The US is moving forward with a new law to impose a 5% tax on all remittances sent abroad, under the proposed “One Big Beautiful Bill Act” introduced by Donald Trump. The bill has passed the budget committee and awaits a full congressional vote. While US citizens are exempt, non-citizens—including millions of Indian workers—will be affected. India, the top recipient of US remittances, could suffer significant economic consequences, with $32.9 billion sent from the US in 2023–24 alone.
A new law is on its way in the United States that would impose a 5% tax on all money transfers sent abroad. The proposal, originally introduced by former President Donald Trump under the name “One Big Beautiful Bill Act,” narrowly passed the US Congressional Budget Committee on Sunday by a single vote.
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