yego.me
💡 Stop wasting time. Read Youtube instead of watch. Download Chrome Extension

Taxes vs Duty (Clip) | To Catch a Smuggler | National Geographic


2m read
·Nov 10, 2024

You purchased this. We have to add this up. All right.

So how much is this adding up to? Do you understand?

Well, that's one side. It's got to go on the other side. There's exact prices of how much she paid.

She has ten. $15,000 worth of gold. Are you aware you have to pay duty on gold? You pay duty here. So when you come into the U.S.. Yeah, right.

All purchases. You have to pay duty on these items, right? But that's irrelevant to us. You have to pay duty to the US government when you purchase anything.

I do this every day. I know exactly what I'm looking for. It's always going to be fair.

And I'm all right. We're going to move on to the bags. So you did declare 6000 in clothes, and the new clothes that you are declaring are in there, right?

Yeah. No. Well, everything is recorded, so you can file a complaint if you think something is missing.

So you're declaring 6000, right? Yeah. And then we have more here. Okay, but you have to declare things the right way.

If there is a failure to declare, the government can seize these items. But you didn't declare everything.

But did you ever pay duty to be here like this? Look, no. That's irrelevant. This is US customs, and you have to pay duty here.

Okay. So I'm going to make the calculation. So the clothes you did declare, you were doing good. But then we have a lot of items missing.

So on those items, you're going to have to pay a penalty. The items you did, the clerk is going to be $506.

The penalty on the other items is $5,600. So I have to ask, are you going to pay it or...

20 penalty was pretty hefty. But people who want to bring in ten, $15,000 worth of gold are going to get penalized.

And she decided to pay, and she walked out to go with our stuff.

Yeah. Tough cookie.

More Articles

View All
How to Survive the Crypto Boom & Bust Cycle
Chandan Loa is the co-founder of CoinTracker, the gold standard for crypto portfolio management and taxes. He knows, as well as just about anyone, what it takes to survive the crazy boom-bust cycle of crypto. The price of Bitcoin is surging again, showing…
Something Strange Happens When You Follow Einstein's Math
You can never see anything enter a black hole. (bell dings) Imagine you trap your nemesis in a rocket ship and blast him off towards a black hole. He looks back at you shaking his fist at a constant rate. As he zooms in, gravity gets stronger, so you woul…
Steve Jobs on Consulting
I mean, you guys, most of you come from companies where you’ve had work experience, right? How many of you are from manufacturing companies? Oh, excellent! Where the rest of you from? Okay, so how many from consulting? Oh, that’s bad; you should do someth…
Warren Buffett's 7 Rules to be a Great Investor
Price people are really strange on that. I mean, they cause most people, most, most, your listeners are savers, and that means they’ll be net buyers, and they should want the stock market to go down. They should want to buy at a lower price, but they’ve g…
Meet an Imagineer Who Built a Wish | Podcast | Overheard at National Geographic
[Music] Welcome to My Garage. This is my brain; this is where I have to make the magic happen. Laura Cable is a Disney Imagineer for the last five years, many of them surrounded by blueprints and scale models from her garage here in Los Angeles. Thanks to…
Impose | Vocabulary | Khan Academy
Hey there wordsmiths! This video is about the word impose. Impose, it’s a verb, and it means to force something onto others, kind of like how I impose my taste in music on you in these videos. You didn’t ask for this; I just put it on to you, which is in…