US Edition"This Is Worrying": Remittance Tax Would Take Money Needed to Support Migrant Families
- GOP lawmakers are pushing to increase a proposed 3.5% tax on remittances sent by migrants from the US to their families abroad, included in the One Big Beautiful Bill Act now in the Senate.
- The move follows Mexican President Claudia Sheinbaum's public opposition to the tax, which she claims would harm migrant families, prompting GOP legislators like Sen. Eric Schmitt and Rep. Chip Roy to call for raising the tax to as high as 15%.
- Mexico, the second largest remittance recipient after India, received about $65 billion last year, with remittances forming a crucial part of the economies of Mexico and Central American neighbors reliant on these funds for daily needs.
- Sen. Eric Schmitt announced plans to propose a bill that would raise the remittance tax rate from the initially suggested 3.5% to 15%, emphasizing that the U.S. should stop serving as a global funding source and instead use these fees to support border security initiatives.
- If the tax increases, migrants may shift to informal remittance channels, reducing government revenue and risking increased economic hardship and migration from affected countries due to less money reaching families.
40 Articles
40 Articles
CHRONIC. From Mexico to India, the countries of the South are alarmed at the introduction by the US President of a 3.5% tax on remittances sent by migrants from the United States, observes Julien Bouissou, in his column.
Sending money to family in foreign countries may be taxed more
Families hoping to send money to loved ones in other countries may be hit with additional fees from a tax and spending bill proposed by the Trump administration that would slap a 3.5% tax on remittances sent by anyone who…
Trump wants to tax money sent from US, to people's relatives overseas
As part of U.S. President Donald Trump’s crackdown on migrants in the U.S., his administration is seeking to tax the money sent abroad by workers to support their families. It's a provision in Trump's budget bill being considered by Congress, and a policy
GOP lawmakers push to jack up proposed tax on money migrants send home after threat by Mexico
GOP lawmakers are pushing to jack up a proposed new tax on money migrants earn in the US and send back home to family — after a threat from Mexican President Claudia Sheinbaum.
Does This Clip Show Mexico's President STOKING The LA Riots In Response To US Policy?
Mexico piggybacks on the US economy, with almost 5% of their economy coming from American remittances. This latest GOP policy is gonna clobber that cash cow… and she’s pushing back. Despite this impact, the reduction in the tax rate from 5% to 3.5% was hailed as a victory by the Mexican government. President Claudia Sheinbaum indicated that they will continue working to avoid the tax. “This reduction is not only important for Mexico; there are C…
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