US Remittance Tax Will Hand More Power to Cartels: Mihir Sharma

Hidden on page 1,054 of President Donald Trump’s “big, beautiful bill” is a threat to impose a 3.5% tax on all remittance transfers made by non-citizens to accounts outside the country. This is a dangerous, backward-looking provision, and will make Americans less safe without raising much revenue.

It is easy to understand why a measure like this would appeal to the current administration. It makes migrants’ lives harder, and that’s enough for it to be worth passing into law. And it certainly will create difficulties for millions of legal and illegal immigrants in the US, as well as for their families ...