The US Senate has taken a significant step closer to passing what could be called one of the most debated bills online. “One Big Beautiful Bill” from Trump is anything but its name for Indians trying to transfer money to their home country.
For now, NRIs sending money home might breathe a sigh of relief as the Senate’s latest draft states that only non-bank cash transfers will be taxed, and even that at a reduced rate of 1%, not the earlier 3.5%.
However, the legal experts claim that the same bill makes massive cuts to healthcare, and clean energy, and allegedly hides trillions in real costs behind accounting tricks.
This bill was the reason the biggest Trump supporter, Elon Musk had an ugly fallout with his former friend. Both of them passed low-handed jabs at each other on social media with Musk calling out President Trump’s oversight of the bill on his platform X (formerly Twitter).
While NRIs are busy decoding remittance rules, experts notice what this bill does is suggest that immigrant money transfers are now fair game. As the rate keeps slashing down for now, it paints a grim picture of a storm brewing in the US.
