The ‘One Big Beautiful Bill’ initiated by US President Donald Trump is set to generate positive financial outcomes for the Indian community in the United States. Key among the benefits is a tax reduction, particularly concerning international money transfers. The revised bill reduces the tax on these transfers from an initial 5% to 1%, presenting a significant financial advantage. This development is expected to primarily benefit Indian professionals employed in America and the NRI population. The new regulation applies to non-US citizens residing in the country, including green card holders, those on temporary visas, and international students. The bill stipulates a 1% tax on all international money transfers, with the sender bearing the cost. Furthermore, the bill proposes tax exemptions on remittances made through financial institutions and those using US-issued debit or credit cards. Approximately 4.5 million Indians residing in the US, including about 3.2 million people of Indian origin, are expected to gain from this alteration.
