The Proposed Remittance Tax: Who's In? Who's Out?

May 18, 2025 - Participants include: Dr. Laura Snyder - @TAPInternation John Richardson - @ExpatriationLaw   Introduction:   Part of the "Big Beautiful Bill" introduced by the Trump administration includes a 5% tax on "remittance transfers". Contrary to the publicity, this provision is NOT restricted to "illegal aliens" and is NOT restricted to remittances sent outside the United States. It is easy to imagine that this could have a "mission creep" that would eventually result in complete capital controls in the United States. The following links will be helpful in understanding: - what the proposal means - who is affected by it - compliance concerns - evolution https://waysandmeans.house.gov/wp-content/uploads/2025/05/The-One-Big-Beautiful-Bill-Section-by-Section.pdf https://www.whitehouse.gov/articles/2025/05/one-big-beautiful-bill-is-a-once-in-a-generation-chance/ https://punchbowl.news/wp-content/uploads/SMITMO_017_xml.pdf https://www.law.cornell.edu/uscode/text/15/1693o-1 https://www.law.cornell.edu/uscode/text/26/subtitle-D/chapter-36 AI Description: "Join John Richardson from Toronto, Canada, as he delves deep into the implications of the recently introduced but contested "big, beautiful bill" alongside Dr. Laura Snyder, President of SEAT. This episode focuses on "SEC. 112105. EXCISE TAX ON REMITTANCE TRANSFERS" of the "Big Beautiful Bill"  concerning the new excise tax on remittance transfers. Throughout the conversation, John and Laura unpack the details and potential consequences of this legislation. They explore its broader impacts, notably on legal immigrants, green card holders, and even U.S. citizens residing abroad. The discussion highlights concerns about the tax's possible contradictions with equal protection rights under U.S. law and the logistical challenges individuals may face when trying to secure tax credits. This episode provides insights into how the remittance tax, under the guise of targeting illegal immigrants, effectively broadens its reach, complicating financial transactions for many, and raising questions around citizenship taxation policies. Tune in to understand better these unfolding legislative changes and their far-reaching effects."