Bills · HR 505
IN COMMITTEE· 119TH CONGRESS
House BillHR 505Tariffs
To impose additional duties on imports of goods into the United States.
INTRO JAN 16· LAST ACTION JAN 16
READING
2MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it could significantly change the cost of everyday goods for American consumers, potentially making many imported products more expensive. It aims to encourage people and businesses to buy more goods made in the U.S. and could reduce the country's reliance on foreign products, potentially creating more domestic jobs. However, it also risks making American-made goods more expensive if they rely on imported components, and could lead to other countries imposing similar taxes on U.S. exports, making American products more expensive abroad.
KEY PROVISIONS
4AI-extractedPROVISION 01
Imposes an initial 10% tax on the value of almost all goods imported into the United States.
This creates an immediate new cost for imported products.
PROVISION 02
Requires the President to adjust this tax annually based on the U.S. trade balance from the previous year.
This provision links the tax rate to the country's overall trade performance.
PROVISION 03
The tax increases by 5% if the U.S. had a trade deficit in the prior year, or decreases by 5% if it had a trade surplus or balance.
This mechanism allows the import tax to fluctuate with the goal of influencing trade outcomes.
PROVISION 04
These new duties are in addition to any existing import taxes already in place.
It means the new tax will stack on top of current tariffs, not replace them.
SPONSORSHIP
1 + 0
D· Maine
YRS IN OFFICE
7
BILLS LED
14
ACTION TIMELINE
2 EVENTSJAN 16
Introduced in House
JAN 16
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 505
Congress119th
StatusIn Committee
IntroducedJan 16, 2025
Last actionJan 16, 2025
READER REACTIONS
OVERALL SENTIMENT
No reactions yet. Be the first to weigh in.
Discussion
Loading comments...
IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED JAN 16, 2025
House BillHR 505Tariffs
To impose additional duties on imports of goods into the United States.
INTRODUCED JAN 16, 2025· LAST ACTION JAN 16, 2025
PASSAGE CHANCES
—%
READING
2 min
COSPONSORS
0
COMPLEXITY
Moderate
