Posted on 02/20/2025 1:43:10 PM PST by Robert A Cook PE
The following are excerpted from The World Bank's website, "In observance of the International Migrants Day, December 18."
Officially recorded remittances to low- and middle-income countries (LMICs) are expected to reach $685 billion in 2024. The true size of remittances, including flows through informal channels, is also believed to be even larger. The growth rate of remittances in 2024 is estimated to be 5.8 percent, significantly higher than 1.2 percent registered in 2023 (table 1).
"The top five recipient countries for remittances in 2024 are India, with an estimated inflow of $129 billion, followed by Mexico ($68 billion), China ($48 billion), the Philippines ($40 billion), and Pakistan ($33 billion) (figure 1).
"In smaller economies, remittance inflows represent very large shares of gross domestic product (GDP), highlighting the importance of remittances for funding the current account and fiscal shortfalls. Topping the list is Tajikistan (45 percent of GDP), followed by Tonga (38 percent), Nicaragua (27 percent), Lebanon (27 percent), and Samoa (26 percent) (figure 2)."
Figures, ranking of these countries, graphs and spreadsheet-like totals by country, region and growth rate are displayed "with pride" on the World Bank website.
(Excerpt) Read more at blogs.worldbank.org ...
Just like all of the legal US citizens who have to file COMPLETE W-2s and 1099's to get their IRS refund.
Now, obviously, the ones here illegally who are paid in cash will "probably not" file for a refund from the IRS. Guess that money goes to pay DOGE. Or something like that.
Screw 2%. It needs at least 20% gift tax or the highest income tax bracket under law.
I can’t tell
Are the remittances coming from the USA
The only other county likely is UK to India
I think it should be illegal to send money overseas without SS ID. Without ID just shows how much is being either paid in cash or stolen and sent out of the country. Betting some of the USaid if filtered out this way too.
Glad this is being exposed.
Now....lets look at all of the Western Union transfers made to Mexico, etc.
I have transferred money to family overseas and all the money I earned was taxed.
If there is a lot of money that is untaxed then we need to go after the employers who are paying people off the books.
Capital Flight/transfer of wealth. We are making other countries richer while we are becoming poorer.
STOP all remittances and all international aid (especially UN funding) until our house is in order.
“who DO submit their proper taxes to the IRS and states”
The IRS needs to do a better job going after employers who break the law by employing people illegally and not paying taxes owed.
Money transfers of any kind and bank accounts or loans of any kind without proof of legal presence in the US should be banned and any existing accounts without such proof should be taxed immediately at 100%, i.e., seized.
Nully's Modest Tax proposal:
1. Eliminate ALL corporate tax.
1a. Eliminate ALL depletion allowances and depreciation allowances.
2. Eliminate ALL current IRS regulations.
3. Set the individual tax rate at 10% regardless of income.
3a. Perquisites at taxed at 10% of cost.
3b. Withhold at the rate of 11%, to get a refund you have to file taxes, but there is no legal imperative to file.
4. Tax ALL money coming into the country at 0% (yes, ZERO%).
5. Tax ALL money leaving the country at 10%.Source here
In many of the Latin cafes and small groceries where I liven Washington), there is a decal in the window letting customers know they can wire money to Mexico etc from the business
I’ve always wondered how much goes out of our economy where it was earned or given into other country’s economies.
This is why non-Americans and commie lib DemoRATS hate President Trump. This has to stop and Musk and President Trump are going to bring it to a stop.
Why not take it all? Isn’t that what everyone really thinks? Who needs property rights?
And BTW, can someone explain how these remittances are untaxed?
Not sure the statute allows taking it all.
But it can be taxed at the highest rates or be a presumed gift.
One of the dumbest things this country has ever done was to allow Pakistan to obtain a nuclear reactor.
How much of this falls under the definition of fraudulent conveyances?
And BTW, can someone explain how these remittances are untaxed?
Many - NOT ALL! - of these foreigners are on welfare, receiving food stamps, receiving free cell pones and meals and rent-free housing. Are receiving free medical and free schooling from the taxpayers.
Many - NOT ALL! - of these foreigners are illegal aliens.
Many - NOT ALL! - of these foreigners are being paid “under the counter” by cash each day.
Many - NOT ALL! - of these foreigners ALSO FILE (with their 0.0 “taxes due” for their Earned Income Tax checks back from the IRS.
Many - NOT ALL! - of these foreigners (though perhaps most of the illegal aliens) use duplicate or false Social Security accounts - receiving payments but never paying their share.
NONE of these paid by cash pay ANY federal state, local, or Social Security or Medicare taxes.
When paid by cash, they DO NOT PAY ANYTHING.
2%? 5%? Their taxes should be proportional to what a legal foreign worker pays in his or hers legal taxes here. No more than that
Thanks for posting. BTTT.
Over $685 Billion (in Money Orders) Was Sent Overseas Untaxed. No IRS deductions,
No SSA deductions, No Medicare deductions, No UI deducted, No State Taxes deducted.
Robert A Cook PE wrote: Can someone explain how these remittances are untaxed?
Many - NOT ALL! - of the foreigners are on welfare, getting food stamps,
free cell phones, meals, rent-free housing, free medical and schooling.
Many - NOT ALL! - of the foreigners are being paid “under the counter,” in cash, each day.
Many - NOT ALL! - of the foreigners ALSO FILE for Earned Income Tax checks from the IRS.
Many - NOT ALL! - (but most of the illegals) use duplicate or
false S/S accounts - pocketing payments but never paying their share.
If they don’t fix this, then I’m sending all my money to a Mexican bank so I can use it there, tax free, amirite?
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