US Treasury Secretary Mnuchin responded to Trump's statement of "giving everyone $2000": it may be achieved through tax cuts.
Bnt said that the $2,000 "bonus" mentioned by Trump may be distributed through tax cuts.
When asked about a post made by President Trump on social media earlier Sunday, US Treasury Secretary Bezent said that Trump's suggestion that American people could receive at least $2000 in "dividends" due to tariff policies may be achieved through tax cuts passed in the economic policy legislation he signed earlier this year. The post mocked those who oppose tariffs, stating that "everyone will receive at least $2000 in dividends (excluding high-income individuals!)."
Bezent stated that he has not discussed this idea with the president yet, but "the $2000 dividend can be achieved in various forms and through various means. It may just be included in the tax cuts involved in the president's agendasuch as exempting tips, overtime pay, social security taxes, and deduction rights on car loans.
Since the Supreme Court held a hearing on a lawsuit seeking to repeal its tariff policies on November 5, Trump has been strengthening his defense of his tariff policies. Several judges seem skeptical, leading many to believe that these tariffs may be revoked, resulting in over $100 billion in refunds or posing a significant risk to the policy as a core aspect of his second term. Trump stated that if the court rules against him, it would be a disaster for the United States.
Part of the case involves Trump's "Liberation Day" tariff policy implemented on April 2, which imposes 10% to 50% tariffs on most imported goods in the US, with specific rates depending on the product's country of origin. Trump argued that these tariffs are necessary to address the long-standing issue of the country's trade deficit.
One question surrounding the Trump administration's defense of tariff policies is whether the revenue raised from tariffs amounts to substantial taxation. US Chief Justice John Roberts has previously stated that such taxation has always been a core power of Congress.
In a post made on Sunday, Trump mentioned the flow of funds, stating that the US is "earning trillions of dollars and will soon start paying off our massive debt, which is $37 trillion."
When asked about the president's comments, Bezent further explained his views, stating, "In the coming years, we may indeed benefit from trillions of dollars. But the true purpose of imposing tariffs is to rebalance trade relationships and make them fairer."
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