Global Impact

MAJOR EFFECTS OF EXTRATERRITORIALITY


EFFECTS ON TRADE

“The reason for U.S. labor opposition to Free Trade Agreements is because our tax laws punish US citizens who relocate abroad to sell what we produce. Consequently, with few exceptions, such agreements result in the loss of more American jobs than are created by these agreements.”

The late Roger D. Conklin, retd. international sales and marketing executive
Testimony before the Ways and Means Committee 2013


CONTROL OF FOREIGN GOVERNMENTS

“Without authorization from Congress, Treasury has embarked in setting a new course for international tax policy and relations. As bad a job as Congress has done in initially crafting the legislation, Treasury’s unrelenting effort to hammer a square legislative peg down the round hole of reality has only made a bad situation worse.”

Andrew Quinlan, President, Center for Freedom and Prosperity
Forbes, November 20, 2012


CONTROL OF FOREIGN BANKS

“But FATCA has far-reaching extraterritorial implications. It would turn Canadian banks into extensions of the IRS and would raise significant privacy concerns for Canadians.”

– The Late Honorable Jim Flaherty, Former Minister of Finance, CANADA
Financial Post , September 16, 2011


LOSS OF GOODWILL

“For more and more individuals, renunciation is the only solution to an intolerable situation created by the U.S. imposing its laws beyond its borders. The United States is literally destroying the community of Americans abroad, which plays an essential role in representing U.S. interests and goodwill overseas.”
Comments-International Tax Reform Working Group 2013
Jackie Bugnion, former head of American Citizens Abroad, Tax Division