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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.
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;
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 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.
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]
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 ...
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 ...
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 ...