World Bank: Record $30 Billion Leaving The US For Mexico

The Daily Caller ^ | 10/04/2017 | Will Racke

[ForYourChildren]

President Donald Trump’s tougher immigration enforcement has reduced the flow of people heading north across the U.S.-Mexico border, but it has had no effect on the amount of money heading in the opposite direction.

In fact, Mexico is on pace to receive more remittances from abroad in 2017 than it ever has before, according to World Bank estimates released Tuesday.

Mexico, which takes in more remittances than any other Latin American country by a wide margin, will likely receive $30.5 billion from the Mexican diaspora living abroad — 6.5 percent more than it did in 2016. About 95 percent of Mexico’s annual remittance haul comes from the U.S., according to Mexican bank BBVA Bancomer.

Remittances to Mexico from the U.S. have been rising in recent years due to improved labor market conditions for immigrants in America and the falling cost of sending money abroad, says the World Bank-sponsored Global Knowledge Partnership on Migration and Development (KNOMAD).

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[ForYourChildren]

That’s a big wall!

[ForYourChildren]

“The Trump administration and some Republican lawmakers have eyed remittances to Mexico .. a 2 percent tax on all person-to-person wire transfers to Mexico and the rest of Latin America, with the proceeds covering the costs of wall construction. A separate bill in the Senate would have imposed a 7 percent fine on transfers where the sender could not prove he was working in the U.S. legally.”

[eyeamok]

a 2 percent tax on all person-to-person wire transfers to Mexico

2%, Time to get an ITIN under the Name Jose Smith and wire My entire self Employed Income to Mexico, instead of paying 35%

[doosee]

Smart Mehicans. They are pulling their money out of bank accounts now to avoid a future tax. Predictable.

[A_Former_Democrat]

TAX IT DAMMIT

[DAC21]

I have been saying all along that money flow is where the tax should be to build the wall. Transfer fees, money order fees, $10 Mexico only Postage stamps and so on.... Also tracking down and eliminating third party transfers trying to skirt the system.

[Lurkinanloomin]

Mexico and Mexicans are bleeding us dry.

[escapefromboston]

Any chance of this tax passing through congress? I kind of doubt it.

[oldasrocks]

Should be a 95% tax.