Donald Trump's government will now cut the pockets!
If you live in America and send money to your family in india, then this news can shake you! A new bill has been presented in the US parliament, named 'The One Big beautiful Bill' and a hidden clause in it has increased the concern of Indians. Let's know what is the whole matter?
Your money will go into Trump's pocket
After this new bill, now sending money from America to india will be expensive, this is because, according to this bill, if you are not a citizen of America, then every time you send money to your family in india, the trump government will directly deduct 5 percent of it.
Understand the One Big beautiful Bill
This new bill presented in the US parliament is 389 pages long. There is a line written on page number 327 which says, 5 percent tax will be levied on the money sent outside America, if the sender is not a 'Verified US Sender'. That is, he is not a citizen of America.
Who will be affected the most?
This will directly affect the NRIs. About 45 lakh indians live in America, most of them are on H-1B or L-1 visa or are green card holders. These people send money to their home every month, sometimes for mom-dad's medicine, sometimes for sister's education, sometimes to help in someone's marriage. Now all these will be hit by the tax of the trump government.
How big is the loss to India?
In the year 2023-24, india received remittances worth 32 billion dollars from America. If 5 percent tax is deducted on this, then indians will have to bear an additional burden of about 1.6 billion dollars annually. The biggest thing is that this tax will be levied on every transfer, whether you are sending 5000 or 5 lakhs.
Why did donald trump do this?
Republican leaders who introduced the bill say that this will help America to cover the cost of a 3.9 trillion dollar package, which includes plans to bring back the trump era tax cuts. But opponents say that on one hand American workers are being given exemptions, while those who help their families abroad are being punished.