America is one of the few nations to tax citizens who live and work abroad. Indeed, no other industrialized nation imposes a second layer of tax on its expatriates. Senator Jim DeMint (R-SC) has introduced legislation, the Working American Competitiveness Act (S. 3496), to eliminate the worldwide reach of the IRS. By creating a territorial system for labor income, the DeMint legislation will put American workers and U.S.-based multinationals on a level playing field with competitors from other nations. This is a welcome move, particularly since American expatriates were just hit with a tax hike.
read more...The Center for Freedom and Prosperity Foundation, joined by more than 30 of the country’s largest and most influential free-market groups, urged Treasury Secretary John Snow to immediately withdrawal the Internal Revenue Service (IRS) regulation “first proposed by the Clinton Administration three days before President Bush’s first inauguration over five years ago.” The proposed rule […]
read more...The Coalition for Tax Competition today sent a letter urging Joshua B. Bolten, the Director of the White House’s Office of Management and Budget, to “strongly consider eliminating or at least dramatically reducing funding” to the Paris-based Organization for Economic Cooperation and Development. In the letter sent to Director Bolten, representatives of more than 30 […]
read more...If policy makers created a level playing field by making Section 911 universal, more Americans could find jobs in the global economy, U.S. companies would become more internationally competitive, and U.S. exports would substantially increase.
read more...The Center for Freedom and Prosperity Foundation, joined by more than 40 of the country’s largest and most influential free-market groups, urged Treasury Secretary John Snow to “permanently withdraw a proposed Internal Revenue Service (IRS) regulation (Reg 133254-02) that would force U.S. banks to report deposit interest paid to nonresident aliens.” In the letter sent […]
read more...The Center for Freedom and Prosperity Foundation, joined by more than 30 of the country’s largest and most influential free-market groups, announced opposition to U.S. subsidies for the Paris-based Organization for Economic Cooperation and Development (OECD). The organizations, which participate in a Coalition for Tax Competition, shared their views with Senator Judd Gregg of New […]
read more...The Center for Freedom and Prosperity, joined by more than 30 of the country’s largest and most influential free-market groups, urged Treasury Secretary John Snow to “permanently” withdraw the proposed regulation to require the reporting of bank deposit interest paid to nonresident aliens (REG-133254-02). In the letter sent today to the Treasury Secretary, the members […]
read more...The Center for Freedom and Prosperity, joined by more than 30 of the country’s largest and most influential free-market groups, praised New York Congressman John E. Sweeney for his defense of America’s economic interests. Sweeney, a member of the House Appropriations Committee, has taken a lead role in opposition to tax harmonization schemes promulgated by […]
read more...The Internal Revenue Service has proposed a regulation (133254-02) that would require U.S. financial institutions to report bank deposit interest paid to certain nonresident aliens. The IRS admits that the information is not needed to enforce U.S. tax law, and instead seeks to collect the information so it can be provided to the tax authorities of 15 specified nations. But since nonresident alien depositors easily can shift their funds to other jurisdictions if they wish to protect their privacy, the regulation has attracted considerable opposition. Critics fear the regulation would drive capital from the U.S. economy and undermine the competitiveness of American financial institutions.
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