Representative Sam Liccardo Introduces New Bill to Eliminate Proposed Tax Burdens on Working Families and Defund Cartels

WASHINGTON, D.C. — Today, Representative Sam Liccardo (CA-16) introduced H.R. 4274, the Remittance Expense Minimization and Integrity for Transfers (REMIT) Act, to counter Congressional Republicans’ newly imposed 1% tax on remittances included in the “One Bloated Borrowing Budget.” 

One of the less-noticed provisions of President Trump’s budget bill punishes hardworking families by imposing a tax on all cross-border payments, resulting in double taxation of U.S. citizens.  Hardworking families support their loved ones overseas, but this new tax will cost them more to provide the support lifeline their family needs for food and necessities.  The tax will also divert customers toward illicit, unregulated channels for transmitting remittances.  A recent Congressional Research Service report found that alternative remittance systems’ anonymity and informality make them attractive conduits for money laundering, terrorist financing, or other illegal purposes.

“This tax doesn’t make our country safer—it just lines the pockets of criminals,” said Liccardo. “The evidence is overwhelming: barriers to remittances don’t stop crime, they fuel it. I introduced this bill to lift a burden off hardworking, tax-paying immigrant families and to defund the crime cartels.”

"Combatting cartels and money laundering starts with smart policy—this bill is just that," said CHC Chair and bill cosponsor Rep. Adriano Espaillat (NY-13). "With one simple measure, we can help hardworking families and take the rug out from under the cartels that profit off bad financial policy. Anyone who opposes cartel money laundering should enthusiastically support this bill."

The full bill text is available here.