Big Beautiful Bill Pass: Republican leaders overcame conservative members’ threats to stop President Donald Trump’s major domestic policy measure, known as the “big beautiful bill,” bringing the US House of Representatives one step closer to voting on it early Thursday. Ahead of a potential final vote later in the day, the Republican-controlled US House passed Trump’s comprehensive tax-cut and spending measure, overcoming a procedural obstacle. By a vote of 219–213, the motion to proceed was accepted.
Speaker Mike Johnson secured enough support to put the bill up for consideration. He marked an early victory after hours of haggling and delay. By voting 219 to 213 in support, the House demonstrated that Republicans who had earlier opposed the proposal had now consented to proceed.
Inward transfers are subject to 1% remittance tax
The tax rate on remittances from Indian professionals and Non-Resident Indians (NRIs) in the United States has been significantly lowered. Lowered by a major amendment to a draft law that was published on June 27. The original 5% tax on money transferred back to India has been significantly reduced to 1% in the revised draft. Thousands of people will benefit greatly from this most recent revision. It further reduces the rate from the 3.5% previously found in the House version of the bill.
How India Gains From the New Bill Version
All US residents who are not US citizens will be subject to the regulation. It also includes foreign students, those with Green Cards, and those on temporary visas like H-1B or H-2A. Over 45 lakh Indians, including over 32 lakh people of Indian origin, would benefit from the tax cut on all foreign money transactions. It will be applicable to all cashier’s checks, money orders, and cash remittances.
“A tax equivalent to 1% of the transfer amount is hereby levied on each remittance transfer… The revised draft states that the sender is responsible for paying the tax imposed by this provision on any remittance transfer.
Summary of The One Big Beautiful Bill
These are the most important events highlights of passing of Trump’s Big Beautiful Bill:
- Trump’s flagship tax and spending measure was approved by the US House. It strengthens the tax cuts from 2017. It also limits social welfare programs, increases financing for immigration-related initiatives, and reduces green energy subsidies.
- After the measure is passed, Trump says it would make the United States a “rocket ship” in terms of prosperity.
- On July 4, US Independence Day, the measure will be signed into law at a White House ceremony.
- Hakeem Jeffries, the leading Democrat in the House, opposed the measure with an eight-hour, forty-four-minute statement that was primarily symbolic.
- Ultimately, Democrats were short by two votes as just two Republicans defected from their party to vote against the plan.
- Thomas Massie, one of those Republicans, raised concerns about the long-term consequences of increasing the national debt by an estimated $3.3 trillion.
- In order to kick off his “America250” series, a succession of joyous occasions that will culminate in the US’s 250th anniversary in 2026. Trump flew to the midwestern state of Iowa.
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