H1B visa holders in the US sending money to India are potentially facing a new 5% tax on remittances

H1B visa holders in the US sending money to India are potentially facing a new 5% tax on remittances if a proposed US tax bill passes. This bill, which is currently under consideration, would tax international money transfers made by non-US citizens, including those on H1B visas. The tax would be automatically deducted by money transfer providers like Western Union, PayPal, or banks. The proposed bill specifies that the tax will not apply to "verified US senders," meaning US citizens or nationals.
How it could impact H1B holders: