Wealthy individuals given access, while professionals barred, under Trump's new policy
In a series of executive orders, US President Donald Trump has introduced the "Gold Card" and "Trump Platinum Card" programs, aiming to reshape immigration policies and generate substantial revenue for the US.
The "Gold Card" program, reminiscent of a "Green Card" in rights, grants permanent residency in the US for $1 million. Companies can also bring employees under this category for $2 million. However, the legal sustainability of these regulations is uncertain, and court challenges are likely before the programs can fully come into effect.
The new H-1B visa fee, expected to increase to a $100,000 annual charge from its current $85,000, could potentially lead to an increase in hiring American workers. Companies would need to consider the significant cost increase, potentially affecting the success of industries like Silicon Valley, which has seen significant contributions from foreigners who came to the US with an H1B visa, many of them from India.
Critics argue that the H-1B visa is being misused and taking jobs away from American employees. The new regulation on H-1B visas is expected to make US companies think twice before hiring foreign workers.
The "Trump Platinum Card" requires congressional approval and would allow up to 270 days of stay per year without paying US taxes on income earned outside the US. However, it does not lead to citizenship. The person operating the "Trump Platinum Card" program is Donald Trump, but the card has not yet fulfilled legal requirements due to uncertainties about the government's ability to convert existing visa categories (EB-1 and EB-2) into pay-to-enter visas.
CEOs of major tech companies have been trying to build a closer relationship with the Trump administration for months, but their efforts regarding visa rules seemed to be in vain. Many of these efforts to praise and build a relationship with the Trump administration have not resulted in favorable visa rules.
The Trump administration leaves a backdoor open for exceptions for individuals, companies, or entire industries if the government recognizes a national interest in deploying certain specialists. This could potentially provide some relief to the tech industry's ability to bring in qualified employees under the new H-1B visa fee.
The "Gold Card" program is expected to generate over $100 billion for the US, while the "Trump Platinum Card" is expected to bring in around $1 trillion. Trump has also promoted the "Trump Gold Card" on his Truth Social platform. However, no timeframe was specified for the collection of revenues from these programs.
In conclusion, the Trump administration's immigration policies, particularly the "Gold Card" and "Trump Platinum Card" programs, aim to generate substantial revenue while potentially reshaping the immigration landscape. The impact of these programs on the tech industry, American workers, and the overall immigration system remains to be seen as they navigate through legal challenges and observations.
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