White House weighing a tax on remittances to Mexico to fund border wall

I think this is a great idea and don't know why we haven't done it.

The 4% is a small offset to the cost on our economy. Remittances to Mexico now total over 25 Billion per year, greater than their oil and gas industries combined, and 4% would provide 1 Billion per year.

I realize that floating this idea is to influence NAFTA negotiations, but I'd like to see it happen.

Cheers

http://www.washingtonexaminer.com/w...to-mexico-to-fund-border-wall/article/2633089

President Trump is mulling a tax on cash transfers between immigrants in the U.S. and their relatives in Mexico as a way to fund his promised border wall without forcing American taxpayers to open their wallets, according to sources familiar with the proposal.

Trump first floated the idea of taxing or halting person-to-person wire transfers, known as remittances, during his bid for the White House. A two-page memo released by his campaign last April described a plan "to compel Mexico to pay for the wall" by preventing immigrants from wiring money outside of the U.S. unless they can prove their legal status to law enforcement authorities.

Because the Mexican economy has become so dependent on wages sent home by migrant workers, which surpassed oil revenues as its leading source of foreign income in 2015, Trump said he could convince the country's leaders to make a "one-time payment of $5-10 billion" toward his border wall by threatening to stop the annual flow of billions of dollars from the U.S. to Mexico in the form of cash transfers.

 

how can a leftist argue against this?

what's she going to say, "that money belongs in mexico!!"

 

He should stop pondering about it and do it.
35% tariff on air conditioning units and components from Mexico too.

 

We should stop Social Security benefits from paying from the treasury to a recipient in Mexico as well. We didn't allow that to start until about 15 years ago.

 

I'd like to see tariffs only to offset our environmental and employment regulations that Mexico doesn't follow. Why encumbere our economy with protections for the environment and protection of workers when emports that aren't subject to our regulations flow freely without offsetting charge to protect our industries? It's insanity, hurts us and doesn't do a damn thing to help the world's environment.

 

It won't work; people will simply wire transfer to another country who'll then wire it to Mexico from the other country. All a few people have to do is set up wire transfer businesses in another country to make it work. The US won't see any of that money.....ever.

 

It works for Cuba.

REMITTANCES SENT TO CUBA
Amid an economic collapse, Fidel Castro in 1993 reluctantly began to allow “remittances,” or money sent back to Cuba from exiles. As of 2013, 62 percent of Cuban households received remittances, making U.S. dollars an enormous driver of the island’s economy. New rules raised the limit to $8,000 a year from $2,000.

 

Well there ya go lefties.

Trump just funded his wall.

He only needs 1.6 billion for it.

How is that egg on your face?

 

Still won't work; people will find a country that's friendly with the US where there is no tax on remittances. Think outside the box.

 

Come back and show us a bill that says "Paid in full" once all the money is collected.

 

You are just upset that he actually has a valid plan to pay for it.

Final plans for the wall design are not due until the end of September and contractors are standing buy with their bids.

But yes, we will let you know.

lol

 

At 4% thats probably lower than bank fees in Guatemala necessary for the xfer. Further, it's easy to restrict western union to pay only to an individual recipient in cash and not digitally to a bank that will in bulk transfer the transaction to Mexico.

It's a new age and money can be followed leaving this country.

 

4% is too low. Trump should have started at 8% and negotiated down to the 4% he wants, this way the other side feels like they won something even though they got their gonads handed to them while Trump got everything he wanted.

 

Trump is proving to be extremely savvy.

 

Mexico will never be able to pay in full, they've been shunting their poor across our border for decades. It's Mexico's safety valve and one of the only things that's kept them solvent and without revolution.

 

Makes no difference to me; i don't think we need a wall, but people in Washington DC think otherwise. Like I said, good luck getting Mexico to pay for it; I think You'll be paying for it instead.

 

wall will cost $35 billion

 

I think you'll be amazed at how people can beat the system. Either way we shall see.

 

How do you know, they haven't picked a plan yet.

Trump is asking for 1.6 billion.

Got a link?

 

You are assuming these people are smart enough to know how to manipulate the world banking system.

Probably why they spend 12 hours a day picking strawberries.

 

Yes.

President Trump is mulling a tax on cash transfers between immigrants in the U.S. and their relatives in Mexico as a way to fund his promised border wall without forcing American taxpayers to open their wallets.

This would prevent immigrants from wiring money outside of the U.S. unless they can prove their legal status to law enforcement authorities.

Because the Mexican economy has become so dependent on wages sent home by migrant workers, which surpassed oil revenues as its leading source of foreign income in 2015, Trump said he could convince the country's leaders to make a "one-time payment of $5-10 billion" toward his border wall by threatening to stop the annual flow of billions of dollars from the U.S. to Mexico in the form of cash transfers.

In 2016, Mexican immigrants living in the U.S. sent $27 billion to family members and friends in their native country.

Rep. Mike Rogers, R-Ala., introduced a bill in March to levy a 2 percent tax on all cash transfers from "anybody who remits to South America." The legislation would net a little more than $1 billion a year and "comport with President Trump's pledge to build a wall and make Mexico pay for it."

"I went over and met with the deputy chief of staff Rick Dearborn in the White House about two weeks before we left for recess and he told me that they're trying to come up with a package of bills or pay-fors and hopes mine will be part of that," Rogers said. "My understanding is that they're trying to find a way to make sure that the money comes from money that would have gone to Mexico."

Border wall funding was thrust back into the spotlight earlier this month when Trump told a rowdy crowd in Phoenix that he would rather shut down the government to secure money for his most contentious campaign promise than capitulate on a spending bill that does not include wall money.

"We need the wall, it's imperative," Trump reiterated at a press conference this week. "We may fund it through the United States, but ultimately Mexico will pay for the wall."

http://www.washingtonexaminer.com/w...to-mexico-to-fund-border-wall/article/2633089

 

And they can

And where is that coming from?

 

Interesting tidbit.

Do you realize that Mexican citizens get upto a $4,050 tax deduction for their remittances to family in Mexico?

Specifically, the Code creates a special provision with respect to cash transfers to residents of Mexico (with the same applicable to Canada) that are not available for transfers of funds to relatives living in any other country outside the U.S. According to IRS Publication 501, Table 5 on page 12, the (U.S. taxpayer's) eligible relatives include:

- Your child, stepchild, foster child, or a descendant of any of them (for example, your grandchild). (A legally adopted child is considered your child.)

- Your brother, sister, half brother, half sister, stepbrother, or stepsister.

- Your father, mother, grandparent, or other direct ancestor, but not foster parent. Your stepfather or stepmother.

- Your father, mother, grandparent, or other direct ancestor, but not foster parent. Your stepfather or stepmother.

- A son or daughter of your brother or sister. A son or daughter of your half brother or half sister.

- A brother or sister of your father or mother. Your soninlaw, daughterinlaw, fatherinlaw, motherinlaw, brotherinlaw, or sisterinlaw.

- Any of these relationships that were established by marriage aren't ended by death or divorce.

 

Wait...that's OUR IRS?

 

Then we place the 45% tax on all remittances outside the US. Check and mate.