Search results
Results From The WOW.Com Content Network
The Revenue Act of 1913, also known as the Tariff Act of 1913, Underwood Tariff or the Underwood-Simmons Act (ch. 16, 38 Stat. 114), re-established a federal income tax in the United States and substantially lowered tariff rates.
Underwood served as House Majority Leader from 1911 to 1915, and was a strong supporter of President Woodrow Wilson's progressive agenda and a prominent advocate of a reduction in the tariff. He sponsored the Revenue Act of 1913, also known as the Underwood Tariff, which lowered tariff rates and imposed a federal income tax. He won election to ...
In 1861, just before the Civil War, Congress enacted the Morrill Tariff, which applied high rates and inaugurated a period of relatively continuous trade protection in the United States that lasted until the Underwood Tariff of 1913. The schedule of the Morrill Tariff and its two successor bills were retained long after the end of the Civil War ...
The Senate voted 44 to 37 in favor of the bill, with only one Democrat voting against it and only one Republican voting for it. Wilson signed the Revenue Act of 1913 (called the "Underwood Tariff") into law on October 3, 1913. [37] [40] The Revenue Act of 1913 reduced the average import tariff rates from 40 percent to 26 percent. [41]
The 1913 Underwood Tariff cut rates, but the coming of World War I in 1914 radically revised trade patterns. Reduced trade and, especially, the new revenues generated by the federal income tax (bolstered by the ratification of the Sixteenth Amendment in 1913) made tariffs much less important in terms of economic impact and political rhetoric.
Donald Trump's proposed tariffs could have major consequences for California's economy, which has a lot riding on trade, especially with China and Mexico. Trump tees up tariff hikes on top trading ...
The Tariff of 1842 returned the tariff to the level of 1832, with duties averaging between 23% and 35%. The Walker Tariff of 1846 essentially focused on revenue and reversed the trend of substituting specific for ad valorem duties. The Tariff of 1857 reduced the tariff to a general level of 20%, the lowest rate since 1830, and expanded the free ...
move to sidebar hide. From Wikipedia, the free encyclopedia