Now that SCOTUS has acknowledged that Trump tariffs are actually taxes, do I get to deduct what I've already paid in tariffs from this year's tax return?#scotus#taxes

[petergleick@fediscience.org]

Now that SCOTUS has acknowledged that Trump tariffs are actually taxes, do I get to deduct what I've already paid in tariffs from this year's tax return?
#scotus
#taxes

[craigp@mastodon.social]

@petergleick Even if it were possible, I'm sure it'll be like MA state tax's "yearly Rent Deduction", which is set to a "maximum of less than one month of the average rent in Boston".

[stefanejones@dice.camp]

@petergleick That grating metallic sound you hear is a great big can of worms being opened.

[knu@toot.community]

@petergleick
The supplier who imported the goods you bought paid the import tax (tariff).
[S]He can ask the government for a refund, but many of them sold the right for a refund for some 20% to 40% of the value to "venture capitalists". The family of Howard Lutnick is known to have invested in rights for refunds.
The swamp is not over yet..

[databeestje@noc.social]

@petergleick No can do, that would make the budget deficit even larger.

It's not popular, but you might want to look at how the US does taxes.

It is also impossible to negotiate in this moment in time.