WASHINGTON—A new bill introduced by Rep. Kevin Hern (R-OK) would tax person-to-person wire transfers out of the United States as a way to discourage illegal immigration and combat cartel activity at the border.
The WIRED (Withholding Illegal Revenue Entering Drug Markets) Act would charge a 5% fee on remittance payments leaving the United States, which are frequently used by foreign nationals from Mexico and Central America to send money back home to family members, Fox News reported.
The World Bank estimated that in 2021, approximately $74.5 billion left the U.S. in remittances.
“U.S. citizens and legal immigrants would be able to claim any such fees back as a tax credit, meaning the tax would in theory be paid only by those in the country illegally,” Fox News reported. “Efforts to evade the tax would be punishable by up to a $500,000 fine, and the legislation would remove foreign aid and visa waiver program participation from countries that helped people evade it.”
The money would go to a Border Enforcement Trust Fund, which would be used to employ additional Border Patrol agents and Immigration and Customs Enforcement (ICE) staff, and would also fund construction of border barriers and detention facilities.
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