Africans working in the United States of America will have to think of a new way of sending money home. This is after President Donald J. Trump introduced a new tax law that will see more money returned to the USA government going forward.
The tax is called ” remmitence tax” the one percent tax on every money sent back to the countries where immigrants originated from has elicited mixed reactions. A section of workers in the United States who have been sending home money for investments are already complaining.
Using Kenya as an example, the state of Kenya will lose about 3.2 billion shillings in the annual remitence from Kenyans working a broad. Last year, the Kenyan government received about 340 billion shillings from the United States of America.
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With the instruction of new tax, the government is going to lose over three billion. Something that will negatively impact the estimated budget, the one passed a few weeks ago.
According to economic experts, the money being taxed seems to be little but when combined cumulatively, it is huge. If the same is calculated across the world, the USA is going to retain a lot of money there.
Trump’s Statement On New Tax.
In their defence, President Donald J. Trump defended the move stating that, his administration is using a lot of money to host the immigrants as they work there. Therefore, it is only reasonable for them to pay little for the hospitality.
Many people across Africa and other continents are waiting to see the impact the tax will have on their daily activities.
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