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Trump shapes immigration gilded age with $100,000 H-1B fee
President Trump announced a significant overhaul of the U.S. immigration system, imposing a $100,000 fee on H-1B visas and introducing a 'Trump Gold Card' for individuals seeking U.S. residency, priced at $1 million. Businesses can obtain residency permits for $2 million per employee, while a luxury platinum card costing $5 million will allow holders extensive U.S. access without tax liabilities on foreign income.
Key points
- Trump signed proclamations to revamp the immigration system, targeting wealthier immigrants.
- The new $100,000 fee significantly increases costs for H-1B visas, affecting major U.S. companies.
- 'Trump Gold Card' provides U.S. residency for $1 million, enhancing opportunities for wealthy individuals.
- Businesses can secure residency permits for $2 million each, creating a tiered access system.
- Platinum cards at $5 million permit up to 270 days in the U.S. without tax on foreign income.
Why it matters
- This reflects broader trends in immigration policy focusing on economic contributions and wealth.
- The approach aligns with rising global immigration costs and the focus on attracting high-net-worth individuals.
- Historically, immigration reforms have fluctuated between prioritizing skill and wealth, as seen in previous administrations.
Trump's immigration policy shift highlights a growing trend of wealth-centric migration, creating a stratified system that could reshape America's labor market and economic landscape.