Dubey told Newsweek that many wealthy Indian immigrants split their financial assets, with roughly 70 percent staying in the U.S. and 30 percent going back to India. Since the first proposal of a remittance tax, there has been a steady outflow of money from the U.S. as immigrants look to avoid taxation at a later time when they head home for good.

A new analysis from the nonpartisan Congressional Budget Office said the package would increase the deficit by nearly $3.3 trillion over the decade.