Mexico Received $50 Billion in Remittances from the United States – Why Don’t We Tax It?
avatar By Preston Huennekens December 16, 2021 No Comments
Mexicans living in the United States are on pace to send more than $50 billion in remittances to people still living in Mexico, according to data from the World Bank and Bank of Mexico. Border Report noted that this is a record amount of money sent back to Mexico, despite the ongoing COVID-19 pandemic and economic issues in the United States.
Remittances are money sent to countries overseas, often using money-wire services such as Western Union and MoneyGram. Remittances account for a significant quantity of some countries’ gross domestic product, including those in Central and South America. Immigration analyst Andrew Arthur noted that “remittances significantly subsidize the economies in those countries, and each would be hard pressed to replace the lost GDP if its nationals were to stop migrating, or even worse, return to those countries.”
In 2020, remittances accounted for 24.1 percent, 14.7 percent, and 23.5 percent of the GDP of El Salvador, Guatemala, and Honduras respectively. Other countries dependent on remittances in the Americas also have a large number of nationals residing in the U.S. such as Haiti (23.2 percent), Jamaica (22.2 percent), and Nicaragua (14.7 percent).
https://www.immigrationreform.com/2021/12/16/mexico-got-billions-remittances-2021-immigrationreform-com/
