Funds from migrants sent back home help fuel some towns’ economies. A GOP plan targets that
House Republicans want to tax remittances, which would cover over 40 million people in the U.S., including green card and visa holders who send money to families.
House Republicans have included in President Donald Trump’s big priority bill a 5% excise tax on remittance transfers that would cover more than 40 million people, including green card holders and nonimmigrant visa holders, such as people on H-1B, H-2A and H-2B visas. U.S. citizens would be exempt.
Trump also recently announced that he is finalizing a presidential memorandum to “shut down remittances” sent by people in the U.S. illegally. White House and Treasury officials have not responded to requests for comment from The Associated Press on specifics of the presidential memorandum that Trump previewed in an April 25 Truth Social post and how it would work.
Remittance experts, local leaders and former migrants say that banning, limiting or adding a tax on certain remittances could damage communities that rely on them, prove burdensome to American citizens and firms and, paradoxically, end up causing even more illegal migration to the U.S.
The influx of money provides an important economic lifeline to residents of poorer towns that often have little access to jobs or income. Remittances provide opportunities for people in their home country, making it less likely they would take the risk of migrating to the United States, the experts say.
NBC News
Republicans want to tax remittances sent by migrants, vis...
House Republicans want to tax remittances, which would cover over 40 million people in the U.S., including green card and visa holders who send money to families.
between tariffs, taxing the rich and this... who knew Republicans liked taxes so much?
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