Mexican President Claudia Sheinbaum has strongly criticized US President Donald Trump's proposed tax on remittances during a public ceremony in Baja California Sur. Sheinbaum argued that taxing remittances unfairly burdens people who are already paying taxes. The proposal is part of a larger legislation aiming to influence various sectors, with remittances accounting for a significant $160.9 billion sent to Latin America in 2024. Economically vital, these remittances greatly impact poverty alleviation and household financial stability across the region.
President Claudia Sheinbaum criticized Trump's proposal to tax remittances, emphasizing that imposing such a tax would unfairly burden those already paying taxes.
Remittances to Latin America and the Caribbean reached $160.9 billion in 2024, with Mexico receiving the most significant share at $64.7 billion.
CEMLA's Jesus Alejandro Cervantes Gonzalez noted that remittances account for a significant portion of GDP in multiple Latin American countries, highlighting their essential role in alleviating poverty.
Sheinbaum reinforced the socio-political implications of taxing remittances during the hospital construction ceremony, showcasing the concern over potential economic impacts on families.
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