Donald Trump's 5% Tax on International Remittances Likely to Affect Indian Homes

Donald Trump's 5% tax on international remittances likely to affect Indian homes

Trump's new tax proposal has triggered alarm across the globe, particularly in India, which has been one of the biggest beneficiaries of the US remittances.

The proposal to impose a 5% tax on remittances sent from the United States by non-U.S. citizens has set off alarms in countries like Mexico and India, the main recipients of these funds globally.Although Friday was rejected by the House Budget Committee with 21 votes against 16, the real reason for the rejection was the perception by some Republicans that the proposed spending cuts were not enough.The Republican representatives who voted against…

A new US bill has come for immigrants, which has created a stir among the immigrant community. The proposal is about dollars sent abroad. It is proposed that 5% excise duty will have to be paid on every dollar. This can be a big blow especially for India.

On Friday, the most conservative members of the Republican Party in the lower House gave a harsh defeat to President Donald Trump and his leaders by joining the Democrats to curb a massive tax and spending plan driven by the President that included the levy on remittances. With 21 votes against and only 16 votes in favour, a handful of Republican congressmen from the most conservative wing of his party sank into the Budget Committee the massive …

BD migrants warn of fallout from US remittance tax - The New Nation

NY Correspondent : A controversial new bill in the United States could soon impose a 5 per cent tax on all remittances sent abroad by non-citizens, a move that is expected to significantly impact thousands of migrant workers, including those from Bangladesh. The legislation – originally proposed by former President Donald Trump under the title “One Big Beautiful Bill Act” – narrowly passed the US Congressional Budget Committee on Sunday, 18 May,…

President Trump’s 5% Remittance Tax, a Callous Double Whammy - Global News Network Liberia

By Paul Ejime The full impact of the U.S. President Donald Trump administration’s controversial foreign trade tariffs and aid cuts is still unravelling. Yet, the same government plans a 5% tax on Diaspora remittances, which will hurt millions of households in struggling economies around the world. Love or hate him, Trump has made himself a larger-than-life, enigmatic brand in international affairs, and those who choose to ignore or underestimate…