A group of House Republicans has introduced the first bill to fund President Donald Trump’s border wall, a proposal that would allow the government to collect billions of dollars by placing a 2 percent fee on all the money that immigrants remit back to their home countries.
The legislation, introduced by Pennsylvania Rep. Lou Barletta and Alabama Rep. Mike Rogers, would impose a 2% tax on remittances or money sent from people in the U.S. to relatives back home, which is over $130 billion a year, according to estimates by the Pew Research Center.
A 2 percent tax could net the government over $2 billion a year if it is charged to all money regardless whoever’s sending it.
Mexico benefits most from remittances, with $24 billion being sent to that country in 2015, according to Congressman Rogers.
Oklahoma is already imposing a fee similar to the plan, with the state collecting a 1% fee on all transfers sent outside the state, according to the Examiner.
100% Fed Up reports:
The amount of money going back across the border to Mexico is insane! $130 BILLION makes its way to Mexico each year! Does that make you sick? It makes us want to tax that money! How about a tax to fund building the border wall? Well, that’s what some clever Republicans want to do!
A really smart group of Republicans just introduced the first major bill to fund President Trump’s border wall, saying the government could collect billions of dollars by imposing a 2 percent fee on all the money Mexicans and other immigrants send back home.