Trump proposes 5% tax on remittances, desi diaspora to take $1.6 billion hit

US President Donald Trump's 'One, Big, Beautiful Bill' proposes a 5% excise tax on remittance transfers. Only remittance transfers sent by verified US citizens or US nationals through qualified remittance transfer providers will be exempt from this tax. A TOI report said the Indian diaspora in the US will end up paying at least $1.6 billion in remittance tax.