A provision of the budget bill making its way through Congress that would impose an excise tax on cross-border money transfers has drawn opposition from fintech groups.
The tax would be paid by consumers sending the money, but not by those who are U.S. citizens, according to the text of the May 20 House budget proposal.
The budget bill, known as the Big Beautiful Bill, was passed by the House of Representatives last week, and still awaits a vote in the Senate. Both chambers are controlled by Republicans, who have worked alongside President Donald Trump’s administration to craft the bill.