Welcome to Taxing Tariffs!

Welcome to Taxing Tariffs! Or as I like to word it “Taxing Tariffs and a Folding Trump Card: How will the Supreme Court and China Respond?”

Before we lean into those current pressing questions about tariffs, let’s glance back at the history of tariffs on this side of the Atlantic.

Long before the current set of leaders and national conditions, there existed much heated debate about tariffs in these not so United States. Agricultural and industrial interests, mostly divided between the South and the North, though both often politically driven by the West, conflicted on the subject of taxation. None other than Thomas Jefferson and Alexander Hamilton eloquently debated the varying positions that states held on schedules of taxes collectively known as tariffs. And that was in 1791.

America has been steeped in and indeed began by “opting out of” tariffs since before its beginning, so let’s state what tariffs are. Tariffs are duties on imports that are paid at the ports and docks, and if passed on to consumers they become taxes on individuals. In the nascent States this was well understood. To hear politicians speak today, one would think that tariffs are only placed on other nations: a tariff on China, a tariff on Canadian imports, a tariff on Mexican auto parts. U.S. tariffs are paid by U.S. corporate entities and U.S. citizens, period.

Do you feel any price pain due to tariffs? Do you think there’s still a divide in this country on the topic of tariffs? Let us know INFO@MICRONCORP.COM. After that, we’ll see you next time on TAXING TARIFFS.