Latest news with #BeautifulAct
GMA Network
a day ago
- Business
- GMA Network
DOF says only 20% of Pinoys in US may be affected by proposed remittance tax
The Department of Finance (DOF) said only 20% of the Filipinos in the United States would be affected by the potential remittance tax of the Trump administration, Malacañang said Thursday. At a press briefing, Palace Press Officer Undersecretary Atty. Claire Castro was asked about the matter. She then cited a response from the chief economist of the DOF, saying that out of the 4.4 million overseas Filipinos in the US, ''only 20% will be affected by the proposed tax proposal, which is seemed to take effect on January 1, 2026, if passed.'' ''The tax will affect non-US citizens including green card holders and those with working visas – each one visa holders. Although, 41% of the remittances are routed to the US, not all of these are from Filipinos in the US because remittances are routed to the US via correspondent banks,'' the DOF said as read by Castro. According to the DOF, the expected loss in remittances might only be as much as $100 million out of the $36.5 billion projected remittances in 2026. It added that the estimated effect was a minimal decline of 0.003% of gross domestic product. ''While we see the estimated effect is minimal in the economy, it may be substantial for many families who solely rely on the remittances from a family member in the US, talking about non-US citizens. Based on the BSP (Bangko Sentral ng Pilipinas) survey, about 90% of the remittances are spent on food and other household needs,'' the DOF added. Under the proposed One Big, Beautiful Act, a 3.5% excise tax would be imposed on all money sent outside the US, including remittances to the Philippines. This means that non-US citizens sending money to their families back home could soon be paying significantly higher fees. Aside from higher fees, the proposed law also mandates stricter verification requirements for remittance centers, raising concerns that it might expose the immigration status of some senders, especially those who are undocumented. The US remains the largest source of remittances to the Philippines, according to data from the BSP. —VAL, GMA Integrated News
DW
22-05-2025
- Business
- DW
US House passes Donald Trump's tax cut and spending bill – DW – 05/22/2025
The legislation would extend tax cuts that were enacted during Trump's first term in "One Big, Beautiful Act" now will head to the Senate, where it is expected to see changes. The Republican-majority US House of Representatives on Thursday passed President Donald Trump's multitrillion dollar tax cut and spending bill, a key part of Trump's policy agenda for his second White House term. The bill passed in a 215-214 vote, with all of the chamber's Democrats voting against the legislation. Two members of Trump's Republican Party also voted against the bill. The legislation would extend tax cuts that were enacted during Trump's first term in office, while also slashing funding for low-income health insurance program Medicaid. More to follow...
