Everyone seems to be ignoring the fact that the amount paid under a tax or tariff is NOT the same as the net amount of revenue raised by that tax or tariff. Taxes and tariffs have indirect effects on other taxes paid, especially income taxes, that can result in revenue either much higher or much lower than the direct amount collected. For example, most excise taxes are deductible business expenses, and so less net revenue is collected than what's reported as coming in directly from that excise tax because the deduction reduces taxable income. On the flip side, a tax like the Base Erosion and Anti-Abuse Tax (BEAT) raises much higher revenue than the amount reported as BEAT liability. That's because many companies restructure to avoid paying BEAT, and this often results in them paying no BEAT but higher corporate income tax. If you can wipe out $50 of BEAT liability by paying an extra $30 in corporate income tax, then you'll do that. But that doesn't mean the BEAT is raising $0. The BEAT is raising $30, even though the company reports $0 on the BEAT line. My sense is tariffs work in the opposite direction from the BEAT and more like excise taxes: they tend to REDUCE other tax paid (partly because they're deductible from income), and therefore don't raise as much as the headline number suggests.