US House Republicans Propose 5% Tax on Remittances by Non-Citizens
Aspect | Details |
---|---|
Bill Title | "The One Big Beautiful Bill" |
Section | Section 112105 |
Proposed Tax | 5% excise tax on international remittances by non-US citizens |
Affected Groups | H-1B visa holders, F-1 student visa holders, Green card holders, NRIs, etc. |
Tax Collection | Collected by remittance service providers, remitted quarterly to US Treasury |
Impact on Indians | $23 billion remitted in 2023; $50 tax for every $1,000 sent |
Potential Effects | Discourages formal remittance channels, affects family support, investments |
Key Concerns | Discriminatory nature, economic implications, potential tax treaty override |