Let's talk about the Tariff Refund Act trying to get your money back....

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Belle of the Ranch 4 min 3 chapters transcribed

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What is the main topic discussed in this episode?

0:01

Well, howdy there, Internet people. It's Belle again. So today, we're going to talk about the Tariff Refund Act, trying to get your money back. A tariff is a tax.

What is the Tariff Refund Act and why is it important?

0:16

A tariff's whole job is to raise prices in the country imposing it. Despite years of Trump's claims to the contrary, you end up paying for the tariffs. As inflation creeps up, wholesale inflation is up to 2.9%, and Trump wants to reimpose an entirely different tariff scheme that is also likely to be shot down. The Democratic Party is trying to get your money back in your pocket. 26 Senate Democrats announced the Tariff Refund Act. Senator Markey said, quote, Trump's illegal tariff taxes cost small businesses, consumers, and families up to $175 billion. That money must be repaid immediately. For small businesses with little to no resources, this refund process can be extremely difficult and time-consuming.

1:13

That is why I am proud to introduce the Tariff Refund Act with Senators Wyden and Shaheen. Our bill would require the tariffs to be refunded and level the playing field, putting small importers and small businesses first in the refund process and eliminating needless administrative barriers. It's Main Street and working families that paid Trump's tariff taxes, and we must ensure they get their money back, not big corporations. The act would require the government to repay the tariffs collected under IEEPA with interest within 180 days from the date of enactment. Governor Kathy Hochul sent a letter to former soybean man and current U.S. Treasury Secretary Scott Besant saying, quote, On behalf of over 20 million New Yorkers, I demand the Trump administration refund approximately $1,751 for every New York household for a total refund of approximately $13.5 billion to New Yorkers.

2:28

To that end, I am calling on the Department of the Treasury to coordinate with appropriate agencies and immediately formulate and implement a plan to refund all tariff proceeds.

How do tariffs affect consumers and small businesses?

2:42

Other states have made similar demands. Now let's be clear on something. It's incredibly unlikely that these moves go anywhere or that you ever get the money Trump unlawfully taxed you back through one of these methods. For this to work, Trump or the Republicans in Congress who co-signed his tax on you would have to admit that you pay the tax. Admitting that undercuts years of Trump's rhetoric, saying that foreign countries pay the tax, and would also acknowledge that his new tariff taxes are being paid for by you. There's one last thing to remember here. Remember when Trump promised checks from tariffs? It was $2,000, a one-time $2,000 payment to offset what even by low estimates is a tax that would end up being many times that amount over the years.

3:42

Republicans were willing to go along with that. Well, they were willing to pretend like that was actually something they were going to do. But they aren't going to want to give you your money back. Anyway, it's just a thought. Y'all have a good day.

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