Also (in above source), no ACA subsidies for H-1B visa holders (and others), which likely means employers they will have to pay more for health care if they want to cover their immigrant workers
The $100/year fee while an asylum case is pending means that the government is charging someone for the government's own inability to process cases quickly.
The House's[1] SEC. 112104. EXCISE TAX ON REMITTANCE TRANSFERS. 3.5% tax became 1% in the Senate's[2] SEC. 70604. EXCISE TAX ON CERTAIN REMITTANCE TRANSFERS and a lot of the language changed.
The Senate made a lot of changes (Byrd rule also nuked a lot of stuff) so old articles are of limited use to the final bill.
I don't even know if [2] is the actual final text as there is neither an enrolled or public law version on congress.gov yet.
It's super annoying how often we can't read the final text of a bill before Congress votes on it.
> 3.5% remittance fees on sending money out of the US:
The version of the bill that passed a 1% excise is applicable "only to any remittance transfer for which the sender provides cash, a money order, a cashier’s check, or any other similar physical instrument".
This is not true. There's a TCS of 20%, which is an advance tax payment that you can claim back in your income tax returns at the end of the year, and it not an additional tax. This is just a (bad) mechanism to stop black money from leaving the country.
Thanks I didn't realize that it was refundable, I guess "India makes people loan 20% of their foreign remittances to the government interest-free" would be more accurate.
> "India makes people loan 20% of their foreign remittances to the government interest-free" would be more accurate.
It wouldn't. The TCS can be offset against other tax liabilities. The government pays out 6% interest on excess tax payments. For reference, 364 day T-bills are currently yielding ~5.5%.
The idea is to force reporting and add friction. Not raise revenue.
