After footdragging for two months after the SCOTUS struck down its IEEPA tariffs as illegal, the Trump administration will finally start processing claims for refunds from businesses that paid a total of $166 billion to the government for these illegal taxes.https://www.msn.com/en-in/news/world/trump-tariffs-refunds-today-when-will-consumers-get-refunds-are-all-taxed-imports-immediately-eligible-what-to-know/ar-AA21iscI?ocid=finance-verthp-feeds
@no1marauder saidAre those businesses then going to refund their customers who had to pay the surcharges?
After footdragging for two months after the SCOTUS struck down its IEEPA tariffs as illegal, the Trump administration will finally start processing claims for refunds from businesses that paid a total of $166 billion to the government for these illegal taxes.https://www.msn.com/en-in/news/world/trump-tariffs-refunds-today-when-will-consumers-get-refunds-are-all-taxed-imports-immediately-eligible-what-to-know/ar-AA21iscI?ocid=finance-verthp-feeds
@wildgrass saidUp to them. Some probably will at least in part.
Are those businesses then going to refund their customers who had to pay the surcharges?
@no1marauder saidWith interest?
After footdragging for two months after the SCOTUS struck down its IEEPA tariffs as illegal, the Trump administration will finally start processing claims for refunds from businesses that paid a total of $166 billion to the government for these illegal taxes.https://www.msn.com/en-in/news/world/trump-tariffs-refunds-today-when-will-consumers-get-refunds-are-all-taxed-imports-immediately-eligible-what-to-know/ar-AA21iscI?ocid=finance-verthp-feeds
@no1marauder saidThanks for the clarification.
According to the US Customs and Border Protection's website regarding the refunds, yes.https://www.cbp.gov/trade/programs-administration/trade-remedies/ieepa-duty-refunds
"CAPE is designed to consolidate refunds of IEEPA duties including interest......"
So, to summarize, Trump's illegal tariffs not only did not bring in any foreign revenue (contrary to the misapprehension he persistently fostered), they will ultimately cost the fed more than if they had not been implemented in the first place.
Say, I have a great idea for eliminating fraud and waste in government: dump Trump.
@no1marauder saidThat's nuts to me. Consumers spent a year paying those surcharges and now the corporate refunds come without an expectation that they refund their customers in kind?
Up to them. Some probably will at least in part.
@moonbus saidThis is an explanation of every trump administration policy.
Thanks for the clarification.
So, to summarize, Trump's illegal tariffs not only did not bring in any foreign revenue (contrary to the misapprehension he persistently fostered), they will ultimately cost the fed more than if they had not been implemented in the first place.
Say, I have a great idea for eliminating fraud and waste in government: dump Trump.
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@wildgrass said(Shrug) Bitch at the companies if and when they decide not to remit some of the savings to consumers.
That's nuts to me. Consumers spent a year paying those surcharges and now the corporate refunds come without an expectation that they refund their customers in kind?
Tax incidence is a rather tricky thing to figure esp. at the company level. We know the companies paid the tariffs directly to the government but how much they were able to pass to consumers is a matter of difficult analysis. I suspect there will be considerable pressure for them to figure out some type of program that attempts to compensate consumers but I also wouldn't be too shocked if quite a bit goes to stock buybacks and other perks.
@no1marauder saidThanks for the clarification.
(Shrug) Bitch at the companies if and when they decide not to remit some of the savings to consumers.
Tax incidence is a rather tricky thing to figure esp. at the company level. We know the companies paid the tariffs directly to the government but how much they were able to pass to consumers is a matter of difficult analysis. I suspect there will be considerable pressu ...[text shortened]... consumers but I also wouldn't be too shocked if quite a bit goes to stock buybacks and other perks.
So, to summarize, refunding tariffs with interest will benefit only CEOs, with no compulsory mechanism for refunds to be passed on to consumers or even effective monitoring procedure for determining whether refunds are being passed on to consumers.
Sort of like tax cuts for rich and no trickle down effect ... I think I'm having permanent déjà vu.
@shavixmir saidNot all of the public wanted him. In fact, more than 50% of the voters did not vote for him.
The public gets what the public wants…
They wanted trump… let them stew in their own bloody juices.