Posted on 09/08/2016 7:27:14 PM PDT by ameribbean expat
$133,552,000,000 in remittances was sent from United States to other countries in 2015
(Excerpt) Read more at pewglobal.org ...
Someone has to stop what people do with their money. Might as well be Trump.
15% surcharge.....rebuild our military, build a wall.
It appears we got China, Mexico, S. Korea, and Japan by the balls.
Holy carp.
I knew a lot went to Mexico, but had no idea how much went worldwide.
This needs to be taxed at 40%
Remittances has trumped oil for the number one spot on Mexico’s GNP.
Eliminate the corporate income tax and apply replacement tax rates against remittances going outside of the US. Companies come home to operate. Jobs come back for Americans. Illegals leave because they lose too much money wiring it home from the US. Use the remittance tax as a means to effectively secure our borders. Stop the illegal gravy train.
BKMK
Yes!
I’ll see that 40 and raise you 10%.
Tax funds wired out of the US at 50%!
Yep. Trump is on to that big time...
Obama and Kerry wrote a check to Iran for $150,000,000,000 back in March (I think). Then another $400,000,000 in cash last week.
Hmmmm
Thought conservatives were opposed to taxes.
40% on overseas remittances...seems pretty easy to get Congress to only tax Internet sales at 50% of that as part of that deal..
Interesting.
That China amount is quite a surprise.
Japan’s the one that surprised me. China, India, Mexico, the Philippines— I expected those. Lots of people here sending money to the family back home from those countries. But Japan? Over a billion a year sent to the second/third largest economy in the world depending on how its calculated?
1)It is not clear if this is gross or net apparently the former;
2) if so, there are 7 billion sent to the US which would mean the total is 127 billion.
3) the article states that the total could be as much as 50% higher if untracked remittances are included. So we could be talking about 200 billion.
4)the Chinese received a large amount of interest on the US Treasury notes and bonds they hold.
5)I should also be noted that, if this money is sent in the form of actual dollars, this makes it very difficult to determine the real money supply domestically. If sent in the foreign currency less so. But we know that drug profits are sent as actual dollars and that is in the tens of billions.
Japan is receiving interest on the US debt which is the lion’s share of those moneys.
If our debt is 20 trillion we are paying out (assuming an interest rate of 3-4%)600 to 800 billion in interest each year so if 20% of that debt is held by foreigners that could be 120 billion per.
Hence, we had better be careful about taxing remittances overall since that could crash the market for US debt. Now remittance not sent by the US Treasury would not have that effect.
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