US President Donald Trump’s ‘One Big Beautiful Bill’ is anticipated to have a favorable influence on the Indian community in the United States. The main advantage for Indians is the proposed tax cut, which will be implemented once the bill becomes law. The bill has modified the provisions related to the tax on international money transfers. This is advantageous for countries like India, where a large number of migrants send money back to their families. Indian professionals working in the US and the NRI community will benefit from a tax reduction, with the proposed rate decreasing from 5% to 1%. The tax will apply to foreign nationals living in the US who are not US citizens. This includes green card holders, those on temporary visas (H-1B, H-2A, etc.), and international students. The bill outlines that a 1% tax will be imposed on all international money transfers, payable by the sender. Additionally, the bill offers tax exemptions for remittances from accounts held in financial institutions and those funded using US-issued debit or credit cards. Approximately 4.5 million Indians in the US, including 3.2 million people of Indian origin, are expected to be positively impacted by these changes.
