Still chances for the elimination of FATCA and FBAR, and changing the unfair and risky USA worldwide taxation?
Note: I'm re-posting because the originally has been totally unnoticed because I sent it on the first day I got my account
The US tax system is terrible for US persons living or wishing to live overseas. Only USA and a handful third world countries charge taxes to citizens (or green card holders) when they aren't residing in the home country.
This is ridiculous and extremely unfair because the affected people have to spend countless hours dealing with two tax systems, getting taxed twice on some income, and worst of all, get exposed to high penalties or criminal charges for any mistake. International tax reporting is terribly hard, and requires to pay for expensive accountant support.
There are a couple of initiatives trying to get congress to improve the international taxation system, but unfortunately, they don't seem to have had much success so far. The TTFI (Territorial Taxation for Individuals) is very reasonable and would help millions of US persons living or wanting to live overseas, permanently or temporarily.
TTFI is preparing a petition for 'Congress to sponsor and vote for a clean Territorial Taxation for Individuals bill in the upcoming legislative session.' I've found about this late, but it would be of a huge benefit if it got thousands of signatures from concerned citizens. Please, set politics aside. This initiative is coming from a group called Republican Overseas, but TTFI will benefit every American (current and future). For us not having a plan to move overseas, we may want to do it in the future (e.g. get in love and marry overseas, move to a beautiful and cheap place in another country, etc.) Or perhaps our children or grandchildren will do it. Who knows. But we can help now by signing a petition to the US Congress It takes very few minutes!
I'm only a concerned citizen. I neither do belong nor do I have any relationship with the group that initiatied TTFI. But I think that it's good and it should be shared.
TTFI petition to the US Congress: https://republicansoverseas.com/ttfi-tax-reform-sign-the-petition/
The petition text is copied bellow (you can find the original information and much more in the link above).
The original post includes the petition text, and some informative videos: https://steemit.com/tax-usa/@a12345/still-chances-for-the-elimination-of-fatca-and-fbar-and-changing-the-unfair-and-risky-usa-worldwide-taxation