Tax on Remittances

SOURCE www.breitbart.com
Sen. Eric Schmitt and other Republican lawmakers are proposing to quadruple the tax on remittances to address the issue of illegal immigration and funding for border security.

Key Points

  • Sen. Eric Schmitt proposes quadrupling the remittance tax from 3.5% to 15%
  • Sen. Mike Lee supports the idea of increasing the remittance tax
  • House-passed bill includes a five-percent tax on remittances from illegal aliens
  • Remittances play a significant role in countries' GDP

Pros

  • Addressing illegal immigration
  • Funding for border security
  • Reducing remittances to other countries

Cons

  • Potential impact on individuals sending remittances
  • Possible economic consequences