A 3.5% remittance tax will apply to H1B, L1, F1 visa holders and green card holders
It cannot be offset against other taxes
Indians are among the worst hit—over 5 million hold US visas
India gets $32 bn in remittances from the US
Claimed goal: reduce dollar outflow
Actual impact: aligns with Trump’s anti-immigrant stance
Silicon Valley may face talent shortages
Foreign students could look elsewhere
India dropped its 6% “Google tax” in goodwill
The new US tax may breach treaty rules
The tax may push migrants to informal channels
Senate expected to pass the Bill by June 2025