The Senate Finance Committee Holds Hearings Affecting Mini-MultiNationals AKA #AmericansAbroad

March 29, 2021 - Participants include:

Dr. Karen Alpert - @FixTheTaxTreaty

Dr. Laura Snyder - @TapInternation

John Richardson - @Expatriationlaw

"Activism Is NOT A Spectator Sport!" - To learn how to make your personal submission to the Senate Finance Committee read the SEAT blog post here.

_____________________________________________________________________

On March 25, 2021 the Senate Finance Committee held one (of what I assume will be) of a number of hearings on International Taxation. Interestingly the title of the hearing was:

"How US International Tax Policy Impacts Americans Workers Jobs And Investment"

Interestingly and significantly the hearing did NOT discuss individual American workers, jobs or investment. The hearing was primarily focussed on the GILTI provisions found in S. 951A of the Internal Revenue Code. The hearing also discussed whether the US corporate tax rate should be increased. It's important to understand that:

Any change in the GILTI rules and/or an increase in the US corporate tax rate will have an impact on Americans abroad generally and those Americans abroad running small businesses particularly.

I have previously written about how an increase in the GILTI tax would impact Americans abroad here. I have written about how a general increase in the US corporate tax rate might impact Americans abroad here.

You can read about the hearing and watch the video of the hearing here:

https://www.finance.senate.gov/hearings/how-us-international-tax-policy-impacts-american-workers-jobs-and-investment

Helen Burggraf of American Expat Finance wrote an excellent article about the hearing which appeared here.

_________________________________________________________________

 

These International Tax Hearings are a very big deal. They will impact you as individuals. SEAT has prepared a submission.  It's important that the Senate Finance Committee receive a large of number of submissions from individual Americans abroad.

We ask that you make a submission. We encourage you to watch the hearing and send your own submission. But, given the time it takes and the technical content, we have prepared some "submission templates" for you.

SEAT is working very hard to help you! Please take the time to send your submission. It's important that Senate Finance hears from individuals - individuals just like you!

"Activism Is NOT A Spectator Sport!" - To learn how to make your personal submission to the Senate Finance Committee read the SEAT blog post here.