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Taxing time for migrants: US' remittance tax furthers Trump's agenda
The rationale for imposing the tax is ostensibly to protect dollar outflows. The US remains the world's top remittance sender. In 2023, some $85.7 billion was remitted by migrants living in the US
Business Standard Editorial Comment New Delhi
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Embedded in the 'big, beautiful' tax-and-spend Bill that the United States (US) House of Representatives passed by a razor-thin margin of one vote (215 for, 214 against) is a small, unattractive provision that is likely to hit a range of non-citizens in the US. This is the 3.5 per cent 'remittance tax' that is to be imposed on all green card and non-immigrant visa holders in the categories of H1B, L1 (which allow multinationals to temporarily transfer employees from foreign branches to the US) and F1 (students). The tax cannot be offset against other federal or state taxes paid in
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