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Mexico’s President Slams Trump’s ‘Big Beautiful Bill’ Over 3.5% Remittance Tax
In a stern rebuke, Mexico’s President Claudia Sheinbaum has denounced the United States’ proposed “Big Beautiful Bill” that aims to impose a 3.5% tax on remittances sent by immigrants back to their home countries.
“This bill is unfair and unjust,” President Sheinbaum emphasized, highlighting the potential devastating impact it could have on Mexican families relying heavily on these cross-border payments.
The controversy surrounding this bill has escalated tensions between Mexico and the United States, with both nations taking a firm stance. While Trump’s administration insists that the tax will generate revenue for U.S. social programs, President Sheinbaum has categorically rejected the proposal.
Sheinbaum expressed deep concern about the potential consequences of such a move, stating that Mexican immigrants work tirelessly to make ends meet and any hindrance in this regard would be catastrophic.
“We cannot allow our citizens who have earned their living honestly to be penalized in such an unfair manner,” she stated firmly, adding that Mexico will not hesitate to take measures necessary to protect its people’s interests.
The recent backlash against the bill has sparked a renewed interest in decentralized financial solutions like cryptocurrency. Experts believe that unhosted crypto wallets can provide a secure and efficient means of transferring funds across borders without falling prey to such restrictions.
In light of this development, Mexico is planning an alternative measure, dubbed ‘Finabien,’ which aims to lower fees on remittances. President Sheinbaum has urged the public to write letters and emails to their U.S. Senate representatives, reiterating that her government will not shy away from mobilizing if necessary.
On the other hand, a U.S. Senator, Eric Schmitt, has fueled tensions further by suggesting quadrupling the tax rate to an astonishing 15%. His bold move has triggered widespread criticism and skepticism in Mexico, with many interpreting his actions as a calculated attempt to assert American dominance over global remittance flows.
The situation highlights the ever-growing importance of crypto-based alternatives for cross-border transactions.
Source: coinpedia.org
