Remittances are more than just financial transactions, they are a lifeline for millions of families, a catalyst for economic empowerment, and a key driver of sustainable development. So, it is concerning to see these international transfers put at risk – especially so soon after mammoth cuts to foreign aid in recent months. But a consequence of US President Donald Trump’s “One, Big, Beautiful Bill”, signed into law this month, will be to impose a sweeping new 3.5 per cent tax on financial transfers sent outside the country by non-US citizens. This is a measure that will impact millions of people, primarily diaspora and immigrant populations.
Taxing the world’s most generous givers (Heather Wrathall – The Interpreter)
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