A potential tax on remittances
Update: 2025-05-14
Description
The House's proposed tax plan includes a 5% tax on remittances. These are electronic transfers of money sent by people in the U.S. — often immigrants — to friends and family abroad. There are some exceptions to the tax, including most transfers made by U.S. citizens. We'll learn how this might play out. Also: a (sorta) stock market milestone, a crypto company in the S&P and a bill that could hurt renewables in Texas.
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