Trump's Border Wall News: Proposed Bill Imposes Tax on Remittances to Fund Structure
Congressman Mike Rogers has proposed a bill that will tax outgoing remittances going towards south of the U.S. border to fund President Donald Trump's Mexico wall.
Representative of the third district of Alabama, Congressman Rogers, proposed a bill that aims to tax outgoing remittances to fund the construction of Trump's border wall between the U.S. and Mexico.
The bill, HR 1813, or the Border Wall Funding Act of 2017, supported by the Federation for American Immigration Reform (FAIR), would implement a tax of 2 percent on all remittances that are heading south of the U.S. border.
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Remittances or wire transfers are known to be used by illegal immigrants in the U.S. to send money to their families or friends in their home countries.
"In order to jumpstart the funding of the wall, I have introduced a bill to impose a 2 percent fee on remittances sent south of the border. This bill is simple – anyone who sends their money to countries that benefit from our porous borders and illegal immigration should be responsible for providing some of the funds needed to complete the wall. This bill keeps money in the American economy, and most importantly, it creates a funding stream to build the wall," Rogers explained.
According to Forbes, one flaw in the proposed bill is that the source of the remittance will not be distinguished whether they are a legal or an illegal immigrant. The basis of the taxation will be dependent on the receiving foreign country, the publication said.
If the bill gets approved, all remittances from the U.S. headed towards Mexico, the Caribbean, and Latin and South America will receive a 2 percent tax, which will collectively be used to build the border wall between Mexico and U.S.
Those who will attempt to avoid the taxation of their remittances will be penalized with a fine not higher than $500,000, or twice the value that was in the remittance, whichever is higher. An alternative is that attempters may be jailed for 20 years. Those found guilty may receive both punishments.
