Requiring Excise for Migrant Income Transfers Act” or the “REMIT Act.

The REMIT Act raises the excise tax on remittance transfers (money sent abroad) from 1% to 15%. It exempts verified US citizens and nationals if they use "qualified" providers that agree with the IRS to check sender status. US citizens/nationals who pay the tax get a full refundable income tax credit, but must provide their Social Security number, proof of payment, and certification....