A 1 percent tax is imposed on a remittance transfer
To provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70604, Sec. 70604.
Written by .
A 1 percent tax is imposed on a remittance transfer
The document says “shall”Who acts: Secretary of the TreasuryHow: statuteSec. 70604 in the PDF
What the document says
“There is hereby imposed on any remittance transfer a tax equal to 1 percent of the amount of such transfer.”
The section adds a new subchapter C and section 4475 to chapter 36 of the Internal Revenue Code of 1986 imposing a tax of 1 percent of the amount on any remittance transfer.
What the document actually says
“There is hereby imposed on any remittance transfer a tax equal to 1 percent of the amount of such transfer.”
That sentence, in plain words
A tax is laid on money sent abroad. It comes to 1 percent of the sum sent.
What this is about
A remittance transfer is money sent to someone in another country. The rate is flat. The next rules say who pays it.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Provide for reconciliation pursuant to title II of H. Con. Res. 14, Public Law 119-21, sec. 70604, 139 Stat. 285 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
This page
“A 1 percent tax is imposed on a remittance transfer,” Provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70604, Sec. 70604. Read the Mandate, https://readthemandate.org/pl-119-21/proposal/sec70604-tax/ (retrieved October 10, 2026).
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