Tax comic · October 2026

Hook Swap

Debits & Credits · Tariffs · Customs · CAPE refunds · Section 301

Debits & Credits comic strip: Hook Swap. Transcript below.Open full size

Debits & Credits, October 10, 2026. Laughs are nonrefundable.

Transcript. Panel 1, an importer looks at a laptop confirming a CAPE refund beside a check. “IEEPA tariffs ruled unlawful. CAPE is processing the refund.” Panel 2, the same importer holds a customs entry summary marked Section 301 Forced Labor Duty 10%. “New Section 301 duties took effect the day the old ones expired. Same rate.” Panel 3, Debit at his desk with his “It depends.” mug, red pencil in hand. “Duty is duty. The statute changed clothes. It depends which hook you hang it from.”

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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.