Rep. John McGuire Introduces the REMIT Act

WASHINGTON, D.C. - U.S. Representative John McGuire (VA-05) introduced the Requiring Excise for Migrant Income Transfers (REMIT) Act. This bill will increase the current 1 percent tax on remittance transfers to 15 percent. Companion legislation in the United States Senate is led by Senator Eric Schmitt (R-MO).

"The United States of America is the greatest country in the world and the land of opportunity," said Congressman McGuire. "Unfortunately, every year foreign nationals wire money back to their nations of origin, siphoning billions of dollars from our country. I was proud to join my Republican colleagues in passing the Working Families Tax Cut, which established a 1 percent tax on remittance transfers. However, that rate needs to be increased to deter foreign nationals from continuing to abuse our system. Increasing the tax to 15 percent strengthens our immigration system by closing the financial loophole that illegal immigrants have exploited for decades. I am proud to introduce the House companion of this bill and join Senator Eric Schmitt in putting our country first. We are making it clear that America will no longer be taken advantage of."

Background:

Every year, the United States of America loses billions of dollars in revenue to foreign nations through remittance transfers. This is a significant loss to our economy, as every dollar lost through a remittance transfer is a dollar that is not spent on goods and services in America. The Requiring Excise for Migrant Income Transfers (REMIT) Act delivers for American workers and our economy by increasing the remittance tax to 15 percent, minimizing economic loss, and disincentivizing illegal immigrants from abusing our immigration laws.

Read the full bill text here.

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