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One Big, Beautiful Bill Act: How New US Law Impacts NRIs Sending Money To India

  • The "One Big, Beautiful Bill Act" was signed into law by US President Donald Trump, impacting tax and immigration policies.
  • The bill includes substantial funding for immigration enforcement, including $150 billion over four years, and aims to increase deportations from around 650 to as many as 3,000 daily.
  • Originally, a 5% remittance tax was proposed, which was later reduced to 3.5%. The current law imposes a 1% tax on remittances, which could increase financial pressure on Indian immigrants.
  • Experts warn the new tax may deter non-resident Indians from sending money back to India, affecting household incomes and foreign exchange inflows.
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Donald Trump has achieved great political success by passing Congress in record time his “big and beautiful” law, a compendium of disparate measures with which he aspires to reform the economy. They are more than a thousand pages, barely discussed in the two chambers. Washington’s legislators have once again followed Nancy Pelosi’s maxim, “first we approve them and then we debate them.” Their implementation will have enormous complexity, being p…

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stationgossip.com broke the news in on Saturday, July 5, 2025.
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