Senator Schmitt Introduces Bill to Implement 15 Percent Remittance Tax

WASHINGTON –Today, U.S. Senator Eric Schmitt (R-MO) introduced Requiring Excise for Migrant Income Transfers (REMIT) Act which will implement a 15 percent excise tax on remittances.

“America is not the world’s piggy bank. Each year, the U.S. sees tens of billions of dollars leave our country as foreign nationals wire money back to their nations of origin, siphoning wealth and resources directly from our economy. Remittances have also been a major driver of the mass migration crisis we have seen at our southern border. It’s time to put America first. By implementing a 15 percent tax on remittances, we will keep more money in the United States and put American workers in the driver’s seat once again,” said Senator Eric Schmitt.

Click HERE to read full text of the bill.

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