No, duties, imposts, and excises are not the same as tariffs; however, tariffs are a specific type of duty. Duties are the broadest category, encompassing various government taxes on goods and services, while tariffs are taxes specifically levied on imported and exported goods to regulate trade or generate revenue. Imposts are a type of duty on imported goods, and excises are taxes placed on domestically produced goods or services.
Tariffs
- What they are: Taxes specifically on goods that are imported or exported.
- Purpose: To protect domestic industries, restrict trade with certain countries, or raise government revenue.
- Example: A tax on steel imported into the United States.
Duties
- What they are: A broader term for a tax or fee imposed by a government on specific goods, services, or transactions.
- Scope: Includes tariffs, imposts, and excise duties.
- Purpose: To collect revenue and enforce government policy.
Imposts
- What they are: A type of duty on imported goods. The US Constitution uses the terms "duties" and "imposts" almost interchangeably.
- Relationship to tariffs: Often considered synonymous with tariffs in common usage.
Excises
- What they are:
- - Taxes on specific goods, often domestic, like alcoholic beverages, tobacco, or fuel.
Purpose:
- To raise revenue and sometimes to discourage consumption of certain products.
- How they fit together
- Think of "duties" as the umbrella term for all these specific types of taxes.
"Tariffs" and "imposts" are specific types of duties applied to international trade.
"Excises" are another type of duty, but they apply to domestic goods, not international trade.