Trump has talked about plans similar to this in the past but it’s finally coming to light. A group of House Republicans have introduced the first major bill in funding the wall. They say they could collect billions if there is a a 2 percent fee on all the money Mexicans and other immigrants send back home.
Does that sound okay to you?
Now, 2 percent doesn’t sound like much, but estimates suggest that the total could top $2 billion a year!
Rep. Mike Rogers released this statement:
“This bill is simple — anyone who sends their money to countries that benefit from our porous borders and illegal immigration should be responsible for providing some of the funds needed to complete the wall. This bill keeps money in the American economy, and most importantly, it creates a funding stream to build the wall.”
Mexico sees the majority of remittances from the U.S., with an estimated $24 billion alone going to our southern neighbor in 2015.
The U.S. has one of the lowest costs to send money home, at about 6 percent of the payment. Canada’s rate is twice that, while the world’s other big economies hover around 8 percent.
Mr. Trump during the campaign hinted at remittances as one option for footing the bill for his border wall.
Remittances are also a source of money that doesn’t offer much chance for retribution against Americans. Pew said that while $133 billion was shipped abroad in 2015, Americans sent only $7 billion back to the U.S. in remittances that year.