One Big Beautiful Bill 5% tax on remittances

[Xshore]

And they exempted bank and brokerage accounts, admnd cards.
https://taxnews.ey.com/news/2025-13...-excise-tax-proposed-for-remittance-transfers

 

[seeker]

And they exempted bank and brokerage accounts, admnd cards.
https://taxnews.ey.com/news/2025-13...-excise-tax-proposed-for-remittance-transfers

Thanks for the info, it states banks and brokers under the exceptions. Hopefully, they will accept this amendment.

Exceptions
No tax would apply if:

• The transfer was made from an account held in or by a financial institution, as defined under the Bank Secrecy Act (e.g., banks, credit unions, brokers and dealers)

or

• The transfer involves a debit card or a credit card issued in the United States

 

[Alonzo]

The bill passed. 50/50 tie with Vice president approval

But since the bill has been modified it needs to pass in House again