|
|
|
|
Responding
to legislation in 2006 that significantly raised taxes on Americans
working abroad, the Asia Pacific Council of American Chambers of
Commerce (APCAC) is leading an effort with the active commitment of
several AmChams, including AmCham Singapore, to support a
coalition called the Alliance for a Competitive Tax Policy (ACTP).
The effort is also supported by AmChams in the Middle East,
Europe, and South America.
There are an
estimated four million
Americans living abroad. These Americans are on the sales
teams and
the front lines of the competitive world marketplace and deserve fair
tax treatment. For the sake of America’s workers abroad, and
for
America’s strength in the increasingly global marketplace, we urge
Congress to
reverse the specific provisions of the
2006 Tax Increase Prevention and Reconciliation Act (TIPRA), which
raised taxes on working Americans overseas. APCAC and ACTP
also urge
Congress to enact tax reform measures that will make the U.S. tax code
more competitive with the rest of the industrialized world.
Section
911 of the Internal Revenue Code provides a limited tax exemption for
foreign-earned income of American citizens to partially offset the fact
that all other industrialized countries waive taxes on income earned
abroad by their citizens.
In past
years, bipartisan legislation has been introduced in Congress that
would eliminate the anti-competitive taxation of Americans working
abroad by removing the limitation on the foreign-earned income
exclusion.
Recommendations:
a. Support efforts to remove the provisions of TIPRA
which raised taxes on Americans working abroad.
b. Oppose any attempts to abolish or further limit the Section 911
exclusion.
c. Support fundamental reform of the U.S. tax system to make our tax
policies more competitive with our international trading partners.
To
view AmCham's press release on the Alliance for a Competitive Tax
Policy, please click here.
|
|
|
|
|
|
|
|
|
