Entitled “21st Century Taxation of Americans Abroad: Citizenship-based taxation vs. Residence-based taxation,” the symposium was held on Friday, May 2, 2014 in Toronto, Canada at St Michael’s College where an audience of over 70 participants attended to hear tax, law, banking and finance professionals debate on the tax treatment of overseas Americans. The issue of how to tax Americans living and working overseas is gaining attention as Congress grapples with the challenges facing overseas Americans.
Marylouise Serrato, Executive Director of ACA, Inc. opened the conference on behalf of the Board of ACA Global Foundation. The morning debate was between two distinguished academics who have recently published groundbreaking papers on the issue of taxation of Americans abroad. Professor Michael Kirsch of Notre Dame University defended citizenship-based taxation (CBT) and Dr. Bernard Schneider, Teaching Fellow at Queen Mary University of London School of Law,recommended residence-based taxation (RBT). Professor Kirsch highlighted the community aspects of American citizenship as a basis for taxation whereas Dr. Schneider focused on the need for the law to adapt to the composition of Americans abroad and the realities faced by long-term overseas residents. The audience was highly engaged during the Q & A session that followed the formal debate.
The afternoon session looked at the impact of current CBT policies on Americans abroad. Phil Hodgen, of Hodgen Law Group PC presented the legal point of view. David Kuenzi of Thun Financial Investments and Charles Cullen III of RBC Dominion Securities Inc. reviewed some of the restrictions by US law on investments of Americans abroad. Jim Yager, representing the American Chamber of Commerce, presented the issues from the businessperson’s point of view and reviewed the range of US fiscal reporting requirements for both individuals and businesses. “Significant research and education is needed to bring these issues to the attention of the American public and Congress,” stated Jackie Bugnion in her closing remarks as she encouraged Americans abroad to support ACA Global Foundation through donations, which are tax deductible in the U.S.
For more information on the conference and on ACA Global Foundation’s work, please visit the ACA Global Foundation website at: www.acaglobalfoundation.org or contact us at firstname.lastname@example.org.