Mexico’s remittance economy is quietly becoming one of the most powerful financial forces in the Western Hemisphere—and critics say it is being fueled by U.S. labor, U.S. wages, and U.S. taxpayers with almost no meaningful restrictions.
According to figures cited by lawmakers and policy analysts, roughly $200 billion a year flows out of the United States in the form of remittances sent abroad. That money, largely wired from workers in American communities, has now become the single largest source of foreign income for Mexico—outpacing oil revenue, tourism, and manufacturing exports combined.
Rep. Chip Roy is now moving to change that dynamic with new legislation aimed at reshaping how those funds move across borders. His proposal, known as the REMITTANCE Act, would significantly increase the cost of sending money abroad for individuals who cannot verify legal status—raising the tax rate to 25 percent.
>> Click Here To Continue Reading <<
