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Hindustan Times
2 days ago
- Automotive
- Hindustan Times
‘Modi ji should announce a ceasefire': Internet flooded with memes amid Donald Trump vs Elon Musk war of words
US President Donald Trump and Tesla CEO Elon Musk are at war of words, and bystanders, including Indians, are quipping about a complete cessation under a ceasefire deal. As the most powerful president and richest man on Earth fired salvos from their social media trenches, meme-makers rose to the occasion, memes about Prime Minister Narendra Modi stepping in to broker peace. The meme wave started soon after Trump and Musk began sniping at each other over everything from trade policies and elections to bruises and government subsidies. One 'X' user wrote, 'Modi ji should announce a ceasefire between Musk & Trump,' setting the tone for what would become a full-blown meme fest. The post has 143.5K views on the Musk-owned social media platform, 'X'. However, the reference comes from rather significant development last month during India-Pakistan cross-border tension, when US President Trump was the one who made the public statement announcing a cessation of military action between the two neighbouring countries. Though India had firmly denied the role of any third-party interference, Trump had repeatedly claimed credit for the "ceasefire" between New Delhi and Islamabad. This background gave meme-makers the perfect setting. An account parodying PM Modi posted: 'After a long night of talks mediated by India, I am pleased to announce that Donald Trump & Elon Musk have agreed to a FULL AND IMMEDIATE CEASEFIRE. Congratulations to both individuals on using Common Sense and Great Intelligence.' Shiv Sena (UBT) MP Priyanka Chaturvedi also joined in, she shared a screenshot of Musk's criticism of Trump, in the caption she wrote, 'SOS: call for ceasefire !!' Another user posted, 'BREAKING: PM Modi takes credit for ceasefire between Elon & Trump. Elon & Trump denied any third person was involved. PM Modi posts it on X after the denial.' One more added, 'Zelensky demands ceasefire between Trump and Elon.' The meme reactions, while humorous, came against the backdrop of an unusually public and personal spat between Trump and Musk. What started as policy disagreements quickly turned into name-calling and accusations. This comes days after SpaceX CEO stepped down from a key role in Trump administration as the Department of Government Efficiency (DOGE) chief – the agency tasked with saving taxpayers money and reducing US national debt. The reason why the two billionaires' relationship deteriorated just days after hosting a joint press conference at the Oval Office still remains unclear. However, Musk had earlier issued a criticism of Trump administration's 'The One Big Beautiful Bill', calling it a a 'disgusting abomination" and a 'massive spending bill.' Also read | What did Elon Musk say about Donald Trump's bill before quitting DOGE? Earlier on Thursday, Trump said he was 'very disappointed in Elon.' In response, Musk wrote on X: 'Without me, Trump would have lost the election... Such ingratitude.' 'The Trump tariffs will cause a recession in the second half of this year,' he added in another post. In another social media remark, Musk wrote, 'Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!' Trump retaliated on his social media platform Truth Social, he wrote, 'I was always surprised that Biden didn't wipe out Musk's government subsidies!' Soon after, 'THE GIRLS ARE FIGHTING' began trending on 'X', summing up how the internet viewed the feud.
Time of India
28-05-2025
- Business
- Time of India
‘It can either be big or beautiful, not both…': Elon Musk disappointed by Donald Trump's ‘Big beautiful bill'; sign of fracture in key relationship?
Elon Musk characterised it as a "massive spending bill" that increases the federal deficit. (AI image) Elon Musk is disappointed with Donald Trump ! The Tesla CEO, who is one of Trump's biggest supporters, has expressed disapproval of Trump's primary legislative proposal, 'The One Big Beautiful Bill'.' This marks a significant fracture in their partnership that was established during the last year's campaign and was set to transform American governance and federal administration, reports Associated Press. The tech magnate, who backed Trump's campaign with a minimum contribution of $250 million and has served his administration as a senior adviser, expressed disappointment regarding what the US President refers to as his "big beautiful bill." In his CBS appearance, Musk characterised it as a "massive spending bill" that increases the federal deficit and negatively impacts the operations of his Department of Government Efficiency, abbreviated as DOGE. Elon Musk says Trump's "big, beautiful bill" undermines work of DOGE team The proposed legislation combines tax reductions with strengthened immigration control measures. "I think a bill can be big or it could be beautiful," Musk said. "But I don't know if it could be both." The CBS interview was broadcast on Tuesday night. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo The Republican party has successfully passed the legislation through the House and it is currently under Senate deliberation. Meanwhile, Elon Musk is withdrawing from his governmental responsibilities to focus on his business ventures, including Tesla and SpaceX. He has announced his intention to decrease his involvement in political funding, stating that his contributions have been sufficient. Also Read | Remittances tax: How Donald Trump's 'The One Big Beautiful Bill' may turn out to be ugly for Indians in the US Musk's experience in government affairs seems to have left him somewhat disillusioned. Despite his ambitious goal for DOGE to achieve $1 trillion in spending reductions, the actual results have fallen considerably short of expectations. In his interview with The Washington Post, he expressed his frustration with governmental processes, acknowledging that the challenges within federal administration were more significant than he had initially anticipated. He specifically noted the difficulties in implementing changes in Washington DC. This marks a shift from his earlier enthusiastic approach towards governmental reform, during which he actively participated in White House events, organised political gatherings, and voiced strong concerns about government expenditure levels. Musk has always expressed abundant admiration for Donald Trump. "The more I've gotten to know President Trump, the more I like the guy," Musk said at one point. "Frankly, I love him." Also Read | 'Will not discuss…': US tells WTO that India has no basis to impose retaliatory duties on 29 American products Trump has reciprocated the appreciation, calling Musk "a truly great American." When Tesla saw a sales decline, he demonstrated his support by displaying vehicles on the White House driveway. The influence of Musk's remarks about the bill on the legislative discussion remains uncertain. During the transition phase, he assisted in generating resistance to a spending proposal as the nation faced an imminent federal government shutdown. However, Trump continues to be the leading influence within the Republican Party, with numerous lawmakers showing reluctance to oppose the president when he advocates for his policy objectives. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
27-05-2025
- Business
- Time of India
Remittances tax: How Donald Trump's 'The One Big Beautiful Bill' may turn out to be ugly for Indians in the US
US President Donald Trump's 'The One Big Beautiful Bill' may actually turn out to be ugly for Indians living in the US. By 2026, Indians sending money from the US back home may have to pay a 3.5% remittance tax. Tired of too many ads? go ad free now 'The One Big Beautiful Bill' carries significant implications for many Indian residents in the United States, including holders and permanent residents. International money transfers from the United States to India might become more expensive by 2026 if President Donald Trump's proposed legislation receives approval. The extensive 1,116-page 'One Big Beautiful Bill', which includes tax modifications and expenditure reductions, has received House approval and awaits Senate consideration. The final vote is anticipated in late June or July, with implementation contingent upon passage. The House passed the bill on May 22, reducing the initially proposed remittance tax rate of 5%. The legislation stipulates that only non-US citizens, including permanent residents and employment visa holders, would be subject to this tax. US citizens who incur the 3.5% tax can claim a credit during their tax filing, provided they use verified remittance providers. For Indian nationals, this holds particular importance as they constitute one of the largest immigrant populations in the United States. India Gets Largest Chunk of Remittances From US According to the Migration Policy Institute Data, over 2.9 million Indian immigrants resided in the United States in 2023. The US is Indians' second most preferred global destination after the United Arab Emirates. Statistics also indicate that Indians represent the second-largest foreign-born population in the United States, following Mexicans, comprising 6% of the total 47.8 million foreign-born residents in 2023. Tired of too many ads? go ad free now The US continues to be the largest source of global remittances. RBI's remittance survey released in March indicates that of the total $118.7 billion remittances in 2023-24, the United States contributed approximately $32 billion, which is approximately 28 per cent. How Indians in US will be hit Should this legislation take effect, and even if one were to maintain current remittance levels, the Indian community would face an additional tax burden of $1.12 billion! Even students earning income through various work opportunities would need to pay the 3.5% tax if they wish to transfer their earnings to India upon completing their studies and returning. Also Read | Since there is no minimum amount specified, the taxation applies to remittances of every value. The rule would impact all categories of Indians residing in the US, including those on H-1B visas, L-1 visas (for intra-company transfers), and permanent residents. Any money sent to relatives in India or invested in Indian assets, such as securities or real estate, would be subject to a 5 per cent deduction by the remittance service provider (like a US bank). This regulation is likely to affect individuals who transfer money on a regular basis. Amarpal Chadha, Tax Partner and Mobility Leader at EY India explains, 'The excise tax levy on remittances by US citizens/nationals can either be prevented by remittances through a qualified remittance transfer provider which has entered into written agreement with US Treasury to verify the status of senders as US citizens/nationals or claimed as credit against their income tax liability subject to compliance of certain conditions. ' 'The bill, which aims at curbing US dollar outflows, is currently under Senate review and if enacted, could affect many Indian professionals working in the US, particularly those on H-1B visas or Green Cards, making remittances to India. Indian diaspora in the US may need to wait and watch, and potentially re-evaluate their remittance patterns, including the amount and frequency of remittances from the US,' he told TOI. Also Read | Devesh Kapur, who teaches political science and specialises in diaspora studies at Johns Hopkins University, Baltimore, notes that Indian diaspora generally send about 20 per cent of their income back home, with the amount fluctuating according to their household needs. Sudarshan Motwani, who leads BookMyForex, indicates significant consequences for overseas workers. "These people have gone there for better prospects so that they could support their families back home. They need to send money back home to India. Hence, they will all be subjected to the new 3.5% tax," Motwani told ET. According to Kuldip Kumar, Partner at Mainstay Tax Advisors, this regulation could affect the inflow of funds into Non-Resident External (NRE) accounts and investments in India's premium real estate sector, which has seen increased capital from overseas Indians. Kumar notes that it could also affect corporate mobility programmes where staff are posted to the US and receive US-based compensation. "These employees may seek to negotiate the additional 3.5% cost as part of their relocation package or under tax equalisation arrangements, effectively increasing the salary costs for the companies. Since this levy is classified as an excise tax, it may not fall within the definition of 'income tax' as outlined in tax treaties, and therefore may not be eligible for a foreign tax credit," he told ET. Also Read |
India Today
22-05-2025
- Business
- India Today
Why Trump's new tax will have Indian professionals in US worried
A new bill by the Trump regime has got Indian professionals working in the US worried. The proposed legislation doesn't have to do with visa cancellation or deportation, but remittances. A bill introduced last week in the US suggests a 5% tax on remittances sent from the US to foreign countries by non-Americans. Experts suggest that it could impact Indian provision is included in a larger legislative package — The One Big Beautiful Bill — which was introduced in the US House of Representatives on May proposal targets international money transfers sent by non-US citizens, including Green Card holders and workers on temporary visas like H-1B or H-2A. According to economic think tank Global Trade Research Initiative (GTRI), the proposed bill could negatively impact the rupee and Indian reports claim the proposed bill would affect nearly 40 million people living in the the proposed bill is passed, for every hard-earned $100 sent to India by Indian professionals, $5 will have to be paid as tax. The individual will either send lesser amount home, or pay more to send the same amount of money to family in TRUMP BILL HAS INDIAN PROFESSIONALS WORRIEDadvertisementA Republican-backed proposal to tax remittances could have a severe economic impact on some of the US's poorest neighbouring countries, including key allies of the to World Bank data from 2024, India is the top recipient of international remittances, with $129 billion coming from abroad, followed by Mexico with more than $68 billion. Twenty-eight percent of all remittances to India originated from the US in accounted for 14.3% of global remittances during this period, the highest share recorded by any country since the start of the to the GTRI, if the bill is passed, India would lose billions in annual foreign currency."The proposed US tax on remittances sent abroad by non-citizens is raising alarm in India, which stands to lose billions in annual foreign currency inflows if the plan becomes law," the GTRI said in a report."A 5% tax could significantly raise the cost of sending money home. A 10–15 per cent drop in remittance flows could result in a USD 12–18 billion shortfall for India annually," news agency PTI quoted GTRI founder Ajay Srivastava as noted that the loss would reduce the availability of US dollars in India's foreign exchange market, exerting mild downward pressure on the Reserve Bank of India may be forced to intervene more frequently to stabilise the currency. The rupee could weaken by Rs 1–1.5 per US dollar if the remittance shock plays out fully," he professionals in the US and those even on Green Cards would be worried over this remittance tax."The One, Big, Beautiful Bill proposes a 5% excise tax on remittance by non citizens. This will impact all Indians on long-term visas and Green Card in the US sending money home. Impacts H-1B workers also. Billions of dollars were remitted last year," Bengaluru-based tax lawyer Ajay ARE A LIFELINE FOR MANY HOUSEHOLDSIn states such as Kerala, Uttar Pradesh, and Bihar, remittances serve as a financial lifeline for millions of families, helping them meet basic needs like education, healthcare, and further said that a sudden decline in these flows could hit household consumption hard, at a time when the Indian economy is already navigating global uncertainty and inflation warned that taxing international capital flows could undermine a vital source of global development funding, lower household incomes in poorer countries, and dampen demand in economies already facing inequality and development assumes significance, as India has proposed at the World Trade Organisation (WTO) to lower the cost of cross-border flow of capital or remittances."The 5% tax could cost India approximately $1.6 billion annually," said chartered accountant Shree Ram Raut, going by the numbers that 45 lakh Indians in the US sent back $32 billion in bill has already received some President Claudia Sheinbaum, last Thursday, spoke about the tax bill directly, calling the proposal "a measure that is unacceptable".She added that her government was reaching out to other countries with large immigrant populations to voice concern about the US ON SOCIAL MEDIA: 'MORE TAXES, SELF-DEPORT'The pro-Trumpers and the MAGA-heads (Make America Great Again) took to social media to ask for more remittances, which would in turn make "immigrants self-deport"."5% tax on remittances is too low. Migrants won't even feel it. Make it 50% & many may self-deport," shared a person on also shared similar sentiments."A 5% remittance tax is a complete *****, the conversation should start at 100% and we can go from there," wrote another even called it "poor policy".advertisement"Trump's 5% remittance tax is poor policy. Remittances are post-income-tax transfers, vital to global consumption. Taxing them again distorts flows, burdens workers, and risks driving funds to informal channels. It's double taxation with negative externalities," shared another person."Placing a 50% or 100% tax--not 5%-- on remittances will provide the US a major tool to combat illegal immigration. Practically all illegals send money back to their home countries," another person there were others who called it "wall tax"."5% Remittance Tax to pay for all deportations and the wall. We tax everything, this is our country, get the tax in place!!!," a person wrote on proposed 5% tax on remittances and the MAGA faithful seeking higher tax rates will obviously get Indian professionals working in the US and sending money back home worried.
Deccan Herald
19-05-2025
- Business
- Deccan Herald
US proposed 5% tax on remittances to hit rupee: GTRI
The provision is part of a broader legislative package titled 'The One Big Beautiful Bill' introduced in the US House of Representatives on May 12.
