Federal Tax Practitioner David Selig: We Need a Transfer Tax

Tuesday, 01 Jul 2014 03:37 PM

By Courtney Coren

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Billions of dollars in income leave the United States every year via immigrants wiring money to their families back in their home countries, in most cases Mexico, federal tax practitioner David Selig says, and he argues that that money ought to be taxed.

"Tens of billions of dollars that have never been taxed in the United States that are earned in the United States are transferred permanently out of our economy and my proposal is that we establish a transfer tax on these monies," Selig told J.D. Hayworth and John Bachman on "America's Forum" on Newsmax TV on Tuesday.

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"The Obama administration has put in a great deal of protections toward people who wire money largely to Mexico and has controlled the fees and the regulations and such, but has done precious little to make sure that our Uncle Sam is receiving his fair share," he explained.

However, a lot of the immigrants "who have come to this country are working off the books and only partially declaring income," Selig said.

According to the federal tax practitioner, illegal immigrants are allowed, under the tax code, to claim dependents who live in Mexico. Many are also only declaring part of their income while being allowed to collect an earned income credit. These immigrants then "it turns out, at the end of the year, [have] transferred, wired out of our country, $75,000, $85,000, $100,000."

"When this money leaves our economy it leaves forever, and a lot of that money is being made through illegal enterprises," Selig added.

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