Datanomics: Remittance tax in Donald Trump's 'Big, Beautiful Bill'

US remittance Bill: Cost of sending money to India to shoot up to 9%

The Trump administration has dropped another bombshell after the ‘tariff tantrum’. A provision in a bill called The One, Big, Beautiful Bill has proposed a five per cent excise tax on all outward remittances from the US, irrespective of the amount, to be paid by the sender.

 

The tax will be applicable on all outward remittances by non-US citizens, including individuals holding H-1B and F-1 visas and green card holders. 

 

The share of the US as a source country in India’s inward remittances