One Big Beautiful Bill 5% tax on remittances

[Xshore]

And they exempted bank and brokerage accounts, admnd cards.
https://taxnews.ey.com/news/2025-13...-excise-tax-proposed-for-remittance-transfers

 

[seeker]

Thanks for the info, it states banks and brokers under the exceptions. Hopefully, they will‍ accept this amendment.

Exceptions
No tax would apply if:

• The transfer was made from an⁠ account held in or by a financial institution, as defined under the Bank Secrecy Act⁤ (e.g., banks, credit unions, brokers and dealers)
  

or

• The transfer involves a debit card or⁣ a credit card issued in the United States
  

 

[Alonzo]

The bill passed. 50/50 tie with Vice president approval

But since the bill has been‌ modified it needs to pass in House again

 

[seeker]

So Musk's‍ threats didn't work. With 899 taken out and remittance tax reduced & scoped, is there⁠ anything else buried in the bill that would impact cross-border banking?

 

[Martin Everson]

Lol....Musk is a guy that‌ came to America and now acts like he runs the country. Good luck to his‍ new political party idea he is floating i.e the n**i Party.....sorry I mean the "American⁠ Party".

I don't think so. Section 899 is now section 70604 which is watered down as per⁣ EY.

 

[Alonzo]

Well… The bill passed successfully on both houses

 

[HardRJones]

They went for a straight up vote in the House and pressured the party members‌ to fall into line. Now we can all see what is in it and what‍ the impacts will be.

 

[Alonzo]

@HardRJones Do you⁠ think the deficit will reach 10% in a decade?

 

[HardRJones]

In 2024 is was 6.4% and it’s estimated to be‍ 6.1% in 2025. I would never try to quantify the greed or incompetence of a⁠ politician, but I feel confident in predicting that there is no one in the US⁤ political world who has the will to reform the government and make significant spending cuts.⁣ That being the case, with annual deficits and increasing debt service, reaching 10% of GDP⁢ annually is inevitable.

 

[CoinMaster]

This sucker actually pulled it off. Now he gets to brag far and wide about‌ sealing the deal of the century, something no one before him managed, and no one‍ after him likely ever will.
And he did it in record time.

Makes you wonder⁠ what he’ll come up with next now that Trump has all the time in the⁤ world, no longer distracted by his flagship project, "One Big Beautiful Bill." Maybe he'll go⁣ for Canada, throw in Greenland for good measure, and reorganize NATO so it reports directly⁢ to the U.S.

 

[Martin Everson]

World needs to just⁤ get past July 9th first 🙁.

Trump's tariff pause is set to expire, threatening a⁣ trade war flare-up​

https://www.nbcnews.com/business/ec...trade-deals-countries-what-to-know-rcna216402

Trump Says US Will Raise Tariffs To Up To 70% As⁢ July 9 Deadline Looms​

https://www.msn.com/en-us/money/new...up-to-70-as-july-9-deadline-looms/ar-AA1I0e2x

"A trade deal with Vietnam has been secured, imposing︀ a 20% tariff on Vietnamese exports and a 40% tariff on goods transshipped through Vietnam,︁ particularly targeting Chinese products. This deal grants the US tariff-free access to Vietnam’s domestic markets."︂

P.S I get that feeling that some countries may get worse tariffs than Vietnam even.︃ 20%/40% tariffs on Vietnam seems a cop out by Trump. I guess reality hit Trump︄ and it wont be a good look for Americans to be walking around barefoot and︅ naked....lol.

 

[HardRJones]

Every time Trump talks about tariffs, I make money.