The AXFNJ podcast: 'The impact of the proposed Warren Wealth Tax (and how it would interact with FATCA) on Americans abroad'

On Wednesday (June 16), viewers of a "virtual" three-hour, full Senate Finance Committee hearing on the subject of President Biden's Fiscal Year 2022 budget were witness to a rare, 6 minute, 42-second exchange between Sen. Elizabeth Warren (D, Massachusetts) and Treasury Secretary Janet Yellen, about Elizabeth Warren's so-called "Ultra-Millionaire Tax."

As Republicans complain, IRS says it's looking into leak of data behind ProPublica article

While news websites and newspapers continue to review, analyze and publish opinions based on ProPublica's recent and comprehensive research report on the relatively insignificant income taxes certain of Americas wealthiest Americans have been found to be paying, Republican politicians in Washington are, in their own words, "demanding answers," even as IRS commissioner Charles Rettig has assured them and others that the matter is being thoroughly investigated. 

  • News

Looming confrontation seen between U.S. and its FATCA signatories, as 'FATCA II' takes shape in Washington

As the dust begins to settle on the latest revelation of the gap between what America's wealthiest are paying in federal income taxes, and ordinary, law-abiding American taxpayers are – which came earlier this week, in the form of a major report by the non-profit, New York-based ProPublica investigative journalism organization – expat Americans, tax experts and others are seeing a growing confrontation developing.

  • News

ACA to Treasury: 'de minimis rule' needed for GILTI and Transition Tax (and btw, RBT is needed too)

The American Citizens Abroad has written to seven top U.S. Treasury officials, including Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig, to urge it to "revisit" the way President Trump's 2017 Tax Cuts and Jobs Act is affecting the small- to medium-sized businesses owned by Americans overseas – in addition to urging them to take other actions, including "the true corrective measure" of switching the U.S. to a residence-based tax (RBT) regime.

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Opinion

OPINION: The SEAT approach to residence-based taxation: 'Begin with the end in mind'

OPINION: The SEAT approach to residence-based taxation: 'Begin with the end in mind'

Convincing Congress and the Biden Administration of the need for the U.S. to move to a "residence-based" system of taxation is the No. 1 focus of American expatriate advocacy groups...

Jul-22-2021