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of <h1>US Proposes 5% Tax on Remittances, Potentially Hiking Costs for Green Card and H1B Visa Holders Sending Money Abroad</h1> A proposed 5% US tax on outward remittances could increase costs for Indians sending money home, potentially raising annual expenses to over USD 1.6 billion. The tax would apply to green card and H1B visa holders, excluding US citizens. India receives significant remittances, with the US contributing 27.7% of total inflows, amounting to approximately USD 32.9 billion in 2023-24. The proposed levy highlights the economic impact of cross-border money transfers.
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