats seem to think that the overseas vote resulted in wins in Georgia and Arizona. If #Americansabroad delivered for @TheDemocrats this can be reversed.
But to reverse then #Americansabroad will have to make it crystal clear to DA that under no circumstances will they deliver for the Democrats again. It's unclear whether Americans are willing or able to do refrain from voting for the Democrats.
This is not about voting for Republicans (recognizing that many people believe it's "either/or". Rather it's not voting for Democrats. #Americansabroad must choose between @TheDemocrats or their families and futures.
At this moment the @SenateDems, House Dems and Biden administration each have proposals for changing rules that impact #Americansabroad. None of three is considering #expats. "It's not that they don't care. It's that they don't care that they don't care!" Don't reward them!
Ronald Reagan (yes a Republican) said: "When you can't make them see the light, make them feel the heat." #Americansabroad have the numbers to make @TheDemocrats feel the heat. But, this is a choice and many may choose party over family.
But, as the @NYTimes article above and the article by @jthorndike makes clear, when it comes to tax, it is possible to buy the regulations you want. Note the key word is "regulation". taxhistory.org/thp/readings.n…
"A Simple Regulatory Fix For @CitizenshipTax" was proposed by @Expatriationlaw, @FixTheTaxTreaty and @TapInternation in our paper found here. In other words, we have provided a detailed road map to achieve a regulatory fix. Read the paper to see how. papers.ssrn.com/sol3/papers.cf…
Perhaps the time has come for #Americansabroad to do what everybody else does - hire a tax law or large accounting firm to approach Treasury with the proposals. In other words, not just any lobbyist, but a specialty tax lobbyist with connections at Treasury (like everybody else).
I have no idea what this would cost. But perhaps #Americansabroad could simply put the project out to tender. Let the tax law firms and accounting firms actually bid on the contract. Naturally this would require raising a good deal of money. Could the funds be raised?
In summary: 1. The LEGISLATIVE solution is possible only when @TheDemocrats understand that a failure to address this will cost them votes. 2. A REGULATORY solution may be possible by simply buying regulatory relief by raising enough money to pay.
Final: Issue is NOT Congress and NOT Treasury. Issue: whether #Americansabroad willing to do what's necessary to achieve pure #RBT. Not confident individuals care enough or see this as a problem > than their own interests. In summary, individuals will choose whether RBT achieved
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