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The Revenue Act of 1913, also known as the 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. The act was sponsored by Representative Oscar Underwood, passed by the 63rd United States Congress, and signed into law by President ...
The Emergency Tariff of 1921 of the United States was enacted on May 27, 1921. The Underwood Tariff, passed under President Woodrow Wilson, had Republican leaders in the United States Congress rush to create a temporary measure to ease the plight of farmers until a better solution could be put into place. With growing unrest in the American ...
By late May 1913, House Majority Leader Oscar Underwood had passed a bill in the House that cut the average tariff rate by 10 percent and imposed a tax on personal income above $4,000. Underwood's bill represented the largest downward revision of the tariff since the Civil War.
The Tariff Act of 1789 imposed the first national source of revenue for the newly formed United States. The new U.S. Constitution ratified in 1789, allowed only the federal government to levy uniform tariffs. Only the federal government could set tariff rates (customs), so the old system of separate state rates disappeared.
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. The Revenue Act of 1913 reduced the average import tariff rates from 40 percent to 26 percent.
The Revenue Act of 1861, formally cited as Act of August 5, 1861, Chap. XLV, 12 Stat. 292, included the first U.S. Federal income tax statute (see Sec. 49).The Act, motivated by the need to fund the Civil War, imposed an income tax to be "levied, collected, and paid, upon the annual income of every person residing in the United States, whether such income is derived from any kind of property ...
Fordney–McCumber Tariff. Rep. Joseph W. Fordney of Michigan (left) and Sen. Porter J. McCumber of North Dakota (right). The Fordney–McCumber Tariff of 1922 was a law that raised American tariffs on many imported goods to protect factories and farms. The US Congress displayed a pro-business attitude in passing the tariff and in promoting ...
The New Freedom was Woodrow Wilson 's campaign platform in the 1912 presidential election, and also refers to the progressive programs enacted by Wilson during his time as president. First expressed in his campaign speeches and promises, Wilson later wrote a 1913 book of the same name. After the 1918 midterm elections, Republicans took control ...