Lmst

#RemittanceTax

Trump’s 'One Big Beautiful Bill' proposes a 3.5% tax on remittances sent to other countries, impacting Indian Americans. If passed by the US Senate as well, sending money home could get costlier. Today's Number Theory explores the Indian impact of US remittance tax in detail.

Read on the HT app: https://www.hindustantimes.com/editors-pick/the-indian-impact-of-us-remittance-taxes-number-theory-101748401713500.html

#Trump #OneBigBeautifulBill #RemittanceTax #India #US #IndianAmericans #MastIndia @mastodonindians

The Indian impact of US remittance taxes

By Sreedev Krishnakumar

Donald Trump's "One Big Beautiful Bill", which was recently passed by the US House of Representatives, could have significant implications for India. Running over 1,000 pages, the legislation includes a new 3.5% tax on money sent abroad as remittances by non-US citizens. Among those who will be affected are H-1B visa holders and permanent residents—many of whom are Indian professionals who routinely remit part of their salaries to families in India. If passed by the US Senate as well, the sizeable Indian population in the US would find it more expensive to send money back home. How much does India get as remittances every year? What is the share of US in India's remittances? What will impact of the remittance tax? The charts below explores these questions in detail.

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