Washington, D.C. – Senator Tom Cotton (R-Arkansas) today introduced the Tariff Rebate Act, legislation that would return tariff revenue collected by the Department of Treasury to American families in the form of a rebate check.
“Tariffs are an effective way to apply pressure to China and other nations in trade negotiations, but there’s no reason that tariff revenue can’t help working Americans in the process,” said Cotton.
This bill would require that the annual revenues from section 201, 232, and 301 tariffs be rebated to those filing in the three lowest tax brackets. To be eligible to receive a tariff rebate, the filer must be an American citizen or legal resident, file federal taxes, and make less than $84,200 for individual filers or $168,400 for joint filers.
- 201 tariffs have been levied on washing machines and imported solar cells and modules. Customs and Border Patrol has assessed more than $1.08 billion in Section 201 tariffs as of September 19, 2019.
- 232 Tariffs are the national-security tariffs levied on steel and aluminum. Customs and Border Patrol has assessed $6.23 billion in Section 232 steel tariffs, and $1.77 billion in Section 232 aluminum tariffs as of September 19, 2019.
- 301 tariffs are China tariffs levied on a variety of goods. Customs and Border Patrol has assessed $29.81 billion in Section 301 tariffs as of September 19, 2019.
Original article source: http://www.cotton.senate.gov?p=press_release&id=1221 | Article may or may not reflect the views of KLEK 102.5 FM or The Voice of Arkansas Minority Advocacy Council