Further discussion on NPR this morning. Some tax experts are saying it may be next to impossible to determine tariff refunds due since most items are made up with parts from different countries who were taxed at different rates. Many small companies are not planning on asking for a refund since the bookkeeping costs could be more than the refund.
About the best way to get refunds out there is figure out the mean of the tax and then send refunds based on that mean to the taxpayers.
About the best way to get refunds out there is figure out the mean of the tax and then send refunds based on that mean to the taxpayers.
That's both the most logical way, and also likely the method that's the most politically beneficial to Donald J. Trump(*).
(*) How beneficial in absolute terms is another question, since its positive impact will depend on voters who will a) be happy to get the cheques, but b) either unaware or willing to overlook that Trump is only repaying the money he never should have taken in the first place.
Democratic Sens. Wyden, Markey, and Shaheen called for a GOVERNMENT refund of the tariffs after the SCOTUS decision in February. Not sure if any Dems are still advocating that, but if they are, they likely think the issue can be pushed forward without Trump exploiting it for positive political gain.
Democratic Sens. Wyden, Markey, and Shaheen called for a GOVERNMENT refund of the tariffs after the SCOTUS decision in February. Not sure if any Dems are still advocating that, but if they are, they likely think the issue can be pushed forward without Trump exploiting it for positive political gain.
That may just need pushing it forward slowly, spend time debating the mechanics of organising a refund (how much will it be? who gets it? how is it processed?) until after mid-terms. Though, the political benefit of delaying voters getting a check from the government until after they vote may be offset by the potential of Republicans playing the "Democrats are stopping you getting money from the Government" card.
Surely the importer can easily work out how much they overpaid in tariffs and so claim a refund. It's basic bookkeeping. My company imports and pays duty on some of it and I could quite quickly tell you to the penny how much we have paid in any period. If they increased prices to customers by x% or $y just to cover the tariffs then again it's a simple bookkeeping matter if they want to give it back, at least to those customers that they can identify.
Comments
About the best way to get refunds out there is figure out the mean of the tax and then send refunds based on that mean to the taxpayers.
That's both the most logical way, and also likely the method that's the most politically beneficial to Donald J. Trump(*).
(*) How beneficial in absolute terms is another question, since its positive impact will depend on voters who will a) be happy to get the cheques, but b) either unaware or willing to overlook that Trump is only repaying the money he never should have taken in the first place.
Democratic Sens. Wyden, Markey, and Shaheen called for a GOVERNMENT refund of the tariffs after the SCOTUS decision in February. Not sure if any Dems are still advocating that, but if they are, they likely think the issue can be pushed forward without Trump exploiting it for positive political gain.