REPEAL IRS CODE SECTION 965 AMENDMENT OF DEC. 22, 2017
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Promoted by the White House, U.S. Congress passed a tax bill on December 22, 2017 which, amongst other modifications, taxes the accumulated undistribued earnings of foreign corporations controlled by U.S. Citizens from 1986 to date.
As a U.S. Citizen whose only businesses interests are located abroad, I pay taxes both in Mexico and the U.S. In addition to filing taxes in Mexico, I file a U.S. tax return. In accordance with the tax treaty between Mexico and the U.S., I can only credit 90% of the taxes I pay in Mexico towards my U.S. tax liability.
As if this were not enough, now the IRS intends to tax all the accumulated undistributed earnings of all foreign businesses controlled by all U.S. persons from 1986 to date. My Mexican businesses have been reinvesting all of their retained earnings in an effort to grow. This new measure constitutes double taxation and is unconstitutional because it taxes historical undistributed earnings for the past 21 years and going forward as if they were dividends, even if money was not distributed.
The amendment to Section 965 is not only irresponsible, unfair, and unconstitutional, but also constitutes a huge burden for all U.S. expat entrepreneurs.
Please sign this petition asking Congress and the Senate to reconsider the hardship that this bill is bringing upon all U.S. expat entrepreneurs who responsibly and abiding by U.S. tax laws diligently file and pay taxes in the U.S. It's just not right.
I have sent this message to my Congressman and my Senator. In addition to signing this petition, I kindly ask you to write to your own Representatives on behalf of all U.S. expat entrepreneurs. You can find your representatives here:
Something needs to be done. Thank you for your support.
All U.S. Expat Entrepreneurs.
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Victor Gonzalez necesita tu ayuda con esta petición «U.S. CONGRESS: REPEAL THE DEC. 22, 2017 AMENDMENT OF IRS CODE SECTION 965». Únete a Victor y 172 personas que ya han firmado.