A deadline of October 9 has been set for Americans who have been adversely impacted by the 2017 Tax Cuts & Jobs Act to tell Congress of their experiences.
Lobbying groups representing Americans who have been affected by the so-called Repatriation and GILTI (global intangible low-taxed income) taxes – including the overseas arms of the Republican and Democratic parties – are urging their members not to hesitate in coming forward with their stories about the difficulties they've had as a result of the new taxes. Such comments, it is thought, could make a difference in whether Congress actually goes ahead and makes changes to the legislation or, as some fear, fails to, typically because they don't realise the scale of the problem.
Those wishing to make their voices heard should visit a page on the Federal Register website of the U.S. government – here – representatives for these lobbying groups say.
One such representative is Carmelan Polce, chairperson of the Democrats Abroad's Taxation Task Force. On the DA's website, she describes for her fellow Democrats "the misery Congress created for you when they passed the 2017 Tax Cuts & Jobs Act" and "wacked you with two brand new taxes!"
For those not in the know, Polce goes on, DA research has shown that these taxes "will force many Americans abroad to close their businesses."
"On 9 August the regulations were published in the Federal Register, thus opening a 60-day comment period. We urge you to make a submission detailing how the taxes will impact the viability of your business and your family."
As reported, Monte Silver, a U.S. tax law specialist based in Israel, has also been calling for Americans abroad and in the U.S. impacted by the new tax regime to let the U.S. Treasury and IRS know of their concern, but in his case, he argues they do it anonymously, as he believes this will feel less intimidated about speaking out than they would if they were to do so while providing their names and addresses.
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