The post Mexico’s President Slams Trump’s ‘Big Beautiful Bill’ Over 3.5% Remittance Tax appeared first on Coinpedia Fintech News
Mexico’s President, Claudia Sheinbaum, has strongly condemned U.S. President Donald Trump’s controversial ‘Big Beautiful Bill’, which proposes a 3.5% tax on remittances sent by immigrants to their home countries. Sheinbaum labeled the bill unfair and vowed that Mexico would stand united in opposition.
Big Beautiful Bill Sparks Fresh Tensions Between U.S. and Mexico
Despite revisions from an earlier 15% tax proposal, the new 3.5% remittance tax remains a flashpoint between the two nations. Sheinbaum warned that the bill could have severe repercussions on Mexican immigrants working in the U.S., calling it an unjust move to block money flowing back to families in Mexico.
She stated that Mexican officials are staying alert, anticipating the hardships this bill could trigger.
Mexico Mobilizes Against the Remittance Tax
In May, Sheinbaum expressed firm opposition, saying:
“Mexican citizens in America work hard to pay their bills. We don’t want this tax to affect the remittances of our countrymen, who tend to the needy.”
She urged Mexicans to write letters and emails to the U.S. Senate, emphasizing that Mexico will mobilize if necessary to defend the interests of its people.
She also revealed an upcoming countermeasure: an alternative bill named ‘Finabien’, aimed at reducing fees on future remittances.
U.S. Senator Escalates Tensions With Sharp Remarks
Missouri Senator Eric Schmitt intensified the dispute, dismissing Mexico’s concerns and suggesting an even harsher version of the bill.
In a recent social media post, Schmitt stated:
“I’m introducing legislation to quadruple the proposed remittance tax — from 3.5% to 15%. America is not the world’s piggy bank. And we don’t take kindly to threats.”
He claimed the U.S. is not a “shopping mall” for Mexico and vowed to push the bill forward.
What’s Next? Crypto Emerges as a Lifeline for Mexico
Amid growing concerns, crypto may become a workaround for Mexicans facing the new remittance tax. Experts point out that unhosted crypto wallets make it harder for U.S. authorities to track or tax cross-border transactions.Analysts now describe crypto as a potential lifeline for Mexican immigrants, providing a decentralized alternative to bypass future financial restrictions.
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FAQs
It’s a legislative proposal to impose a 3.5% tax on remittances sent by immigrants from the U.S. to other countries.
It could harm immigrant families who rely on sending or receiving money, especially in nations like Mexico with high remittance inflows.
Finabien aims to lower remittance transfer costs and shield Mexican recipients from the impact of new U.S. remittance taxes.
