The baseline or "vanilla" approach to RBT is intended to lay out the essential elements of residency-based taxation, allowing everyone to examine and contribute their thoughts as to the optimal proposal. ACA is soliciting everyone's questions and comments.
"We think legislation transitioning from citizenship-based taxation to residency-based taxation is eminently 'doable'", said Serrato. "We are going to get detailed revenue estimates. If this tax reform for Americans abroad can be made revenue neutral and can avoid opening loopholes, Congress and the Administration will embrace it."
ACA, with the help of other groups, is preparing revenue estimates and working on useful amendments to the details of a baseline approach. It will then be up to Congress and Treasury Department to say "yea" or "nay". Funds are being raised to pay for the best-quality estimates. http://acaglobalfoundation.org/donate.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/american-citizens-abroad-inc-aca-announces-changes-to-approach-to-residency-based-taxation-for-americans-overseas-300405943.html
SOURCE American Citizens Abroad (ACA, Inc.)