It looks like companies can get their tariff $ back

[ut2sua]

Tariff refund plans take shape as Trump administration outlines a 4-step process

The Trump administration this week outlined a four-step tariff refund process that could be ready for companies to begin using by later this spring.

finance.yahoo.com

But for the individual consumers, will it be difficult/impossible to sort all that out?
If we can focus all comments on the process itself (and avoid mentioning names/political parties etc.), this could be an interesting discussion among the knowledgeable folks here.
Thoughts?

 

[Onda]

The process may finish just in time for the gas pump to politely collect the refund.

 

[TripleLindy]

Tariff refund plans take shape as Trump administration outlines a 4-step process

The Trump administration this week outlined a four-step tariff refund process that could be ready for companies to begin using by later this spring.

finance.yahoo.com

But for the individual consumers, will it be difficult/impossible to sort all that out?
If we can focus all comments on the process itself (and avoid mentioning names/political parties etc.), this could be an interesting discussion among the knowledgeable folks here.
Thoughts?

Since tariffs are not directly reflected in consumer pricing, I can’t see how anyone could prove what is owed back. Having said that, I recently read something about a consumer suing someone - maybe Costco? - for their tariff refund. Unless they have proof of a price increase amount that’s a direct result of tariffs and not something else, I can’t imagine they have a chance of winning.

 

[Steelpony]

The deficit is approaching 40 trillion.

That SS tax deduction us ildies received hastened the depletion of the SS fund. Crazy way to handle ones finances.

 

[Al18]

Digikey and Mouser have listed tariff prices for some components such as microcontroller modules and they state these products may still have tariffs if shipped to the U.S.

 

[target2019]

In the vast majority of cases the importer of record paid the tariff.

Should be a real donnybrook with fraudulent submissions and all the rest.

 

[Sorcerer]

In before thread closure.

 

[GenXguy]

The deficit is approaching 40 trillion.

That SS tax deduction us ildies received hastened the depletion of the SS fund. Crazy way to handle ones finances.

Are you talking about the $6000 senior deduction? That deduction isn't tied to SS. People who don't receive SS can't take it to, if they otherwise qualify. But like the elimination of WEP/GPO, it's something new that hurts the SS trust fund, whether directly or indirectly.

I saw some guy suggested the tariff refunds should go to workers in the form of pay raises. That wouldn't help those of us who are not working who have paid higher prices because of tariffs.

Refunds should go directly to consumers - a specific dollar amount per household.

 

[TripleLindy]

Refunds should go directly to consumers - a specific dollar amount per household.

I understand the point, but just can’t see how to get there. Who pays the consumer - the government? And what about the vendor who absorbed the tariffs and didn’t raise prices? It’s just such a tangled web. It’s still hard to believe that the SC allowed the tariffs to continue knowing we’d ultimately end up here.

 

[HarveyS]

All tariff monies should be sent directly to lawyers and law firms. They'll likely end up with the dough anyway, so why clog the courts with this nonsense. Just send them the check now and leave the courts for other important cases.

 

[Steelpony]

Are you talking about the $6000 senior deduction? That deduction isn't tied to SS. People who don't receive SS can't take it to, if they otherwise qualify. But like the elimination of WEP/GPO, it's something new that hurts the SS trust fund, whether directly or indirectly.

I saw some guy suggested the tariff refunds should go to workers in the form of pay raises. That wouldn't help those of us who are not working who have paid higher prices because of tariffs.

Refunds should go directly to consumers - a specific dollar amount per household.

Yes the senior deduction.

After primarily payroll deductions SS is partially funded with taxes on SS received by higher income retirees.

Being married I would have paid taxes on 85% of 12000 which would have gone back in. That part only.

Google “how is the Social Security fund financed”.

Good for you though. Being GenX you still have faith.

 

[wrigley]

I'm holding my breath!

 

[VanWinkle]

I hope they keep it all and then pay down the debt with it. Small potatoes, but a step in the right direction.

 

[GenXguy]

Yes the senior deduction.

After primarily payroll deductions SS is partially funded with taxes on SS received by higher income retirees.

Being married I would have paid taxes on 85% of 12000 which would have gone back in. That part only.

Google “how is the Social Security fund financed”.

No need to google. I already know the answer. That's why I said "indirectly" in my previous post. This was also discussed in another very recent thread about SS taxes.

But my point in my earlier reply is that the deduction is a senior deduction not a social security specific deduction.

 

[JohnnyPHX]

I hope they keep it all and then pay down the debt with it. Small potatoes, but a step in the right direction.

So then why wouldn't they just do it again and again if we allow them to get away with it the first time?
They created this mess and need to fix it.

 

[Steelpony]

I guess you don’t understand then. Good luck.

 

[Steelpony]

No need to google. I already know the answer. That's why I said "indirectly" in my previous post. This was also discussed in another very recent thread about SS taxes.

But my point in my earlier reply is that the deduction is a senior deduction not a social security specific deduction.

Well if I don’t pay taxes on a portion of my SS the taxes I don’t pay don’t go back into the SS fund. If you actually googled that It’s spelled out plain as day. Good luck.

 

[Koolau]

I'm not expecting a tariff refund anytime soon. How it might be accomplished, I have no idea.

 

[GenXguy]

Well if I don’t pay taxes on a portion of my SS the taxes I don’t pay don’t go back into the SS fund. If you actually googled that It’s spelled out plain as day. Good luck.

LOL. I don't need to google. I've known how this has worked for years. You need to read the other thread.

The point is the $6000 is NOT a social security deduction as you mischaracterized it. Seniors who don't even get SS can take the deduction.

 

[pb4uski]

Since tariffs are not directly reflected in consumer pricing, I can’t see how anyone could prove what is owed back. Having said that, I recently read something about a consumer suing someone - maybe Costco? - for their tariff refund. Unless they have proof of a price increase amount that’s a direct result of tariffs and not something else, I can’t imagine they have a chance of winning.

Yeah, they are being stupid. The only party who is entitled to a refund of the illegal tariffs are those who paid them, being the importers.