This is the way
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I didn't know about this tax being added at all. First thing I did was look it up, get straight to an article about India. Apparently it's $119 billion a year Indians send back to the shitland.
I say quadruple the 15% tax to 60%.
A 100% tax on remittances is far too low.
150% remittance tax is a good start.
1500% or bust
Foreign remittance is actually a huge element of Mexico and India's budget IIRC.
Agreed and we can even tweak it by country similar to tariffs. Mexico deserves at least 60% for all the gibs the illegals absorb alone
Yep. 100% cool with this.
15% should already be the norm, frankly.
His recent relevant voting record on foreign spend:
Won't they just use crypto?
Illegal gets paid under table
goes to local crypto man, pays cash for crypto or straight up have crypto man send to family wallet
sends crypto
family gets money
crypto man turns dirty money to gift cards buy more crypto on gray market.
In fact, nevermind all that, crypto man creates cartel-coin. Illegal alien pays, cartel cashes out cc tokens to local money on the other side. Add a few more steps and I'm sure they can even launder money in the process.
Sounds like more crimes that can be used to expedite deportations.
For those who don't know, the current remittance tax in the bill is 3.5%
Quadrupling it takes it to 14%.
As is usual for Republican Senators, this absolute toolbag Republican is offering shit to his constituents, and pretending like he did something.
14% is an extra couple hundred billion and gives more economic negotiating power to the countries reliant on those remittances. Should it be 60% or higher, yes, is it likely a planned gimmick by congress to sell to constituents, yes, is it better than what’s currently happening, yes.
letting the 50% non-Americans in America only rob you 85% at a time isn't gonna take back your home, American.
Hey if works , the world is yours!
Poison. Raise the tax past way past optimum collection, over-incentivize movement to black market, point as failure. 3.5% has the ring of a carefully optimized figure and 15% has the ring of bait.
My superpower is I have no superpower
If it drives people away from remittances entirely and into money laundering, then they're criminals and we can deport them. Sounds like a win to me.
It will deter future parasites as well.
Prosecution is ridiculously difficult to scale compared to voluntary submission, by factors. The mass majority of violators would get away with it.
Secondary effects, as well. It will further prove that immigrants are a net drain on our economy and society.
The average person doesn't engage in criminal behavior not because it's immoral, but because it's complicated and risky. I think the threat of the IRS would limit remittances to begin with, and the image that the US isn't a piggybank to use to send money home would also deter immigration to a degree.
"Black market"
These are people who wait in line at Wal-Mart customer service to cash checks. They would more likely just start mailing cash in dark envelopes if they aren't already.
I suppose they might pay someone to convert crypto for them, since they likely can't use an exchange due to the extreme KYC requirements here. Could see an increase in mining rigs though, would be interesting to see if power consumption goes up in hotspots for illegals.
Mining rigs are pretty expensive, and slow as fuck since the era of mining is almost ending. Would be funny to have the power go poof right in the middle of it. All that money, for paperweights.