News & Trending Money News

A New Bill Would Send up to $2,040 in Tariff Rebate Checks - but There’s a Catch

Cuellar's tariff rebate bill could send couples checks of $2,040

By Jordan Major , Edited by Laura Hohenstein

Updated Oct. 1, 2026

Add Us On Google

Another proposal to send tariff rebate checks to American households is making the rounds, this time with estimated payments of $1,020 for single filers and $2,040 for married couples filing jointly.

Rep. Henry Cuellar, a Texas Democrat, introduced the American Consumer Tariff Rebate Act of 2026 to return some of the money collected through tariffs to consumers. The potential payments may sound appealing if you are looking for ways to get ahead financially, but there is a big catch.

Set up eligible direct deposit - pocket up to $400

Set up an eligible direct deposit with SoFi Checking and Savings and you could earn a bonus of $50 or $400.¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>. Make the switch, set up eligible direct deposit, earn the bonus. It basically takes no extra work at all other than following these steps.

Why people are switching: This account earns up to an insane 4.20% APY² Earn up to 4.20% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC. on savings for up to six months (3.30% APY standard + 0.90% APY boost) on top of that $50 or $400 bonus.¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>. That's way better than the measly 0.38% APY (as of 06/15/26)³ Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 6/15/26. national average savings accounts offer.

No monthly fees and no surprises. Open your account and earn up to a $400 bonus

The bill would return tariff money to consumers

Cuellar introduced H.R. 7865 in March after the Supreme Court struck down tariffs the Trump administration had imposed using emergency powers. His proposal would use money collected through those tariffs to make direct payments to taxpayers.

"Tariffs function as hidden taxes on families and create uncertainty for businesses," Cuellar said when announcing the legislation. He argued that higher import costs are passed on to consumers through higher prices.

The Congressman also said the bill is "focused on those most affected by rising prices" and that he hopes to work across party lines to advance it and deliver relief to families.

Under the bill, as much as $231.35 billion could be used for rebate payments. The Treasury would automatically distribute the money using information already available to the IRS, with payments arriving through direct deposit, paper checks, or prepaid debit cards.

Shopping for cheaper auto insurance? Enter your zip code here to get started.

Your filing status would determine the size of your check

The bill doesn't guarantee everyone a flat $2,040 payment. Instead, the Treasury would calculate a base amount using the money available and the number of eligible taxpayers.

Using current IRS return estimates, Cuellar's office projected average payments for South Texans of around $1,020 for single filers, $1,530 for heads of household, and $2,040 for married couples filing jointly.

Families could potentially receive more, since the bill also provides an additional $125 for each qualifying child. Based on Cuellar's estimate, a married couple with two qualifying children could receive around $2,290.

Higher-income households would be excluded

Taxpayers with adjusted gross income above $400,000 would not qualify for a rebate. Rather than gradually phasing out at higher incomes, eligibility would stop once adjusted gross income exceeds that threshold. Money saved by excluding those households would help fund the additional $125 payments for qualifying children.

The bill also creates a simplified process for eligible people who haven't recently filed a tax return, helping prevent nonfilers from being automatically excluded simply because the IRS lacks recent return information.

Resolve $10,000 or more of your debt

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.⁴ Please note that all calls with the company may be recorded or monitored for quality assurance and training purposes. Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 24 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. "Debt-Free" applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Results vary.

These are not Trump's proposed $2,000 tariff checks

The roughly $2,040 figure may sound familiar because President Donald Trump has also discussed sending Americans tariff-funded payments. Cuellar's bill is separate.

Trump has floated $2,000 "tariff dividend" payments, while other lawmakers have introduced their own rebate proposals with different eligibility rules and payment formulas.

So seeing another headline about roughly $2,000 tariff checks does not mean a payment has been authorized. Cuellar's bill would still have to pass Congress and become law before the Treasury could send anything.

H.R. 7865 has not passed

H.R. 7865 was introduced in the House on March 9 and referred to the House Ways and Means Committee. As of mid-September, the congressional record showed no subsequent vote or legislative action.

That means there is currently no application process, IRS payment schedule, or date when taxpayers should expect money.

If the bill did become law, the Treasury would begin distributing payments as soon as practicable and would have to report to Congress within 90 days of enactment, followed by updates every 60 days until payments were completed.

The bill also has no recorded cosponsors, committee markup, amendments, or roll-call votes, underscoring how early it remains in the legislative process.

A rebate would not necessarily cover what tariffs cost you

Even if the bill passes, the payment would not be calculated based on how much extra your household personally paid because of tariffs.

The proposal would distribute a shared pool of money largely according to filing status rather than individual spending. As a result, two households with the same filing status could receive the same base rebate even if one spent considerably more on tariff-affected goods.

Make Money: 8 things to do if you're barely scraping by financially

Bottom line

Cuellar's proposal could provide estimated payments of around $1,020 for single filers, $1,530 for heads of household, and $2,040 for married couples filing jointly, with an additional $125 per qualifying child.

The catch is that none of those payments have been approved. The American Consumer Tariff Rebate Act of 2026 remains in the House Ways and Means Committee, so Americans should not budget around receiving a tariff rebate unless Congress passes the legislation and it becomes law. Until then, you may be better off looking for other ways to put extra cash in your pocket than a tariff rebate check.

More from FinanceBuzz:

Intro APR on purchases and balance transfers
$0 annual fee
Apply Now

Get a 0% intro APR for 15 months on purchases and balance transfers; balance transfer fee applies. Then 17.74% - 26.74% Standard Variable Purchase APR applies, based on credit worthiness
INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases
Redeem cash back for any amount. No annual fee
Terms and conditions apply

4.7

Apply Now

on Issuer's secure website

Read Card Review

Intro Offer

INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300

Annual Fee

Why we like it