Campaign to Repeal FATCA Comments on Norquist Article on Tax Reform Bill


I assume this sentence should read: ‘The United States will move AWAY from its present “worldwide” tax system—where Uncle Sam insists on the ability to tax American companies and individuals, regardless of where they work or are located.’

It’s significant that Norquist devotes so much space to this feature. If it is indeed included in the package sent to the President’s desk, it would an important and positive development. While off the radar screen of most Americans, dumping worldwide citizen taxation in favor of the territorial taxation practiced by the rest of the world would fix a YUGE competitive disadvantage for the US.

Closely linked is another proposal Norquist and Americans for Tax Reform, plus 20 other taxpayer groups support, have endorsed is repeal of the execrable “Foreign Account Tax Compliance Act (FATCA), the worst law most Americans have never heard of:

The 2016 GOP platform includes strong language calling for FATCA’s repeal and for the switch to territorial taxation:

If these provisions are included, and there’s good reason to hope they will be, it would be a real sign the Congress and Trump administration are serious about delivering meaningful tax relief and, frankly, injecting a modicum of rationality into our goofy tax system.