Brief by Shorts91 Newsdesk / 04:29am on 07 Jun 2025,Saturday India Global
A new bill pushed by US President Donald Trump, dubbed the "One Big Beautiful Bill," proposes a 3.5% tax on all outbound remittances, sparking concerns in India. With $129 billion in remittances received in 2024, India—home to the world’s largest diaspora—faces a potential financial blow. The tax, passed by a slim margin in the US House, could hit states like Kerala and Bihar hard. Elon Musk criticized the bill, joking it can't be both “big” and “beautiful.” The move is part of broader legislation supporting Trump's 2024 campaign promises, with cuts to student aid and green energy incentives. (PC: AFP )
