Mexican President Claudia Sheinbaum has criticized a proposed remittance tax in a US tax bill that could impose a 5% excise tax on money sent abroad by non-citizens. She argues this would represent double taxation, as these individuals already contribute taxes in the US. The remittance tax, viewed as a punitive measure against immigrants, could impact nearly 40 million people and significantly affect Mexico, where remittances account for about 4% of GDP. Sheinbaum has reached out to other countries for solidarity against this bill.
The remittance tax proposal is unacceptable, as it results in double taxation on Mexicans living in the U.S. who already pay taxes, said President Sheinbaum.
This will not just affect Mexico; it will also influence other Latin American countries that rely significantly on remittances from their citizens.
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