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U.S. refunds $22 billion in tariffs, customs revenue falls below zero, Scott Lincicome notes
Scott Lincicome reports that the U.S. has refunded $22 billion in tariffs, resulting in net revenue from customs duties being slightly negative by about $42 million. This is the first time such a situation has been recorded in Treasury data compiled by Bloomberg going back to 2015.
Lincicome has previously highlighted fiscal measures affecting high-income property owners, noting that New York City introduced a second-home tax that will more than double property taxes for many wealthy luxury apartment owners. In an earlier warning, he reported that Social Security is projected to begin depleting its funds sooner than expected. These reports come amid ongoing updates to U.S. fiscal and revenue data.
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