1. Who pays the tariffs on imports? Are the firms exporting to the US or the US firm buying those imports? Who ultimately pays for increased tariffs - the exporting or importing country? Why are tariffs bad for the economy? What sections of the Internal Revenue Code cover tariffs? Internal Revenue Code sections

2.The article on the Inflation Reduction Act of 2022. Summarize the Act and comment on how it tries to achieve inflation reduction. Comment on (a) Excise tax on Stock Buybacks or (2) Corporate Alternative Minimum Tax. Why do you believe these tax changes were necessary?