A recent proposal by a U.S. House committee suggests imposing a 5% tax on remittances, critical for Mexico's economy. The Democrats opposed it while Republicans supported it unanimously. Affecting over 40 million people, the tax could cost Mexico approximately $3.25 billion each year. President Claudia Sheinbaum condemned the proposal, terming it unconstitutional and a double tax since Mexicans in the U.S. already pay taxes. The bill may pass through Congress soon, with significant implications for both economies, especially as remittances reached over $64.75 billion last year.
President Claudia Sheinbaum described this week's proposal to impose a 5% tax on remittances as unacceptable, emphasizing that it constitutes a form of double taxation.
The proposal aims to tax remittances which are critical for Mexico's economy, raising concern as remittances exceeded $64.75 billion last year alone.
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