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Started By
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Snapshot on remittances to other nations
Posted on 12/26/24 at 10:56 am
Posted on 12/26/24 at 10:56 am
Just posting for information in case anyone wants to see some numbers.
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Posted on 12/26/24 at 11:02 am to POTUS2024
Is there even a tax on remittance? If there isn't at least 50-75% should be enough to clip that down. Yes 100% will stop it.
Posted on 12/26/24 at 11:15 am to USAFTiger42
Its probably far greater than that. If its a country like Venezuela, the foreign exchange companies take great advantage in the rates they charge so people use informal channels.
We have a lot of Venezuelans here in Trinidad. They go to a local Venezuelan here. Hand him TT dollars and the guy tells him the exchange rate, calls his counterpart in Venezuela who hands his wife the US cash while they are all on the phone with Whatsapp and its done.
So I said, this guy is sitting in Venezuela with a boatload of US cash in his house? The fella laughed and said Trini he has a platoon of soldiers guarding him.....who do you think is his business partner
If the US instituted a value added tax it would probably capture half a trillion a year in taxes, that would be the solution.
We have a lot of Venezuelans here in Trinidad. They go to a local Venezuelan here. Hand him TT dollars and the guy tells him the exchange rate, calls his counterpart in Venezuela who hands his wife the US cash while they are all on the phone with Whatsapp and its done.
So I said, this guy is sitting in Venezuela with a boatload of US cash in his house? The fella laughed and said Trini he has a platoon of soldiers guarding him.....who do you think is his business partner
If the US instituted a value added tax it would probably capture half a trillion a year in taxes, that would be the solution.
Posted on 12/26/24 at 11:30 am to POTUS2024
Is that only including their wages or does it also include the $10k a month our handouts give them
Posted on 12/26/24 at 11:32 am to POTUS2024
Well right off the top I have to question this as Mexico is said to have around 50-60 billion going back from remittances
Posted on 12/26/24 at 11:33 am to Barneyrb
quote:
Is that only including their wages or does it also include the $10k a month our handouts give them
Mixed.
Most benefits are on cards that can only be used for certain things, however, they also get cash, and of course some people coming here are working so they have wages they can send back.
Posted on 12/26/24 at 11:34 am to POTUS2024
The one thing we actually should tax.
Posted on 12/26/24 at 11:47 am to CR4090
quote:
The one thing we actually should tax.
Well, Trump said he was going to tax them last time. He didn’t.
Posted on 12/26/24 at 11:51 am to ronricks
quote:They blocked everything he tried. This was probably one of them.
Well, Trump said he was going to tax them last time. He didn’t.
Posted on 12/26/24 at 11:53 am to Diamondawg
That guy ain’t worried about your rational, common sense thinking.
Posted on 12/26/24 at 11:55 am to POTUS2024
Why is Louisiana giving so much money to Egypt?
Posted on 12/26/24 at 11:57 am to POTUS2024
HOLY shite! Thank you for posting!!!
Certainly Trump knows this and will use as leverage. Wow.
Certainly Trump knows this and will use as leverage. Wow.
Posted on 12/26/24 at 11:57 am to USAFTiger42
Or just immediately deport them.
Posted on 12/26/24 at 12:02 pm to ronricks
quote:
Well, Trump said he was going to tax them last time. He didn’t
This time ain't last time shitdick!!!
You haven't been around much lately.... Lol
I'm sure ur TDS has been brutal. Glad to see you can at least type again, even if your reasoning is still shite!
This post was edited on 12/26/24 at 12:03 pm
Posted on 12/26/24 at 12:17 pm to Diamondawg
quote:
They blocked everything he tried
Then why would you re-elect someone who has even less favorable margins in Congress than he did last time and still couldn’t get anything done? It defies logic.
Posted on 12/26/24 at 1:48 pm to Diamondawg
quote:
They blocked everything he tried. This was probably one of them.
President has unfettered authority to tax remittances. It's one of the things that came to be after 9/11.
IIRC it was nested in the Patriot Act.
Trump simply never followed through.
Posted on 12/26/24 at 2:05 pm to POTUS2024
Imagine what would happen if all that liquidity remained directly inside the U.S. economy…
Posted on 12/26/24 at 2:29 pm to Longhorn Actual
Im telling you a value added tax would capture all the spending of illegals, PJs (private jobs) etc. Also be able to recoup some of the entitlement money when its spent.
Adjust people who are paying income tax to offset and then roll with it.
Consider about 30 million illegals spending 3 grand a month, thats 90 billion, it churns through the economy average of 5 times before absorbed, that 450 billion at 10% over 12 months, ya got 540 billion a year.
Now add in all the people who currently dont pay tax, add another trillion and a half.
The VAT in Mexico is 16% and its on most items including rent.
Adjust people who are paying income tax to offset and then roll with it.
Consider about 30 million illegals spending 3 grand a month, thats 90 billion, it churns through the economy average of 5 times before absorbed, that 450 billion at 10% over 12 months, ya got 540 billion a year.
Now add in all the people who currently dont pay tax, add another trillion and a half.
The VAT in Mexico is 16% and its on most items including rent.
Posted on 12/26/24 at 3:37 pm to Longhorn Actual
Taxes are an inflationary check via pulling liquidity from the end consumer.
Remittances act in a similar way. You get the increase in economic output without the 1:1 inflationary pressure.
The relationship between growth and inflation requires a delicate balance (“healthy”/target inflation). Remittances don’t give you a total freebie, but it’s certainly not 1:1…which means there’s more to give elsewhere.
***I’m not saying they’re a good thing. Just pointing out effects and offering a hint at why they don’t do much to stop that money from leaving. If that liquidity remained directly inside the U.S. market, the dollars they print would have to compete with them.
Remittances act in a similar way. You get the increase in economic output without the 1:1 inflationary pressure.
The relationship between growth and inflation requires a delicate balance (“healthy”/target inflation). Remittances don’t give you a total freebie, but it’s certainly not 1:1…which means there’s more to give elsewhere.
***I’m not saying they’re a good thing. Just pointing out effects and offering a hint at why they don’t do much to stop that money from leaving. If that liquidity remained directly inside the U.S. market, the dollars they print would have to compete with them.
Posted on 12/26/24 at 5:54 pm to POTUS2024
quote:I'll make sure he gets right on it (unlike getting a yard sign from you)?
Trump simply never followed through.
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