A tariff is a tax imposed by one country on goods or services imported from another country. Tariffs are trade barriers that raise prices and reduce available quantities of goods and services for U.S. businesses and consumers.| Tax Foundation
Lawmakers will need to pursue fiscal responsibility as they address the tax law expirations, but fiscal responsibility requires finding sound ways to pay for spending priorities. Tariffs don’t make the cut.| Tax Foundation
A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.| Tax Foundation
A corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax.| Tax Foundation
The Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products in 2018 and 2019, amounting to one of the largest tax increases in decades. The Biden administration has kept most of the Trump administration tariffs in place| Tax Foundation
An individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns.| Tax Foundation
A pass-through business is a sole proprietorship, partnership, or S corporation that is not subject to the corporate income tax; instead, this business reports its income on the individual income tax returns of the owners and is taxed at individual income tax rates.| Tax Foundation
The 2017 Tax Cuts and Jobs Act overhauled the federal tax code by reforming individual and business taxes. It was pro-growth reform, significantly lowering marginal tax rates and cost of capital. We estimated it reduced federal revenue by $1.47 trillion over 10 years before accounting for economic growth.| Tax Foundation
