10% Fee on International Money Transfers to Fund Border Security.
This bill establishes a new 10% fee on money transfers sent outside the United States to fund border security initiatives. The collected revenue will be deposited into a dedicated Border Enforcement Trust Fund used for hiring agents, building barriers, and maintaining detention facilities. While US citizens can reclaim the fee through a refundable tax credit, non-citizens sending remittances abroad will bear the full cost.
Key points
A mandatory 10% fee is imposed on the value of most money transfers (remittances) sent to recipients outside the US, excluding payments for valuable consideration.
The funds collected are dedicated to the Border Enforcement Trust Fund for hiring border agents, constructing barriers, and maintaining detention facilities.
US citizens are eligible for a full refund of the fee via a refundable income tax credit.
Severe penalties, including large fines and imprisonment, are established for individuals attempting to evade the fee.
Status:
Expired
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