Heads up, amigos! Starting January 1, 2026, the US will start charging a 1% tax on cash sent abroad 💸. This measure, part of President Donald Trump's "Big Beautiful Bill," aims to raise funds by tapping into overseas remittances.
Here's the lowdown:
- Who's affected? Anyone in the US sending money to friends, family, or businesses overseas.
- How much? A 1% levy applies to most transfers. So, every $100 you send could cost you an extra $1.
- When? The new tax kicks in on January 1, 2026 — just days away from now!
- Why? Officials say this helps fund public projects and balance the federal budget under the Big Beautiful Bill.
Whether you're supporting family in Latin America or running a global side hustle, this fee could change the way you send money. Some worry it might push people toward underground channels, while others say it's a small price for improved public services. 🤔
Make sure to double-check the fees on your transfer apps before you hit send. We'll keep you posted as more details emerge!
Reference(s):
cgtn.com
