Trump would be the one starting it.They haven't backed down from Trump yet and I doubt they will. I doubt it would ever happen though.Trump has a better chance getting US funding for his wall through Congress than Congress passing a trade war starting tax imo.
Hahaha if you actually think that Mexico is going to respond to Trumps tax proposal by trying to get an equivalent amount out of the U.S. you are insanely naieve, the entire mexican economy relies on the U.S., we could block all trade from Mexico tomorrow and it wouldnt make a difference, theres more than enough 3rd world countries out there to make up for them being missing from the equation. We could turn Mexico into Venezuela with the stroke of a pen, they know it, and so do most intelligent people in the U.S. Some people however dont get that i guess......
Again, this is an absurd concept. You aren't getting $20B from a transfer tax. If you want a wall, you have to pay for it.
Yeah Mexico is going to start a trade war with the U.S. we only make up 5.5% of their entire GDP lol, they would probably lose more than 10% of their GDP overnight when the dust settled, but yeah, Mexico is going to show Trump whose boss.
Trump probably thought all this was true as well when he was promising better trade deals with Mexico,border taxes etc when campaigning.He eventually got a reality check ,his supporters might too someday. And again,Congress is not going to let Trump start a trade war with Mexico with a tax to build his wall.
For many years the U.S. taxed cash transfer services such as Western Union which is heavily used by illegal immigrants to send money home. It will be very simple to put this tax back into place. Migrants from Mexico and Central America are sending home $69 Billion per year. Nearly all of it done via cash transfers rather than EFTs using banks since illegal immigrants don't have bank accounts generally. Put a tax of 0.1% on each transfer, and you would raise $690 million each year. This would raise $13.8 Billion over 20 years - ample to pay for most of the wall if technology is used in conjunction with concrete. Mexicans In The U.S. Are Sending Home More Money Than Ever http://www.npr.org/sections/goatsan...the-u-s-are-sending-home-more-money-than-ever Migrants from Latin America and the Caribbean are sending more money to their families back home than ever before. These annual "remittances" — as they're called by analysts — topped $69 billion in 2016, according to central bank data compiled in a new report by the Inter-American Dialogue, a Washington, D.C.-based think-tank. The money has been a lifeline for the national economies of many countries in the region since at least the 1990s, when Manuel Orozco, a political scientist who authored the report, first began tracking remittances. They climbed steadily since then, only to plummet when the Great Recession hit the U.S. economy in 2008. But they began to rise again in 2012. The 2016 tally is the highest amount on record and an increase of nearly 8 percent over 2015.
LOL, Nine_Ender owned again, a 5% tax on these transfers would be 4 billion per year, wall paid for in the first term.
I should note that at least a dozen think tanks have outlined how easy it would be to pay for the "wall" via taxing cash remittances. The math here is very straight-forward. Even taxing the remittances at a low rate (e.g. 0.1%) which would not be excessively burdensome will raise the necessary revenue to pay for a wall over a period of a couple of decades.
Yeah i had seen people laying out the stats before, but i forgot the number, i was actually kind of surprised to see it that high, i thought it was like 2-3 billion........ But i also remember living with a Dominican guy in Toronto when i was living there, and he was sending a duffel bag full of stuff we take for granted like toothpaste and soap, as well as shit loads of money home to his daughter,(who chose to stay with her mom) every single month, and all of his buddies did the same thing, so i would imagine the practice is pretty common with many immigrants.
Wouldn't taxing remittances be double taxiation? Should this tax apply only to Mexicans? What about corporations that send money overseas to buy stuff? Should they tax your money every time you move it from one account to another? I am surprised that a conservative would be pushing for a new tax.