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Ever since the Supreme Court ruled that President Donald Trump’s sweeping tariffs were illegal, a key question has emerged: who, if anyone, could get that money back?
Several prominent political leaders say the Trump administration should return the funds directly to American families — and do so “immediately.”
Illinois Gov. JB Pritzker penned a scathing letter to Trump demanding refunds for families in his state.
“I demand a refund of $1,700 for every family in Illinois,” Pritzker wrote (1).
The letter included an invoice totaling $8,679,261,600 — calculated as 5,105,448 Illinois families multiplied by $1,700 each — stamped with a red “Past Due – Delinquent” notice.
California Gov. Gavin Newsom also called on the Trump administration to immediately “cough up” refund checks.
“Donald Trump should return that money immediately — $1,751 per family,” Newsom said after the Supreme Court struck down the tariffs (2), citing a Yale report estimating that tariffs cost the average U.S. family $1,751 last year (3).
New York Gov. Kathy Hochul has joined the effort as well, recently sending a letter to Treasury Secretary Scott Bessent calling for similar action.
“On behalf of over 20 million New Yorkers, I demand the Trump Administration refund approximately $1,751 for every New York household, for a total tariff refund of approximately $13.5 billion to New Yorkers,” Hochul wrote (4).
It’s not just governors pushing for refunds.
A group of Senate Democrats has introduced The Tariff Refund Act of 2026, which would require the federal government to return the tariff revenue it collected — with interest — within 180 days (5).
“Trump’s illegal tariff taxes cost small businesses, consumers and families up to $175 billion. That money must be repaid immediately,” said Sen. Edward J. Markey, one of the bill’s sponsors.
Meanwhile, the legal battle continues.
On Monday, a federal appeals court rejected the Trump administration’s attempt to delay the process of refunding billions of dollars in tariffs (6).
For many households, the possibility raises an obvious question — what would be the smartest way to use the money if refunds do materialize?
Whether you’re thinking about strengthening your finances, preparing for uncertainty or putting extra cash to work, here are a few ways Americans could consider using a potential windfall.
The U.S. stock market has been a powerful engine of wealth creation. Trump has pointed to that strength, recently saying that “the only thing that’s really going up big? It’s the stock market and your 401(k)s” (7).
The benchmark S&P 500 returned about 16% in 2025 and is up roughly 79% over the past five years, underscoring the strength of the long-running rally.
Of course, consistently picking winning stocks isn’t easy. That’s why legendary investor Warren Buffett argues that most people don’t need to pick individual companies at all to benefit from the stock market’s long-term growth.
“In my view, for most people, the best thing to do is own the S&P 500 index fund,” Buffett has famously stated (8). This approach gives investors exposure to 500 of America’s largest companies across a wide range of industries, providing instant diversification without the need for constant monitoring or active trading.
The beauty of this approach is its accessibility — anyone, regardless of wealth, can take advantage of it. Even small amounts can grow over time with tools like Acorns, a popular app that automatically invests your spare change.
Signing up for Acorns takes just minutes: Link your cards and Acorns will round up each purchase to the nearest dollar, investing the difference — your spare change — into a diversified portfolio.
That morning coffee for $4.25? It’s now a 75-cent investment in your future.
With Acorns, you can invest in an S&P 500 ETF with as little as $5 — and, if you sign up today with a recurring investment, Acorns will add a $20 bonus to help you begin your investment journey.
Beyond stocks, real estate has long been another cornerstone of wealth-building in America.
In fact, Buffett often points to real estate when explaining what a productive, income-generating asset looks like. In 2022, Buffett stated that if you offered him “1% of all the apartment houses in the country” for $25 billion, he would “write you a check” (9).
Why? Because regardless of what’s happening in the broader economy, people still need a place to live and apartments can consistently produce rent money.
Real estate also offers a built-in hedge against inflation. When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts with inflation.
Of course, you don’t need $25 billion — or even to buy a single property outright — to invest in real estate. Crowdfunding platforms like Arrived offer an easier way to get exposure to this income-generating asset class.
Backed by world-class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100 — all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.
The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you’d like to purchase and then sit back as you start receiving any positive rental income distributions from your investment.
Mogul is another option. It’s a real estate investment platform offering fractional ownership in blue-chip rental properties, which gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.
Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.
Trump has often touted the strength of the U.S. economy. But as history has shown, it may not be wise to put all your eggs in one basket — especially amid ongoing geopolitical conflicts and global uncertainty.
Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, has offered a clear perspective on positioning during times of geopolitical turmoil.
“As for investing, sell out of all debt and buy gold because wars are financed by borrowing and printing money, which devalues debt and money and because there is a justifiable reluctance to accept credit,” he wrote on X (10).
Gold has long been viewed as the ultimate safe haven. It can’t be printed out of thin air like fiat money and because it’s not tied to any single currency or economy, investors often flock to it during periods of economic turmoil or geopolitical uncertainty, driving up its value.
This isn’t the first time Dalio has highlighted gold’s importance. Last year, he told CNBC that “people don’t have, typically, an adequate amount of gold in their portfolio,” adding that “when bad times come, gold is a very effective diversifier.”
Over the past 12 months, gold prices have surged by more than 70%.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to help shield their retirement funds against economic uncertainties.
You don’t need a massive investment portfolio to start building wealth. Even your spare cash — like a potential tariff refund — can earn income, rather than sitting idle in a low-yield account.
To get started, a high-yield account like a Wealthfront Cash Account can be a great place to grow your emergency funds, offering both competitive interest rates and easy access to your cash when you need it.
A Wealthfront Cash Account currently offers a base variable APY of 3.30% and new clients can get a 0.75% boost during their first three months on up to $150,000 for a total APY of 4.05%. That’s 10 times the national deposit savings rate, according to the FDIC’s January report.
With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, your funds remain accessible at all times. Plus, Wealthfront Cash Account balances of up to $8 million are insured by the FDIC through program banks.
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@JBPritzker (1); CNN-News18 (2); The Budget Lab (3); New York State Executive Chamber (4); United States Senate Committee on Finance (5); CBS News (6); NTD (7); CNBC (8), (9); @RayDalio (10)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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