The Infinite Rate
Open full sizeDebits & Credits, September 26, 2026. Laughs are nonrefundable.
Transcript. Panel 1, a client reads a notice beside a crate of Canadian whisky under a sign, “Sec. 338: 50% additional duty.” Client: “Fifty percent hurts. I can still import it.” Debit: “Enjoy September.” Panel 2, the client stands behind bars with his crate under a sign, “Importation prohibited: Sec. 338,” while a customs officer holds the keys and a calendar circles September 29 and 30. Client: “They changed the rate to zero?” Debit: “They changed the verb. Taxed is now banned.” Panel 3, Debit at his desk with a “338” folder and his “It depends” mug as the client slumps in a chair holding a whisky invoice. Debit: “Section 338 of the 1930 Act. When the duty hits infinity they stop calling it a tax.”
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This alert is for general information only and is not tax, legal, investment, or accounting advice. Consult your own advisers before acting. Carlos A. Schmidt, MBT, MBA, CPA · carlos@lapresallc.com · (917) 558-6393.