TYLER, Texas–Congressman Nathaniel Moran (R-TX) is sponsoring a bill, the Border Security Investment Act, which would place a 37% fee on remittances to the “top five nations of origin for illegal immigration.”
According to World Bank, in 2021 remittances made up 25.3% of Honduras’ GDP, 17.9% of Guatemala’s GDP and 4.3% of Mexico’s GDP, KETK.com noted.
The 37% user-based transaction fee is equivalent to the current top income tax bracket, Moran stated in a release.
Individuals who make more than $539,900 are a part of the 37% income tax bracket, according to Forbes. The proposed remittance fee would apply to any remittance transfer made with a money service regardless of how little money an individual makes, KETK.com noted.
Moran’s proposed bill would use the 37% fee on remittances to funnel money into two trusts. One trust would fund federal border security investments into technology, physical barriers and wages for border patrol agents.
The other trust would reimburse states for their border security spending.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com