Article Summary
Mexico has expressed discontentment over the US’s consideration of a tax on remittances. This move is seen as a potential measure to fund border security, but it could have significant implications for both countries. The proposed tax could impact the flow of remittances, which totaled $42 billion in 2020, and strain US-Mexico relations.
What This Means for You
- If you’re sending money to Mexico, you might face additional fees if the proposed tax is implemented.
- Businesses that rely on remittances as a source of income could see a decline in revenue.
- The tax could lead to a reduction in the overall amount of money sent to Mexico, impacting the country’s economy and the families who rely on remittances for support.
- The proposed tax could further strain US-Mexico relations and potentially lead to retaliatory measures.
Original Post
Mexico is not happy that the U.S. is considering a tax on remittances.
Key Terms
- Remittances
- Tax on Remittances
- US-Mexico Relations
- Border Security
- Mexican Economy
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