Impact of Proposed Tax on Remittance Transfers

House Republicans have proposed a 5% excise tax on remittance transfers that would affect over 40 million people, including green card holders and visa holders. The tax aims to target those sending money from the US illegally, but experts warn that it could harm communities, burden American citizens, and lead to more illegal migration. Remittances are crucial for many poorer towns and banning or taxing them could have negative consequences.