Taxes are paid at the time of sale, or when profits are generated. Tariffs are prepaid. Companies that import raw materials and goods need large amounts of cash to pay the tariffs at the port.
This makes tariffs profoundly more expensive.
Tariffs are also imposed on foreign trade, which doesn’t apply in this meme, as it was a British colony at that time.
Seems like people still don’t know the difference between tax and tariffs.
Educate us. What’s the difference?
Taxes are paid at the time of sale, or when profits are generated. Tariffs are prepaid. Companies that import raw materials and goods need large amounts of cash to pay the tariffs at the port.
This makes tariffs profoundly more expensive.
Tariffs are also imposed on foreign trade, which doesn’t apply in this meme, as it was a British colony at that time.