Trump says he’s considering rebate checks for Americans based on tariff revenue
President Trump said on Friday that he was planning to issue discount checks for billions of new pricing income received by his administration.
“We are thinking of a small discount. But the great thing we want to do is repay the debt. But we are thinking about a discount,” Trump said in comments to journalists before leaving for a Four -day visit to Scotland.
The federal debt, which is currently being more than $ 36 billion, is expected to increase due to the new bill for tax reductions and expenses signed by Mr. Trump on July 4, according to forecast economists and reflections of public policies. The country’s deficit could increase by $ 3.4 billions of dollars over the next 10 years due to the impact of the One Big Beautiful Bill law, said the Bipartisan Policy Center, citing the estimates of the Office of the Budget of the Non -Sample Congress and the Joint Tax Committee.
Trump added that the discount could be “for people of a certain level of income”, although he did not specify the threshold he plans.
The federal government has received about $ 100 billion in pricing income since the Trump administration has instituted its higher import rights this year, which could increase to $ 300 billion a year, Treasury Secretary Scott Bessent told Fox Business on Tuesday.
The prices vary from country to country, but they are paid by American importers, such as Walmart, or manufacturers who import materials and components from other countries, such as Ford Motor. So far, some companies have been swallow higher rather than transmitting them to consumers, although the Last inflation report reported that higher rate rates can be borde in consumer prices.
The discount checks were launched by Mr. Trump before, the president Say in February He planned to use 20% of the savings of the Elon Musk cost reduction working group, the government’s ministry of efficiency, or DOGE, to provide direct payments to taxpayers. During the pandemic, taxpayers received three reimbursement checks – two under the first Trump administration and the third under the Biden administration – to compensate for the economic impact of the crisis.
As a general rule, such discounts are issued through the tax code, which would oblige the congress to adopt new tax legislation authorizing the Treasury Department to issue checks.
Legislators earlier this month adopted a massive tax and expenditure bill sign By Mr. Trump on July 4, which authorizes new tax lounges, but does not include a discount based on prices.
Some of the new bill tax reductions are limited to taxpayers with low and average income. For example, its new deduction of $ 6,000 for the elderly is in line for single taxpayers with income of more than $ 75,000 and has married declarations with profits of more than $ 150,000.
