Congress Should Not Impose Capital Controls

Congress Should Not Impose Capital Controls

The House-passed “One Big Beautiful Bill Act” (OBBB) would make numerous changes to the tax code. One of them stands out as particularly harmful. The House version of the OBBB introduces a 3.5 percent excise tax on remittances. Under this tax, all individuals who transfer money overseas would be subject to this tax except for US citizens and nationals. The Joint Committee on Taxation estimates the original five percent excise tax would generate …