Brief by Shorts91 NewsDesk / 11:26am on 19 May 2025,Monday Business
President Donald Trump's proposed "One Big Beautiful Bill Act" aims to impose a 5% tax on all international money transfers made by non-US citizens, including H-1B visa holders and green card holders. This tax would affect nearly 4.5 million Indians in the U.S., potentially costing the Indian community $1.6 billion annually, based on the $32 billion remitted from the U.S. to India in 2023-24. The tax applies to all remittances, including investment income and stock option proceeds, with no exemption threshold. The bill also allocates $46.5 billion for border wall construction and immigration enforcement, including hiring additional agents and imposing a $1,000 fee on asylum seekers. (PC: Mint)
