Congress appears unlikely to approve a $600 tax rebate that would be sent to taxpayers across the country later this year. A survey of lawmakers revealed the idea doesn’t have much support, despite President Donald Trump expressing interest.
Sen. Josh Hawley, R-Mo., introduced a bill to give Americans a one-time $600 tax rebate. Hawley said the rebates would be funded with “record” monthly tariff revenue the United States has brought in since April, when President Donald Trump imposed tariffs on every nation.
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The checks would provide a family of four with $2,400. But the rebate would be limited to individuals making $75,000 per year and couples making $150,000.
What do members of Congress think?
Members of Congress who spoke with Punchbowl News largely expressed a desire to use the tariff revenue to pay down the nation’s $36.8 trillion national debt, not send checks.
“No. We’re $37 trillion in debt,” Sen. Ron Johnson, R-Wis., told Punchbowl. “We’re running deficits about $2 trillion. Once we have the budget balanced, fine.”
A deficit occurs when government spending surpasses its revenues. So far this fiscal year, the government has spent $1.34 trillion more than it has made.
Other lawmakers agreed, saying that they would rather balance the budget and pay down the debt before giving Americans extra money.
“I’d like to see the increased revenues applied towards reducing our debts,” Sen. Steve Daines, R-Mont., said.
“As we are seeing benefits of our economic decisions and growth in the economy or additional revenue from sources that we didn’t necessarily expect, I would like to see a lot of that paying down the debt,” said Rep. Nathaniel Moran, R-Texas.
Alaska pays its residents a yearly dividend from the state’s oil wealth fund. Sen. Lisa Murkowski, R-Alaska, said based on her knowledge of those payments, the rebate idea needs to be studied.
“One of the things that we have learned is that if you get a rebate today from the tariffs, next year you’re gonna want more from it,” Murkowski told Punchbowl.
What does the president think?
President Trump said he would support a payment for individuals of a certain income level.
“We have so much money coming in. We’re thinking about a little rebate, but the big thing we want to do is pay down debt,” President Trump told reporters.
While there isn’t much public support for the measure in Congress yet, that could change if President Trump starts calling for it. The president has convinced many members to vote for bills they previously opposed this year.
