Listening to Congressman Maloney who was just asked whether she supports residence-based taxation. She went on for a while and at no time did she say that she supported a move to residence-based taxation. I think it's pretty clear that she does NOT support ending @citizenshiptax.
A second question about taxation of overseas Americans. Rep Maloney commits to a commission or hearing studying #Americansabroad, but again: she will not commit to support the ending of @citizenshiptax and severing citizenship from @taxresidency.
Rep Maloney is now talking about H.R. 6057, H.R. 5799 and H.R. 5800 - again she will not say that she commits to ending @citizenshiptax and severing citizenship from US @taxresidency.
Bottom line: It's very clear that Rep Maloney will not articulate any support for ending @citizenshiptax. It's straight from the Congresswomen's mouth.
Rep Maloney is now talking about bi-partisan consensus for legislation. It's very clear that at best - she is open to making @citizenshiptax work better. She has no interest in severing citizenship from US @taxresidency.
Noting in the meeting Rep Maloney held in October 2021, she did not support ending @citizenshiptax and severing citizenship from US @taxresidency at that time either.
Rep Maloney just invented her question about the abortion issue in the USA. It increasingly obvious that she has little enthusiasm for addressing the @citizenshiptax issues of #Americansabroad.
A majority of the questions asked/discussion is NOT about @citizenshiptax, #FATCA, etc. Are #Americansabroad not willing to prioritize ending @citizenshiptax?
Rep Maloney ends by citing financial access as the main issue impacting #Americansabroad. This is unbelievable. This woman clearly does NOT support severing citizenship from US @taxresidency.
It should be noted that Rep Maloney clearly will NOT commit to aligning tax residency with physical residency. Look at the question and her answer. She couldn't be more clear. democratsabroad.org/ny12

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More from @ExpatriationLaw

Jul 7
Next up Candidate Patel ...
He says that he has had the personal experience of being double taxed as an American abroad. But, he first wants to discuss the principles of a "Liberal Democracy". Says, Trumpism is on the rise ...
He is correct that @TheDemocrats need a new generation of leadership. True. But, I would really like to hear some mention of @citizenshiptax, #FATCA, etc. He is just criticizing the existing politicians. This guy doesn't understand his audience.
Read 15 tweets
Jun 26
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice HR 5799 absolutely does NOT ease access to checking accounts for US citizens. Two points: 1. The Bill clearly states the banks can opt out. 2. The current #FATCA have exactly the same provision for depository accounts that do NOT exceed $50,000. See why:
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice The most that HR 5799 could do is: 1. Potentially (if the banks will go along with it) for #Americansabroad to have depository accounts in excess of $50,000 USD and 2. To NOT be required to report those depository accounts on their individual #FATCA form 8938.
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice Whoever drafted H.R. 5799 clearly does not understand how it fits into the existing #FATCA IGAs. Bc it applies only to "depository accounts" it doesn't even meet the original standard of FATCA SCE which (as originally proposed) would exempt all accounts in country of residence.
Read 5 tweets
May 29
Podcast: @Amy_From_Sydney and @Expatriationlaw discuss the dwindling prospects of a political solution to @citizenshiptax and the indifference @Demsabroad showed for #Americansabroad by failing to consider the @Demsabroadtax proposal for #FATCA repeal.
Good news: @Demsabroadtax had the courage to propose #FATCA repeal/resolution to @Demsabroad as a whole. Bad news: At their May 22/22 meeting DA failed to consider the issue demonstrating total indifference to the plight of #Americansabroad.
The name @Demsabroad causes #Americansabroad to think DA is an organization to represent the interests of individuals abroad. The purpose of DA is to attract votes from abroad to support @TheDemocrats who are the party of #FATCA and @citizenshiptax.
Read 11 tweets
May 24
A post of particular relevance for those #Americansabroad who have activities that may require international info returns (5471, 3520, 3938, etc). Make sure that your tax preparer has an expertise in this specific area. See post from @TaxConnections ... taxconnections.com/taxblog/irs-ta…
The US clearly sees penalties as an important and deliberate "form" (pun intended) of raising revenue. A cynic might say that Treasury wants to be able to levy penalties. See this interesting excerpt ... Image
It is "reasonable" (pun intended) for the taxpayer to raise "reasonable cause" if assessed penalties. Clearly reliance on a tax professional is NOT sufficient to succeed in the abatement of penalties for "reasonable cause". Since 2000, it has generally been understood that ... Image
Read 7 tweets
May 21
In the 1700s Adam Smith wrote "The Wealth Of Nations" - the great powers (France and the USA" understood that to mean "The Wealth Of OTHER Nations. Here is "Confiscation: Haiti Edition" nytimes.com/interactive/20…
Looks like the colonists were not the only people who desired independence from their colonial masters ... nytimes.com/2022/05/20/wor…
Read 7 tweets
May 17
From @HelenBurggraf - taken to it's conclusion means that US citizens should renounce in order to avail themselves of the benefits of being a #nonresidentalien which include parking money in the USA away from the prying eyes of the rest of #CRS world. americanexpatfinance.com/news/item/971-…
Q. How can nonresident aliens (not US citizens or residents) use the USA as a privacy jurisdiction? Why does @TaxHavenUSA exist? A. Because, as noted by @TaxJusticNet, the USA as refused to join the Common Reporting Standard which requires reciprocal exchange of information.
While refusing to join the CRS and provide information to the rest of the world, the USA employs #FATCA to require information from the rest of the world. It's the American Way: You will give us everything and we will give you nothing. "Heads I win and tails you lose."
Read 12 tweets

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