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 |