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Underwood quickly shepherded the revenue bill through the House of Representatives, but the bill won approval in the United States Senate only after extensive lobbying by the Wilson administration. Wilson signed the bill into law on October 3, 1913. The Revenue Act of 1913 lowered average tariff rates from 40 percent to 26 percent.
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 ...
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 made tariffs much less important in terms of economic impact and political rhetoric.
In May 1913, House Majority Leader Oscar Underwood organized House passage of a bill that cut the average tariff rate by 10 percent. [37] Underwood's bill, which represented the largest downward revision of the tariff since the Civil War, aggressively cut rates for raw materials, goods deemed to be "necessities," and products produced ...
Tariff reform: This came through the passage of the Underwood Tariff Act of 1913, which lowered tariffs for the first time since 1857 and went against the protectionist lobby. [ 1 ] Labor reform: This was achieved through measures such as the Eight Hour Law for Women of the District of Columbia, the Seaman’s Act, Workmen’s Compensation for ...
Wilson signed the Revenue Act of 1913 (called the Underwood Tariff) into law on October 3, 1913. [126] The Revenue Act of 1913 reduced tariffs and replaced the lost revenue with a federal income tax of one percent on incomes above $3,000, affecting the richest three percent of the population. [128]
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 ...
This is a list of United States tariff laws. 1789: Tariff of 1789 (Hamilton Tariff) ... 1913: Revenue Act of 1913 (Underwood Tariff) 1921: Emergency Tariff of 1921;