The One Big Beautiful Bill

A new US bill called "The One Big Beautiful Bill" proposes a 5% tax on all international money transfers (remittances) made by non-US citizens, including green card holders and those on work visas like H-1B. This tax would be collected directly at the time of transfer by banks or money transfer services, with no minimum exemption-so even small remittances would be taxed. US citizens are exempt, but for NRIs and the Indian diaspora (green card holders) in the US, this could mean paying significantly more to send money home, with the tax possibly taking effect as soon as July 2025 if the bill is passed.

This will hit India hard because the US is the single largest source of remittances to India, sending about $32 billion in 2023-24-nearly 28% of India’s total remittance inflow. If the law passes, Indian families and recipients could lose a lot each year to this tax, directly impacting funds used for education, healthcare, daily expenses, and investments in property or stocks.

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