Americans could soon be getting $600 rebate checks from the government, if legislation introduced this week by Sen. Josh Hawley (R-Mo.) passes.
However, he also said that the checks won’t be going to everyone.
“This is not going to the hedge fund managers, or all the Biden voters. This is not going to the Wall Street kingpins. They don’t need it,” said Hawley in an episode of Steve Bannon’s “War Room” podcast released Tuesday.
Hawley also told Bannon: “The rich people don’t need it. And I mean by that is all those Democrat donors on Wall Street, all these hedge fund guys who hate all the tariffs, by the way.”
That’s an interesting claim. Back in 2020, when former Democratic President Joe Biden beat current President Donald Trump in his first attempt to secure a second term in the White House, Forbes reported that billionaires were “more likely to be Republican than the average American – but just about as likely to be voting for Joe Biden.”
Last year – when Biden stepped down as the candidate and was replaced by former Vice President Kamala Harris, who lost to Trump – Newsweek reported just before the election that Republicans remained “the party of not only the billionaire class but of the wealthy more broadly, as measured both in campaign contributions and voter preferences.” This year, a report from Americans for Tax Fairness further confirmed the ultra-wealthy preference for Republicans. It found that around 70% of billionaire-family contributions went in support of GOP candidates and conservative causes, compared to just 23% who backed Democratic hopefuls and progressive causes.
As for Wall Street’s view of Trump’s tariff policies, Audacy has reported on how the on-again off-again moves have taken markets on a roller coaster ride this year. At the same time, the U.S. Treasury reported a surprise $27 billion surplus in June and the U.S. Bureau of Labor Statistics reported that prices for consumer goods went up. This Tuesday, the Tax Foundation said that more tariffs set to kick in Friday are expected to raise food costs for Americans.
Although Hawley’s comments targeted Biden voters, the actual plan he described would phase out checks based on income. Biden isn’t mentioned in the full text of the bill.
A Monday press release from Hawley’s office said that the American Worker Rebate Act would: “Provide a tariff rebate check this year to American workers and families with similar parameters to the direct payments passed by Congress in 2020.” It also said the legislation would “ensure the amount of the rebate is at least $600 per adult and dependent child,” and “allow for a larger credit per person if tariff revenue exceeds current projections for 2025.”
“Americans deserve a tax rebate after four years of Biden policies that have devastated families’ savings and livelihoods. Like President Trump proposed, my legislation would allow hard-working Americans to benefit from the wealth that Trump’s tariffs are returning to this country,” said Hawley.
His press release also noted that Trump “voiced support for this policy when he discussed record-breaking tariff revenue.” CNBC noted that Trump told reporters last Friday he was considering a rebate for Americans with the tariff revenue. Previously, Audacy reported on Trump and his former ally Elon Musk floating the idea of $5,000 rebate checks to Americans, to be funded by potential Department of Government Efficiency savings.
Even with the unexpected tariff receipts last month, the U.S. is still on course to end the year with a large deficit. GOP-backed spending legislation (the “One, Big Beautiful Bill) added to that deficit this year. Currently, the deficit stands at more than $1.3 trillion.
“I don’t think [a rebate] would be particularly good policy,” Tax Foundation senior economist Alex Durante told CNBC last Friday. “I would prefer that the revenue was used for deficit reduction rather than just cutting checks to people.”
While the national deficit might not seem like a pressing concern to many Americans, and not something to skip a $600 check over, Maya MacGuineas, president of the Committee for a Responsible Federal Budget explained earlier this year why it might be something people should be concerned about.
“It’s important that people understand that this huge debt undermines our economy, undermines our ability to grow our standard of living, our wages, our jobs,” she explained.