Current Affairs - International - Discussion

The revised version of the One Big Beautiful Bill Act, released by the U.S. Senate, proposes a reduction in the foreign remittance tax to 1%. Initially, the law aimed to impose a broader tax on all outgoing foreign remittances, but under the new draft, the rate has been scaled down significantly. Moreover, remittances made using U.S.-issued bank accounts, debit cards, or credit cards are now exempt from this tax. This adjustment reflects a more moderate approach toward regulating and taxing international money transfers, likely in response to concerns over the impact on immigrants and foreign workers in the U.S.