They propose that the tax on remittances in the US be 15%.

WASHINGTON — The 3.5% tax on remittances being pushed by U.S. President Donald Trump threatens to cut billions of dollars from economies like Mexico , which received nearly $65 billion in these remittances in 2024, or Honduras, where remittances account for 26.8% of GDP. Guatemala, El Salvador, and Nicaragua are also among the most exposed countries.

In the United States, legislative debate is underway on the application of this tax on remittances sent from its territory.

The House of Representatives has already approved the initiative, and it is now before the Senate. This measure would directly impact countries in Latin America and the Caribbean, where these remittances constitute a key source of national and family income.

This tax would affect remittances sent by individuals who are neither U.S. citizens nor nationals, including permanent residents and work visa holders. U.S. citizens would be exempt, provided they use qualified remittance transfer providers and verify their status.

The tax would take effect on January 1, 2026, if approved by the Senate and signed into law by the president. It is estimated that it could generate approximately $22 billion in revenue between 2026 and 2034.

Yesterday, Sunday, Eric Stephen Schmitt , United States Senator from Missouri, announced on his account on the social network “X”, formerly Twitter, that he had submitted a proposal to the Senate to increase the tax on remittances sent from the United States from 3.5% to 15%.

“The Big and Beautiful House Bill addressed the urgent need for a remittance tax. But we can go further. I'm introducing legislation to quadruple the proposed remittance tax, from 3.5% to 15%. The United States is not the world's piggy bank. And we don't like threats,” the lawmaker wrote on social media.

The House's Big Beautiful Bill addressed the urgent need for a remittance tax. But we can go further.I'm introducing legislation to quadruple the proposed remittance tax — from 3.5% to 15%.

America is not the world's piggy bank. And we don't take kindly to threats.