love regressive taxes that explicitly target the poor
Congressional Republicans have also targeted money transfers through a new tax on remittances they say will raise revenue and discourage illegal immigration. Mr. Trump signed the tax into law as part of a sweeping policy bill in July, and it is set to take effect next year.
love regressive taxes that explicitly target the poor
Wouldn’t this essentially be an income tax for them though? Like I know in practice its gonna totally be unfair and they’ll be taxed at a way higher rate But I think a lot of this money was...
Wouldn’t this essentially be an income tax for them though?
Like I know in practice its gonna totally be unfair and they’ll be taxed at a way higher rate
But I think a lot of this money was leaving the country totally untaxed.
A lot of that money was being taxed the same way that other money was taxed, through income taxes on payroll. It's not like those billions and billions of dollars are all cash being handed out in...
A lot of that money was being taxed the same way that other money was taxed, through income taxes on payroll. It's not like those billions and billions of dollars are all cash being handed out in Home Depot parking lots or something.
It depends who's sending them and how they're earning their money. It'd have to be a cash only payment, not someone using a SSN or someone on a migrant worker or other work visa Documented...
It depends who's sending them and how they're earning their money. It'd have to be a cash only payment, not someone using a SSN or someone on a migrant worker or other work visa
Documented immigrants - who are also being actively threatened by the administration - also send remittances. For folks that don't plan to stay long term in the US it makes sense that they'd be sending more, but I'm curious about the percentage of remittances from documented vs undocumented immigrants and whether the anxiety is somehow only among undocumented immigrants given the state of things.
I kinda threw this out there to see if I could get a discussion going, I think it would be way more difficult to target people receiving cash payments than it would be to just grant them a work...
I kinda threw this out there to see if I could get a discussion going, I think it would be way more difficult to target people receiving cash payments than it would be to just grant them a work visa so they can be a legitimate worker on someones payroll lol
So like, obviously the point isn’t to collect tax money. Cause theres an easy way to do that.
It looks like the new tax’s rate will be 1%,, so that’s probably not enough incentive for most people to figure out a workaround, such as figuring out how to use cryptocurrency for the transfer.
It looks like the new tax’s rate will be 1%,, so that’s probably not enough incentive for most people to figure out a workaround, such as figuring out how to use cryptocurrency for the transfer.
Remittance fees are already higher than 1% through Western Union charges alone. If something like crypto were viable it probably would have been adopted. But as I understand it, if you have cash...
Remittance fees are already higher than 1% through Western Union charges alone. If something like crypto were viable it probably would have been adopted. But as I understand it, if you have cash and no bank account you're probably paying quite a bit in crypto transaction fees at an ATM, as are the people on the other end. Not like you have bank accounts to pop that money in and out of. Plus Western Union stores are generally considered to be safe locations.
Crypto is not viable for the majority of the population being targeted here.
I also don't understand why this is in response to me. I was just noting that the money could be taxed, potentially for a second time.
Just continuing the conversation. Yes, the money might be taxed twice, but on second thought, I realized that I had no idea how much the tax was. So I looked it up.
Just continuing the conversation. Yes, the money might be taxed twice, but on second thought, I realized that I had no idea how much the tax was. So I looked it up.
Over the last several months, the amount of money sent by migrants like Mr. Fuentes back to their native countries in Latin America has jumped by billions of dollars in total, according to financial institutions in the region. Migrants typically send a few hundred or a few thousand dollars at a time through cash at transfer shops or through digital methods.
Across several Central American nations money transfers have jumped 20 percent.
The reason, officials, migrants and analysts say, is that people afraid of being deported are trying to get as much money out of the country as possible, while they still can.
The money transfers, called remittances, are a critical lifeline for many countries and families around the world, especially in Central America and the Caribbean. There, the funds sometimes make up a huge chunk of a nation’s economy — as much as a quarter of a country’s gross domestic product, as in Honduras and Nicaragua.
...
In four of Central America’s most populous and poorest countries — Guatemala, Honduras, Nicaragua and El Salvador — remittances so far this year are up roughly 20 percent from the same period last year, according to figures from central banks and an organization that coordinates between central banks, the Central American Monetary Council.
love regressive taxes that explicitly target the poor
Wouldn’t this essentially be an income tax for them though?
Like I know in practice its gonna totally be unfair and they’ll be taxed at a way higher rate
But I think a lot of this money was leaving the country totally untaxed.
A lot of that money was being taxed the same way that other money was taxed, through income taxes on payroll. It's not like those billions and billions of dollars are all cash being handed out in Home Depot parking lots or something.
It depends who's sending them and how they're earning their money. It'd have to be a cash only payment, not someone using a SSN or someone on a migrant worker or other work visa
Documented immigrants - who are also being actively threatened by the administration - also send remittances. For folks that don't plan to stay long term in the US it makes sense that they'd be sending more, but I'm curious about the percentage of remittances from documented vs undocumented immigrants and whether the anxiety is somehow only among undocumented immigrants given the state of things.
I kinda threw this out there to see if I could get a discussion going, I think it would be way more difficult to target people receiving cash payments than it would be to just grant them a work visa so they can be a legitimate worker on someones payroll lol
So like, obviously the point isn’t to collect tax money. Cause theres an easy way to do that.
That's why they're targeting the remittances because they can functionally tax the same money, some of it twice.
It looks like the new tax’s rate will be 1%,, so that’s probably not enough incentive for most people to figure out a workaround, such as figuring out how to use cryptocurrency for the transfer.
Remittance fees are already higher than 1% through Western Union charges alone. If something like crypto were viable it probably would have been adopted. But as I understand it, if you have cash and no bank account you're probably paying quite a bit in crypto transaction fees at an ATM, as are the people on the other end. Not like you have bank accounts to pop that money in and out of. Plus Western Union stores are generally considered to be safe locations.
Crypto is not viable for the majority of the population being targeted here.
I also don't understand why this is in response to me. I was just noting that the money could be taxed, potentially for a second time.
Just continuing the conversation. Yes, the money might be taxed twice, but on second thought, I realized that I had no idea how much the tax was. So I looked it up.
This is just regular money that people are earning and paying taxes on, isn’t it?
https://archive.is/UE1ZH
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