Tennessee Mulls Tax on Migrants’ Overseas Money Transfers

The state of Tennessee is taking action where Congress has failed by voting to put a tax on U.S. dollars wired by migrants to other countries.

The bill (HB2502/SB2166) filed by Republican House Speaker Cameron Sexton and Republican Sen. Bo Watson would place a $10-per-transaction fee on money transfers going out of the country, or a two percent fee on amounts exceeding $500, according to Tennessee Outlook.

The bill would exclude banks and corporate transfers and focus on personal transactions conducted at retail outlets, currency exchanges, and Western Union transfers.

The new tax could generate $183 million in new state revenue annually, an…

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