Tariff vs Taxes are They Intertwined?

According to Meriam Webster dictionary, the definition of tariff - a schedule of duties imposed by a government on imported or exported goods or in some countries, a duty or rate of duty imposed in such a schedule, a schedule of rates or charges of a business or a public utility

According to Meriam Webster dictionary, the definition of tax – a charge usually of money imposed by authority on persons or property for public purposes or a sum levied on members of an organization to defray expenses.

So, are tariffs and taxes interchangeable? Yes, they are.

We have one side that states that tariffs are terrible, the other side is in the full approval – they are both taxes.

On today’s episode we take a look at tariffs, taxes, rules, and regulations – they are intertwined.

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