5% Tax On Remittences Going To Mexico

fatcat458

l think Our Government should start putting a 5% tax on ALL money going to family/friends in Mexico. These guys sending money home to Mexico pay 5%
on whatever they are sending home... l have seen estimates anywhere between $40billion and $140billion a year going South. 5% of $140bil is $7billion.. Put it all towards the WALL. The 5% would be very easy to collect. Simply call it a FEE to be paid by the receiver when the ck, mo order, wire transfer is processed.. Then Mexico would TRULY be paying fir the WALL

mark christian

This has been proposed numerous times, and not just here in the forums, but as actual legislation. The problem is that banks and financial institutions make a tremendous amount of revenue on transfer fees. Even the US Postal Service has special international money orders, sales of which bring tens of millions of dollars every year, and USPS is one of the smaller players. Western Union, which specializes in wire transfers and money orders, pulls in over $5 billion per year. Banks and lending institutions see money transfers as a cash cow which involves very little work at zero risk (they already have the cash in hand) in exchange for high fees. Banks financial institutions donate heavily to political campaigns on both sides of the isle, so they are not without friends in the Congress.

mark christian

KenK/84Bravo wrote:

mark christian wrote:

they are not without friends in the Congress.

Comes back to the Swamp that needs to be drained.

Professional Politicians need to be tarred and feathered, and run out of DC, on a rail.

Can not believe the "Lifetime Retirement" benefits these Scumbags get. That needs to go away.

KenK/84Bravo wrote:

A recent similar thread was moved to Politics. This will go as well. IMHO.

You just made that happen.

droptop

That FEE (not tax :>)) should have been implemented years ago. There are many different "taxes" on goods and dollars leaving the United States RIGHT NOW TODAY and NO COMPLAINTS.

I pay 25% Tariff on anything I ship to South America, cash whether it be ATM or wire is pretty cheap (less than 2%) but EVERYONE PAYS so why are U.S. to Mexico fees free? OH WAIT, those fees don't get paid to the U.S. not even one red cent. (That I know of).

The fees would NOT raise the fee for transfers,,, just added to the cost of the transfer w/o markup. What choice would people have? Send runners? ha,ha.

Foreigners wouldn't care, they are accustomed to a fee, duty, tax, ??? Make it 10% maybe they'll get pizzed and leave.

droptop

That FEE (not tax :>)) should have been implemented years ago. There are many different "taxes" on goods and dollars leaving the United States RIGHT NOW TODAY and NO COMPLAINTS.

I pay 25% Tariff on anything I ship to South America, cash whether it be ATM or wire is pretty cheap (less than 2%) but EVERYONE PAYS so why are U.S. to Mexico fees free? OH WAIT, those fees don't get paid to the U.S. not even one red cent. (That I know of).

The fees would NOT raise the fee for transfers,,, just added to the cost of the transfer w/o markup. What choice would people have? Send runners? ha,ha.

Foreigners wouldn't care, they are accustomed to a fee, duty, tax, ??? Make it 10% maybe they'll get pizzed and leave.

spasmcreek

.........10%.........

Don McManus

Why should a US Citizen or legal US Resident have to pay a tax to send his money somewhere?

Illegals should not have access to the ability to wire money, IMO, but if someone is here legally there should be no special restrictions on what they do with their money.

Quick&Dead

ON any Friday evening or Saturday, long lines at WalMart with foreigners sending money back to their home country.

:x