House Republicans Propose Funding Border Wall with Tax on Monies Immigrants Send Home

Been wondering if the border wall is really going to be built, and, if so, if Mexico is really going to pay for it, as President Trump has promised?

Well, if some House Republicans have their way, the answers to those questions will be “yes,” and “sort of.”

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According to The Washington Times, the aforementioned politicians have introduced legislation that would assess a two percent tax against monies that undocumented immigrants in the U.S. – including those from Mexico – send back home.

More specifically, the Border Wall Funding Act would impose the two percent levy on wire transfers sent from those in the country illegally…to recipients in over 40 Latin American nations.

The bill was introduced by Rep. Mike Rogers, who represents Alabama’s Third Congressional District. Explaining the legislation on Thursday, Rogers said, “In order to jumpstart the funding of the wall, I have introduced a bill to impose a 2 percent fee on remittances sent south of the border.

“This bill is simple – anyone who sends their money to countries that benefit from our porous borders and illegal immigration should be responsible for providing some of the funds needed to complete the wall. This bill keeps money in the American economy, and most importantly, it creates a funding stream to build the wall.”

Rogers says that wire transfers like those targeted by his proposed legislation are “commonly used by illegal immigrants to move money from the U.S. to their home countries.

According to The Economist newspaper, Mexico saw remittances of nearly $25 billion in 2015, and 98 percent of that money originated in the U.S.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

 

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