President Donald Trump is apparently stumped by math and how refund checks work after announcing he wants to give Americans $2,000 checks paid for by his tariffs — then expressing bewilderment about where the money would come from.
The 79-year-old president promised to send rebates to "low and middle income" U.S. citizens funded by his tariffs, The Daily Beast reported.
“All money left over from the $2000 payments made to low and middle income USA Citizens, from the massive Tariff Income pouring into our Country from foreign countries, which will be substantial, will be used to SUBSTANTIALLY PAY DOWN NATIONAL DEBT,” Trump posted on his Truth Social platform Monday.
The problem is that his tariff revenue is not enough to cover these promised checks or the debt. Generally, middle-class incomes range from $56,600 to $169,800 based on location.
“There would be no leftover tariff revenue,” the Tax Foundation’s Erica York, vice president of Federal Tax Policy, wrote.
About 150 million people make less than $100,000, according to the Tax Foundation.
Trump's tariffs are expected to raise $217 billion annually, and Trump's $2,000 check would cost $300 billion.
Even members of his own administration are doubting the move, including Treasury Secretary Scott Bessent, who, in an ABC News interview on Sunday, said he doubted the promise of a check coming true.
“The $2,000 dividend could come in lots of forms, in lots of ways,” Bessent said.
“It could be just the tax decreases that we are seeing on the president’s agenda. You know, no tax on tips, no tax on overtime, no tax on Social Security,” Bessent explained.