After the Supreme Court struck down a large portion of President Donald Trump's tariff agenda last month, the possibility of getting tariff dividend checks was seemingly discarded too, experts said.
"Tariff dividends were a long shot from the beginning," certified financial planner Stephen Kates, a financial analyst at Bankrate, told CNBC at the time. Any such broad-based benefit program would require legislation passed by Congress and "there does not appear to be sufficient political support," Kates said. "The odds of this policy moving forward is now effectively zero."
And then the "Tariff Refunds for Working Families Act" came along.
On Thursday, Sen. Martin Heinrich, D-N.M., introduced a bill that would create a new tax rebate for those hit by higher costs for everyday items due to Trump's reciprocal tariffs. If enacted as drafted, the rebate would provide joint filers making an annual income of under $180,000 with a payment of $1,200, plus an additional $600 for each dependent child, starting in the 2026 tax year.
Tariffs are a tax on imports from foreign nations and are paid for by U.S. entities that import the item. Companies often bear some of the cost and pass on the rest to consumers through higher prices.
