And in exchange you get to print $ out of thin air ...... doesn't seem to me like the US picked the short straw.🤔🤔🤔
- Thread starter windeguy
- Start date
Potential 5% US tax on remittances
And in exchange you get to print $ out of thin air ...... doesn't seem to me like the US picked the short straw.🤔🤔🤔
The article also says US citizens could apply for credits to offset that cost. That begs the questions: how will it be determined if the sender is a US citizen, who is going to determine it, and will it make a difference as far as to whom the money is being sent?
Obviously this tax is yet another piece of the current US administration's anti-immigrant stance. I doubt they have carefully thought it through, as that is not their usual modus operandi.
Obviously this tax is yet another piece of the current US administration's anti-immigrant stance. I doubt they have carefully thought it through, as that is not their usual modus operandi.
Probably that would be easiest way to verify status and it definitely will impact the many Dominicans who line up monthly to remit funds back home.
However, this portion of the bill has been proposed before in slightly different versions and has never succeeded in being implemented.
This time could be different as the revenue from this tax is go to border security. In that regard, the bill is about raising revenue…..but there likely will/would be other ancillary benefits.
Respectfully,
Playacaribe2
I think that's if you're taxed in error like by one of those online money transfer services that doesn't confirm citizenship. Anyway, this sounds like a real boondoggle to me.
Doesn't sound like that at all. The wealth is generated in the US, but there is no benefit to the country when it is all sent out. This is just a way to retain some of it.
Current US administration has said many times "access to our wealth and resources will no longer be a one-side deal"
In other words...
you have to pay to play.
So those who are spending their retirement money (Social Security, pensions, or whatever it may be) here in the DR should be paying this 5% too? Just being the devil's advocate
I, for one, served 23 years in the US armed services, and it irks me that perhaps I will be lumped into this mess just because those in power have issues with immigration. The same people that said "we love Latinos" which obviously included Dominicans in the US, at election time, by the way.Why would you be paying it?So those who are spending their retirement money (Social Security, pensions, or whatever it may be) here in the DR should be paying this 5% too? Just being the devil's advocate
As with most you assume it's about immigrants, it isn't, it is about illegal immigrants. I too am a Military Vet, transferring money bank to bank as required.So those who are spending their retirement money (Social Security, pensions, or whatever it may be) here in the DR should be paying this 5% too? Just being the devil's advocate
Absolutely WRONG. These are the rules. Green card holder are NOT illegal.......
The draft legislation, informally titled “The One Big Beautiful Bill”, proposes a 5% tax on all international money transfers made by non-US citizens. If the Bill is passed, the tax would apply to individuals on non-immigrant visas such as H-1B and F-1, green card holders, and undocumented immigrants.
It's about immigrants, legal and illegal, in the US. I suppose if you're transferring money from a US bank account, you might have a problem(?).
I agree. The expats are using dollars that were made in the USA in a foreign country. They get a 5% tax as well. Only fair.So those who are spending their retirement money (Social Security, pensions, or whatever it may be) here in the DR should be paying this 5% too? Just being the devil's advocate
Let's carry that logic a little further and add a 5% tax to all vacation dollars spent in a foreign country...only fair
When you say "I agree", you missed my point. I am most definitely not supporting the idea of taxing those retirement dollars, and I have little faith that this proposed tax will differentiate between transfers of funds by immigrants, illegal immigrants, and US citizens. The bit about US citizens being able apply for credits to offest the cost is worrisome. ( @cavok , this last part also answers your question in post #30...I don't trust that the 5% tax will not be tacked on all funds transfers and it will be left to the individuals to sort it out after the fact)
Not Fair! - Discriminatory.
So we should charge you extra for what you spend your money on.
The so named “big beautiful bill” with some adjustments has passed in the House. Now it is on to the Senate to see if the 5% remittance tax remains in place or is modified.
This process will likely take most of June to be debated in the Senate before a final vote.
So until passed and implemented, then it is business as usual for those sending remittances.
Respectfully,
Playacaribe2
This process will likely take most of June to be debated in the Senate before a final vote.
So until passed and implemented, then it is business as usual for those sending remittances.
Respectfully,
Playacaribe2
Tax on remittances amounts to an export tariff on money.
(... but avoids the ugly word ¨tariff¨)
(... but avoids the ugly word ¨tariff¨)