We met with President Trump last week and he likes this idea Laffer and Moore penned in the WSJ to boost the economy and middle class “affordability:”

Giving back tariff revenue to help families’ finances is a good idea. But if the White House doesn’t tie that money to work, it will repeat a painful Biden administration mistake.

Stimulating supply–not demand–brings down prices and raises worker pay. The key to affordability is a stable, strong dollar and rewards for increased work and production. The dollar end of that equation is the Federal Reserve’s job, but the White House can use tariff revenues to goose the other side.

Cutting the 15.3% federal payroll tax for 12 to 18 months by up to 5 points–evenly divided between employer and employee–would provide every low- and middle-income American worker an immediate pay raise while lowering labor costs and prices. Tariff revenue could cover the cost.