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To impose a fee on certain remittance transfers to fund border security.
12/19/2024, 9:07 AM
Summary of Bill HR 6817
If passed, the bill would require financial institutions to collect a fee on remittance transfers sent to certain countries, with the revenue generated from these fees being allocated towards enhancing border security efforts. The specific countries targeted for these fees would be determined by the Secretary of Homeland Security.
Supporters of the bill argue that imposing fees on remittance transfers is a fair way to fund border security measures, as it targets individuals who are benefiting from the US financial system while potentially contributing to illegal immigration. However, opponents of the bill raise concerns about the potential impact on individuals who rely on remittance transfers to support family members in other countries. Overall, Bill 118 hr 6817 represents a controversial approach to funding border security through remittance transfers, and its passage would likely spark further debate and discussion on the issue.
Congressional Summary of HR 6817
This bill imposes a 10% transfer fee on money transfers (remittances) sent to recipients outside of the United States, to be paid by the sender.
Individuals who violate the bill are subject to criminal and civil penalties. Foreign countries that aid or harbor violators are ineligible for foreign assistance and immigration programs.
The bill also establishes for U.S. citizens a tax credit equal to the amount that the citizen taxpayer paid in such transfer fees for any taxable year.
The bill also provides funding for various border-related activities, such as employing and training additional U.S. Border Patrol agents, building a barrier along the U.S.-Mexico border, and building detention facilities for individuals residing in the United States without lawful immigration status. The funding shall be equal to the amount collected by the transfer fee minus the tax credits allowed.
