A new U.S. legislative proposal, “The One Big Beautiful Bill,” aims to impose a 5% remittance tax on money sent abroad by non-citizens, potentially affecting millions of foreign workers and NRIs.
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🏛️ The bill proposes a 5% excise tax on international money transfers made by non-citizens.
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💵 The tax would be collected at the time of transaction by banks and financial services.
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🌍 Non-U.S. citizens, including green card holders and visa holders, would be subject to this tax.
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🇮🇳 India, a major recipient of remittances, could see a significant financial impact.
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💸 Sending $1,200 would now incur an additional $60 due to the new tax.
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📅 The bill was introduced on May 12, 2025, with a target House approval by May 26, 2025.
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🎯 The goal is to raise revenue for extending tax cuts and funding border security initiatives.
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📊 Over 40 million non-citizens in the U.S. could be affected by this tax.
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🧾 Financial institutions will implement the levy on all international transfers if the bill passes.
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🧠 Immigrant workers may need to adjust their remittance habits to minimize the financial burden.
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