The US President has won a major victory in National Politics. His dream bill has passed from both houses of the US Parliament and on July 4 he will become a law with Trump’s signature. It is also going to have the most direct and direct impact on India. Money sent or invested by NRI to India. The migration is also in the focus. Since Trump has named ‘Big and Beautiful’, the bill includes a tax cut of $ 4.5 trillion and a $ 1.2 trillion spending deduction, which has strict work rules on maidkids and food stamps. It is believed that this may end the insurance of more than 1 crore Americans. Tesla’s owner Ellon Musk is openly opposing the bill. Tesla’s owner Ion Musk has also been opposed to this bill. Let’s know what is inside this bill-
What is Big and Beautiful Bill
This bill is an attempt to make the US 2017 tax cut permanent. This is a comprehensive bill, which includes border security, expenses and tax. There is also a lot of criticism for imposing 5 percent tax on sending money by the people of other countries living in America. This includes ending subsidy for things like renewable energy. This bill of Trump will end the order of the Biden era, according to which the sales of the new car will be two-thirds of electric vehicles by 2032. The bill proposes to cut royalty rates paid by companies for extracting oil, gas and coal. The new budget bill of US President Donald Trump passed in the Senate. After 50-50 equals in voting, Vice President JD Vance passed the bill by deciding. This bill cuts many programs that help the poor, but allow tax exemption and huge expenditure on the army, border security.
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Fee on sending money at home
The originally proposed 5 percent tax on the funds sent abroad from the US was reduced to only 1 percent in the final draft, which has now been passed. There are about 4.5 million or 45 million Indian citizens or people of Indian origin in the US, many of whom are earning big for their families in India. Ram Naik, co-founder and director of the Guardian Real Estate Advisory, told HT, the US bank and card-based funds are in exemption, but the NRIs with high-value or recurring transfer may require to rethink their financial plans. “This will be applicable from January 1, 2026.
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Tax on foreign income
While the bill belongs to many things – some of which also caused quarrels between Trump and his former -friend Alan Musk – there is no change in the existing rules on the income received from the foreign source earned by the American residents, including a green card or NRI with US citizenship. Sandeep Bhalla, partner of R and Regulatory Advisory Service Firm Dhruv Advisors, says, “Such income will continue to be taxed under the current law.” This means that the tax paid in India can be claimed as a tax credit in the US as before, so that double taxation can be avoided on the same income.