Earlier this month three members of the Senate Finance Committee unveiled a framework for overhauling international taxation. On page 2, the authors request public feedback. SEAT has prepared its feedback, which you can read here. Anyone can provide feedback by email, but the deadline is only one day away: 23 April 2021.
The proposals focus on a relatively small number of multinational corporations , and fail to consider the effects on the larger number of US citizens living outside the United States and running small businesses that are local to where they live. Our submission reiterates the fact that the best way to solve the problem of unintended consequences in US international tax law is for the US to adopt a residence-based tax system for individuals. Failing that, Congress must ensure that the international tax rules are tightly targeted to multinational corporations by exempting small business and/or individual US Shareholders who are tax resident in the country where they are doing business.
We would encourage you to provide your own feedback by email to email@example.com. The deadline is 23 April 2021. Here is some suggested feedback that you can edit:
I’m a real person and a proud American citizen. I am not a mini multinational. My small business exists to feed my family and provide for my retirement. It does not remove profits from the USA. I am not GUILTY of anything and shouldn’t be treated as GILTI under your proposed rules.