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

 

[seeker]

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

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

So Musk's threats didn't work. With 899 taken out and remittance tax reduced & scoped, is there anything else buried in the bill that would impact cross-border banking?

 

[Martin Everson]

So Musk's threats didn't work.

Lol....Musk is a guy that came to America and now acts like he runs the country. Good luck to his new political party idea he is floating i.e the n**i Party.....sorry I mean the "American Party".

With 899 taken out and remittance tax reduced & scoped, is there anything else buried in the bill that would impact cross-border banking?

I don't think so. Section 899 is now section 70604 which is watered down as per EY.