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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 ...
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.
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 ...
The Tariff of 1857 reduced the tariff to a general level of 20%, the lowest rate since 1830, and expanded the free list. The Democrats dominated the Second Party System and set low tariffs designed to pay for the government but not protect industry. Their opponents the Whigs wanted high protective tariffs but usually were outvoted in Congress.
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 foreign trade by providing huge loans to Europe. That, in turn, bought more US goods. [1]
Carrie Underwood's Sunday Night Football salary is enormous—check out the total amount she earns per week. Carrie Underwood's Weekly Paycheck for 'Sunday Night Football' Is Wild Skip to main content