RickS Posted January 26, 2017 Report Share Posted January 26, 2017 This Post got locked before anyone answered this lady's question. Here is what I PM's her. Anyone care to add/correct anything? Your question didn't get answered before the Post was locked (they don't like Political stuff and some people went there...). Remittances generally refer to monies that, in this case, Mexican green card holders (or illegal immigrants to the US) send back to their families in Mexico. A couple of years ago Remittances to Mexico families were the 3rd largest income source for Mexico behind tourism and oil. While one could easily assume, and probably be correct, that the US government will/can not curtail the ability of US citizens to obtain monies held in the US while in Mexico, the current Administration is raising some eyebrows to say the least. But here is what a lot of folks do.... they have a US bank/financial institution where their funds are 'kept'. Then one merely goes to an ATM in Mexico and withdraws pesos 'from that source'. 10's of thousands of people do that rather than have a Mexico banking relationship. Safer. Let me know if you need further information. RickS Link to comment Share on other sites More sharing options...
pappysmarket Posted January 26, 2017 Report Share Posted January 26, 2017 Well explained. Certainly how we do it. Link to comment Share on other sites More sharing options...
carcamal Posted January 26, 2017 Report Share Posted January 26, 2017 Wouldn't a tax on money sent outside the U. S. violate the "no export tax" provision of the Constitution? Link to comment Share on other sites More sharing options...
moderator-2 Posted January 26, 2017 Report Share Posted January 26, 2017 The question WAS answered in the other thread. There is no tax on remittances, there is no proposal before Congress to do so and any speculation about same is premature. To do this would require an act of Congress since ONLY Congress can levy taxes. This was just posted on another site: http://nypost.com/2017/01/26/trump-wants-20-percent-import-tax-to-pay-for-mexico-wall/ I notice that anything I order from the U.S. if they even will ship here pays a minimum of 16 percent tax. I believe things sent to Canada also pay VAT tax. Link to comment Share on other sites More sharing options...
Mainecoons Posted January 26, 2017 Report Share Posted January 26, 2017 List of countries and their import taxes: http://www.uscib.org/valueadded-taxes-vat-ud-1676/ Link to comment Share on other sites More sharing options...
RickS Posted January 26, 2017 Author Report Share Posted January 26, 2017 45 minutes ago, moderator-2 said: The question WAS answered in the other thread. There is no tax on remittances, there is no proposal before Congress to do so and any speculation about same is premature. To do this would require an act of Congress since ONLY Congress can levy taxes. This was just posted on another site: http://nypost.com/2017/01/26/trump-wants-20-percent-import-tax-to-pay-for-mexico-wall/ I notice that anything I order from the U.S. if they even will ship here pays a minimum of 16 percent tax. I believe things sent to Canada also pay VAT tax. The OP said, " Does anyone know what remittances mean? " I didn't and still don't see where this was answered. Link to comment Share on other sites More sharing options...
ComputerGuy Posted January 26, 2017 Report Share Posted January 26, 2017 I don't see that question in the OP, unless you are referring to the thread that was locked. In any case, for purposes of this discussion a remittance is what Mexicans working in the States send back from their earnings, to their families or friends in Mexico. I'd like to see anything like a tax even try to be enforced. First, complete imfringement on human rights and the main reason everyone left jolly old England in the first place: unwarranted taxes, remember? Second, how is the gov't going to find all these remittances, especially those from undocumented workers? It's an impossible, ludicrous concept. Link to comment Share on other sites More sharing options...
RickS Posted January 26, 2017 Author Report Share Posted January 26, 2017 "I don't see that question in the OP, unless you are referring to the thread that was locked. " CG, reread first sentence of my Post above: "This Post got locked before anyone answered this lady's question." Link to comment Share on other sites More sharing options...
ComputerGuy Posted January 26, 2017 Report Share Posted January 26, 2017 RickS, reread my first sentence: I don't see that question in the OP, unless you are referring to the thread that was locked. Link to comment Share on other sites More sharing options...
Mainecoons Posted January 27, 2017 Report Share Posted January 27, 2017 1 hour ago, ComputerGuy said: I don't see that question in the OP, unless you are referring to the thread that was locked. In any case, for purposes of this discussion a remittance is what Mexicans working in the States send back from their earnings, to their families or friends in Mexico. I'd like to see anything like a tax even try to be enforced. First, complete imfringement on human rights and the main reason everyone left jolly old England in the first place: unwarranted taxes, remember? Second, how is the gov't going to find all these remittances, especially those from undocumented workers? It's an impossible, ludicrous concept. Yes it is and that is why it appears it isn't even on the table. What is on the table is an import tax. Remember, we are paying a 16 percent import tax in this direction and sometimes a duty is on top of that. Try and import a car and the taxes are very fat indeed. And then there's the unspecified import hassle tax of holding things up, doing things that jack up shipping charges, and just plain theft at the border. So we rely on incoming visitors and trips to the border to get stuff without being ripped off. Link to comment Share on other sites More sharing options...
pappysmarket Posted January 27, 2017 Report Share Posted January 27, 2017 I sure as hell hope they don't but I suspect Uncle has the technology to know that I am making an ATM withdrawal in Mexico from my US bank and withhold any percentage they choose. If Congress were to pass that I have no illusion that they couldn't do it. Link to comment Share on other sites More sharing options...
Mainecoons Posted January 27, 2017 Report Share Posted January 27, 2017 Yep, they passed FATCA after all. But not the folks in charge now. They have promised to repeal or end it for permanent legal residents of other countries. Their opponents wanted to add to it. We will see if the new government fulfills this promise. Link to comment Share on other sites More sharing options...
moderator-2 Posted January 27, 2017 Report Share Posted January 27, 2017 OK, for certain now the questions about remittances have been answered. Link to comment Share on other sites More sharing options...
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