Border-Wall Funding Solved: GOP Pushes For Two-Percent Fee On Money Immigrants Send Home

[Source: Bitcoin.com]
Share on Facebook1.5kTweet about this on TwitterShare on Reddit0Share on Google+0

In addition to the border-wall plan being officially implemented, the great news is House Republicans pushed a bill entailing any/all immigrants paying for some of it. That’s right; the federal government would accrue billions via a two-percent fee slapped on any/all monies immigrants mail to their home country(ies). (Hey, immigrants are ultimately circulating our money out of the US, so why not penalize them for it?)

[Ground being broken for the new border wall in San Ysidro, CA | Photo: Mike Blake/Reuters]
Monetary losses fluctuate, but immigrants might be shipping out over $130 billion annually! With this proposed bill, the two-percent fee would net the US over $2 billion annually (a mild save, which is better than nothing)—if the tax is slapped on any/all monies of any/all immigrants channeling US dollars out of the system.

Both Representative Mike Rogers (R-AL) and Representative Lou Barletta (R-PA) are the trailblazers of the charge. “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,” Rogers said in a statement. “This bill keeps money in the American economy, and most importantly, it creates a funding stream to build the wall.”

While President Trump is staunch on Mexico paying for the wall, the South American country’s officials are currently not cooperating. Due to this impasse, the president has put the fiscal weight on American-taxpayer shoulders as he conceptualizes a long game entailing Mexico ultimately paying their share for a secure border…

Why should they pay? Here’s why: according to the World Bank, the US loses over $50 billion annually. More, a 2015 Pew Research Center calculation availed a loss of $133 billion! (Pause for those with heart conditions.) Also in 2015, at least $24 billion ended up in Mexico! We’re one of their primary, money taps—China and India pull from the US too. Don’t forget about Central America taking a big bite…as well.

Additionally, the US charges a mere six percent (per shipment) for remittance. Meanwhile, Canada’s charging twice the amount—other super-economy countries charge roughly eight percent. (What’s that all about??)

[Immigrants sending money back to their home countries. | Photo: Ann Johansson/AP]
During the 2016 presidential election, Trump alluded to using remittance to cover border-wall costs. His thoughts entailed revising wire-transfer regulations, which would be used to strong arm Mexico into paying up… He also proposed killing visas, increasing fees on visa-holding Mexicans or slapping tariffs on Mexican imports—all of which to get Mexico on board with the programs.

The proposed bill is seemingly simple and would require all immigrants to pay a tax on remittance.

Comments

Share on Facebook1.5kTweet about this on TwitterShare on Reddit0Share on Google+0