In a rare showing of solidarity, senior US Senators introduced a bill to repeal the 12% Federal Excise Tax (FET) on heavy-duty trucks, tractors and trailers. The FET was put in place in 1917 to fund World War I. It is estimated it adds $15,000-$30,000 to the price of a new truck.
This bill is not the first time rescinding the FET has come up in Congress, but we remain ever hopeful.
We wish everyone a fun and safe 4th of July! 250 years of fireworks, freedom and fierce independence!
Refunds for International Emergency Economic Power Act (IEEPA) tariffs are being processed and monies are being returned to importers and cargo interests. The Section 122 tariffs, which use trade imbalances as a reason for imposing tariffs, are 10% across the board...
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