Bessent announces end to federal tax credits for illegal immigrants

Treasury Secretary Scott Besent said Friday that his department is working to cut federal benefits to illegal immigrants at the president’s direction. Donald Trump.

“We are cutting federal benefits,” Besant wrote in a post on X Illegal aliens and preserve it for American citizens.”

He said the Treasury Department “announced that it will issue proposed regulations clarifying that refundable portions of certain individual income tax benefits are no longer available to illegal aliens and other ineligible aliens, covering the Earned Income Tax Credit, the Additional Child Tax Credit, the American Opportunity Tax Credit, and the Saver’s Match Credit.”

Besant’s post alluded to an announcement the Treasury Department made last week that it would propose new regulations clarifying that the refundable portions of those tax credits are “federal public benefits” to which undocumented immigrants and ineligible aliens are not eligible.

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“If you are here illegally, there is no place for you in our financial system,” Besant added in a later post.

“Illegal aliens using our financial institutions to move their illegally obtained money is exploitation, and it will end.”

The move comes on the heels of a recent legal opinion Ministry of Justice The Office of Legal Counsel adopted this interpretation.

The Treasury announcement indicated that it plans to implement its final regulations starting in the 2026 tax year.

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Picent’s announcement comes as part of a broader anti-immigration campaign by the Trump administration. (Joshua Lott/The Washington Post)

“Treasury Office of Tax Policy and Internal Revenue Service “They have worked tirelessly to advance this initiative and ensure its successful implementation,” Besant said in the announcement. He added: “Their diligence and professionalism reflect this administration’s determination to preserve the integrity of our tax system.

“We will continue to ensure taxpayer resources are directed only to those who are entitled under the law.”

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It will help the IRS crack down on illegal financial payments. (Kayla Bartkowski/Getty Images)

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced Friday that it has issued an alert to financial institutions to prevent illegal aliens from exploiting the U.S. financial system by relocating to the United States. Money obtained illegally.

The announcement notes that financial services businesses (MSBs) are generally required to file a suspicious activity report for a transaction involving at least $2,000 that MSBs know, suspect, or have reason to suspect is related to a potential legal or regulatory violation.

These include transactions Cross-border money transfer Derived from illegal labor or obtained illegally in the United States

Pisant posted after Trump said on Thursday that his administration would “permanently halt” immigration from all “third world countries” after a National Guard member was killed in an attack near the White House.

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The comments represent a further escalation of immigration measures ordered by Trump since Wednesday’s shooting, which investigators say was carried out by an Afghan national who entered the United States in 2021 under a resettlement program.

Trump did not specify any country by name or clarify what he meant by third world countries or “permanently stop.” He said that the plan will include cases that were approved during the administration of former President Joe Biden.

Reuters contributed to this report.