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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 ...
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 domestically by trusts, but it retained higher tariff rates for luxury goods. The bill also instituted a tax on personal income above $4,000.
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 ...
This explains why, after independence, the Tariff Act of 1789 was the second bill of the Republic signed by President Washington allowing Congress to impose a fixed tariff of 5% on all imports, with a few exceptions. Between 1792 and the war with Britain in 1812, the average tariff level remained around 12.5%.
e. Thomas Woodrow Wilson (December 28, 1856 – February 3, 1924) was an American politician and academic who served as the 28th president of the United States from 1913 to 1921. A member of the Democratic Party, Wilson served as the president of Princeton University and as the governor of New Jersey before winning the 1912 presidential election.
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 ...
Tariff of 1789. The Tariff Act of 1789 was the first major piece of legislation passed in the United States after the ratification of the United States Constitution. It had two purposes: to protect manufacturing industries developing in the nation and to raise revenue for the federal government. It was sponsored by Congressman James Madison ...
Bell Trade Act. The Bell Trade Act of 1946, also known as the Philippine Trade Act, was an act passed by the United States Congress specifying policy governing trade between the Philippines and the United States following independence of the Philippines from the United States. [1] [2] The United States Congress offered $800 million for post ...