The "Payback Act" seeks to refund American consumers for financial burdens caused by tariffs imposed by the executive branch without explicit congressional authorization. The bill's findings emphasize that the Constitution vests the power to lay tariffs exclusively with Congress, citing a Supreme Court ruling that clarified the International Emergency Economic Powers Act does not grant the President unilateral tariff authority in the absence of clear congressional approval. These tariffs are described as unlawful, having resulted in billions of dollars in collections and materially increased prices for goods, disproportionately affecting working families, seniors, and small businesses. To address this, the bill directs the Secretary of the Treasury to develop and publish a refund formula within 120 days of enactment. This formula must quantify total consumer cost increases attributable to the covered tariffs, estimate pass-through effects, and incorporate equitable adjustments based on household income and geographic disparities. Refunds are to be issued automatically using existing Treasury and IRS payment systems where possible, with a streamlined application process for others, and the Secretary must report to Congress on the finalized formula and distribution timelines.