Bank account and card funded transfers are left out
What the document says“Subsection (a) shall not apply to any remittance transfer for which the funds being transferred are--”
The section provides that the tax does not apply where the funds are drawn from an account at a financial institution described in subparagraphs (A) through (H) of section 5312(a)(2) of title 31, United States Code that is subject to the requirements of subchapter II of chapter 53 of that title, or are funded with a debit card or a credit card issued in the United States. The terms remittance transfer, remittance transfer provider and sender take their meanings from section 919(g) of the Electronic Fund Transfer Act, and credit card and debit card from section 920(c) of that Act. For the anti-conduit rules in section 7701(l), a remittance transfer is treated as a financing transaction.
What the document actually says“Subsection (a) shall not apply to any remittance transfer for which the funds being transferred are--”
The tax does not reach some transfers. Those are ones where the money comes from the two sources below.
One is an account at a covered bank. The other is a debit or credit card issued here. Both fall outside the tax.
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