My view is simple.
Tariffs=taxes
Taxes=bad
Does anyone today realize that the increased tariffs brought about by the Smoot-Hawley Act contributed greatly to the Great Deppression?
>My view is simple.
>Tariffs=taxes
>Taxes=bad
I see, but that is [perhaps] a bit too simple of a view. dictionary.com has the following definition:
tariff
–noun
1. an official list or table showing the duties or customs imposed by a government on imports or exports.
2. the schedule or system of duties so imposed.
3. any duty or rate of duty in such a list or schedule.
4. any table of charges, as of a railroad, bus line, etc.
5. bill; cost; charge.
–verb (used with object)
6. to subject to a tariff.
7. to put a valuation on according to a tariff.
Before the imposition of the income tax, virtually all taxation (read governmental revenue) was from tariffs; but this might not apply to consumer goods because tariffs are ONLY applied to imports/exports. This means that if we were a self-sufficient country [and we VERY EASILY could be] then any Citizen/legal-resident would be able to live without paying a single cent in tariffs.