President Trump said on Friday that he was considering issuing discounts for Americans based on billions in the new tariff revenue collected by his administration.
“We are thinking about a little discount. But the big thing we want to do is to pay a loan. But we are thinking about a discount,” Mr. Trump commented to reporters, before he left for one. Four day visit to Scotland,
Federal debt, which currently stands More than $ 36 billionThe new tax deduction and expenditure bill signed by Mr. Trump on 4 July is expected to rise due to the bill. Forecast Economists and public policy from think tanks. The country’s deficit may increase in the next 10 years due to the impact of a large beautiful bill act, bipartisan policy center. SaidCiting estimates from Nonpartison Congress’s budget office and joint committee on taxation.
Mr. Trump said the discount may “be for a certain income level people”, although he has not specified the threshold he is considering.
The federal government has collected about $ 100 billion in tariff revenue as the Trump administration established its high import duties earlier this year, which could grow up to $ 300 billion per year, Treasury Secretary Scott Besant on Tuesday told Fox Business “Morning with Maria”.
Tariffs differ from the country to the 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 High cost Instead of passing them on consumers, though Latest inflation report Indicated that high tariff rates can skeep consumer prices.
The discount has been checked by Mr. Trump with the President first Saying in February He was considering using 20% savings from Elon Musk’s cost-cutting task force, government efficiency department, or 20% savings to provide direct payment to taxpayers. During the epidemic, taxpayers received three discounts checks – two first under the Trump administration, and the third under the biden administration – aimed at removing the economic impact of the crisis.
Typically, such a discount is issued through tax code, which will require the Congress to pass a new tax law authorizing the Treasury Department to issue checks.
Earlier this month, MPs passed a large scale tax and spending bill. Signed in law On July 4, by Mr. Trump, which authorizes some new tax brakes, but does not include a discount based on tariffs.
Some new tax deductions of the bill are limited to low and moderate income taxpayers. For example, for senior citizens, its new $ 6,000 deduction is with an income of more than $ 75,000 for single taxpayers and married filer with an earning of over $ 150,000.
