Transfer tax on a “big and beautiful bill” for a major impact on immigration

Senate version of “A large and beautiful bill” It includes a small tax of 1 % on international cash transfers – called the transfers tax – which, according to experts, will have a significant impact on immigrants working in the United States

Transfers are the transfer of money to another country outside the United States, a common practice among migrant workers who send part of their wages to the family in their countries of origin. Tens of billions of dollars in transfers are sent to other countries of the United States every year.

Previous versions of the bill included high tax rates and targeting them specifically Illegal immigrants However, sending funds outside the United States, the current version of the “beautiful big bill” imposes only 1 % fee on cash transfers, not electronic transfers, which have been sent to other countries. American citizens who want to send money to other countries will undergo a 1 % tax.

The tax is expected to generate $ 10 billion of additional revenues to the federal government, according to estimates. Politico.

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In addition to generating additional revenues, Laura Reese, director of the Border Security and Immigration Center at the Heritage Corporation, told the Fox News Digital that the transfer tax has the ability to unlawful inhibition Migration In the United States by making it difficult to send money home.

She explained: “illegal foreigners generally want five things when they come to the United States: to enter, stay here, work, send money to the home (transfers), bring the family and/or have children here.” “Preventing these five things, preventing illegal immigration and encouraging self -identification.”

The administration was pushing strongly for illegal immigrants to self -decision, Motivating them By providing the cost of commercial flights and providing a $ 1,000 salary for those who choose to report self. Reese said that the transfer tax can be another effective strategy, as well as ice raids that can help in an illegal immigration operation to the country and reduce the number of illegal immigrants in the United States

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However, RIES said that 1 % needs to be much higher to be effective.

She said: “Only 1 % tax on cash transfers is only very little. The tax must be much higher and cover all kinds of funds.”

“Until now, the United States government has not touched the annual billions of dollars coming out of the country, not benefiting from the American economy,” she said. “A tax on transfers must be imposed to inhibit unauthorized workers and profits.”

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Meanwhile, Ariel Ruiz Soto, the chief policy analyst at the Policy Institute, told the Fox News Digital that although he believes the transfers tax will have a significant impact, it may not be on the way Trump administration Hopes.

He said that the frustrated transfers of countries such as El Salvador, Guatemala and Honduras – as these payments represent more than 20 % of GDP – actually pay more immigration from those countries.

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“If you are Honduras, if you are al -Salvador and Guatemala, even a 1 % tax, if it reduces transfers, it can actually be great losses in the development of those countries,” he said. “If the remains are actually decreasing, this may be counterproductive on President Trump’s agenda to reduce irregular migration because it can make conditions in reality, and economic conditions in these countries are more difficult and stimulating new irregular immigration in the future.”

The House of Representatives is currently studying the Senate version of the “Beautiful Big Law”.