Earlier this year, the Supreme Court ruled that many of President Trump’s “emergency” import tariffs were improperly collected, finding there was no congressional authority to impose them.

Since then, businesses that paid those now-unsanctioned tariffs have been waiting for guidance from U.S. Customs and Border Protection (CBP) on how to recover those funds.

On April 20, 2026, CBP officially began processing tariff refund claims through its new online CAPE portal and, presumably, significant refunds will soon begin flowing back to importers who can substantiate and perfect their claims.

What’s interesting is that the conversation is now shifting from operations to tax strategy.

Taxability and Tariff Refunds

Three years ago, I wrote a piece for Mother’s Day about the most important money lesson I ever received. It didn’t come from a textbook or professor. It came from my mother, and a system she called The Ledger.

The problems I wrote about in 2023 are still here, only bigger. When I first published this, U.S. federal debt sat at roughly 98% of GDP. Today we’re staring down a forecast of 116% by 2034.

I’m sharing this again, with updated charts and data, because the lesson she taught me still applies. It applied to a kid with a shrinking balance. And it applies to our country’s burgeoning deficit and ongoing irresponsible fiscal spending policies.

Happy Mother’s Day to all the moms!

 

Money Lessons From My Mom – Then and Now