The Dingley Act of 1897 (ch. 11, 30 Stat. 151, July 24, 1897), introduced by U.S. Representative Nelson Dingley, Jr., of Maine, raised tariffs in United States to counteract the Wilson–Gorman Tariff Act of 1894, which had lowered rates. Came into effect under William McKinley the first year that he was in office. The McKinley administration wanted to slowly bring back the protectionism that was proposed by the Tariff of 1890.
The United States Statutes at Large, commonly referred to as the Statutes at Large and abbreviated Stat., are an official record of Acts of Congress and concurrent resolutions passed by the United States Congress. Each act and resolution of Congress is originally published as a slip law, which is classified as either public law or private law (Pvt.L.), and designated and numbered accordingly. At the end of a Congressional session, the statutes enacted during that session are compiled into bound books, known as "session law" publications. The session law publication for U.S. Federal statutes is called the United States Statutes at Large. In that publication, the public laws and private laws are numbered and organized in chronological order. U.S. Federal statutes are published in a three-part process, consisting of slip laws, session laws, and codification.
Maine is a state in the New England region of the northeastern United States. Maine is the 12th smallest by area, the 9th least populous, and the 38th most densely populated of the 50 U.S. states. It is bordered by New Hampshire to the west, the Atlantic Ocean to the southeast, and the Canadian provinces of New Brunswick and Quebec to the northeast and northwest respectively. Maine is the easternmost state in the contiguous United States, and the northernmost state east of the Great Lakes. It is known for its jagged, rocky coastline; low, rolling mountains; heavily forested interior; and picturesque waterways, as well as its seafood cuisine, especially lobster and clams. There is a humid continental climate throughout most of the state, including in coastal areas such as its most populous city of Portland. The capital is Augusta.
The Revenue Act or Wilson-Gorman Tariff of 1894 slightly reduced the United States tariff rates from the numbers set in the 1890 McKinley tariff and imposed a 2% tax on income over $4,000. It is named for William L. Wilson, Representative from West Virginia, chair of the U.S. House Ways and Means Committee, and Senator Arthur P. Gorman of Maryland, both Democrats.
Following the election of 1896, McKinley followed through with his promises for protectionism. Congress imposed duties on wool and hides which had been duty-free since 1872. Rates were increased on woolens, linens, silks, china, and sugar (the tax rates for which doubled). The Dingley Tariff remained in effect for twelve years, making it the longest-lived tariff in U.S. history. It was also the highest in U.S. history, averaging about 52% in its first year of operation. Over the life of the tariff, the rate averaged at around 47%.
Wool is the textile fiber obtained from sheep and other animals, including cashmere and mohair from goats, qiviut from muskoxen, from hide and fur clothing from bison, angora from rabbits, and other types of wool from camelids; additionally, the Highland and the Mangalica breeds of cattle and swine, respectively, possess wooly coats. Wool consists of protein together with a few percent lipids. In this regard it is chemically quite distinct from the more dominant textile, cotton, which is mainly cellulose.
Linen is a textile made from the fibers of the flax plant. Linen is laborious to manufacture, but the fiber is very strong, absorbent and dries faster than cotton. Garments made of linen are valued for their exceptional coolness and freshness in hot and humid weather.
Silk is a natural protein fiber, some forms of which can be woven into textiles. The protein fiber of silk is composed mainly of fibroin and is produced by certain insect larvae to form cocoons. The best-known silk is obtained from the cocoons of the larvae of the mulberry silkworm Bombyx mori reared in captivity (sericulture). The shimmering appearance of silk is due to the triangular prism-like structure of the silk fibre, which allows silk cloth to refract incoming light at different angles, thus producing different colors.
The Dingley Act remained in effect until the Payne-Aldrich Tariff Act of 1909.
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The Tariff Act of 1930, commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was an Act implementing protectionist trade policies sponsored by Senator Reed Smoot and Representative Willis C. Hawley and was signed into law on June 17, 1930. The act raised U.S. tariffs on over 20,000 imported goods.
A tariff is a tax on imports or exports between sovereign states. It is a form of regulation of foreign trade. It is a policy that taxes foreign products to encourage or protect domestic industry. The tariff is historically used to protect infant industries and to allow import substitution industrialization.
The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress framed by Representative William McKinley that became law on October 1, 1890. The tariff raised the average duty on imports to almost fifty percent, an act designed to protect domestic industries from foreign competition. Protectionism, a tactic supported by Republicans, was fiercely debated by politicians and condemned by Democrats. The McKinley Tariff was replaced with the Wilson–Gorman Tariff Act in 1894, which promptly lowered tariff rates.
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.
Free trade is a trade policy that does not restrict imports or exports; it is the idea of the free market as applied to international trade. In government, free trade is predominately advocated by political parties that hold liberal economic positions, while economically left-wing and nationalist political parties generally support protectionism, the opposite of free trade.
Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents claim that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors. However, they also reduce trade and adversely affect consumers in general, and harm the producers and workers in export sectors, both in the country implementing protectionist policies, and in the countries protected against.
The Panic of 1893 was a serious economic depression in the United States that began in 1893 and ended in 1897. It deeply affected every sector of the economy, and produced political upheaval that led to the realigning election of 1896 and the presidency of William McKinley.
William Boyd Allison was an early leader of the Iowa Republican Party, who represented northeastern Iowa in the United States House of Representatives before representing his state in the United States Senate. By the 1890s, Allison had become one of the "big four" key Republicans who largely controlled the Senate, along with Orville H. Platt of Connecticut, John Coit Spooner of Wisconsin and Nelson W. Aldrich of Rhode Island.
The American School, also known as the National System, represents three different yet related constructs in politics, policy and philosophy. It was the American policy from the 1860s to the 1970s, waxing and waning in actual degrees and details of implementation. Historian Michael Lind describes it as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas.
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. 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, or from any profession, trade, employment, or vocation carried on in the United States or elsewhere, or from any other source whatever [. .. .]" The tax imposed was a flat tax, with a rate of 3% on incomes above $800. The Revenue Act of 1861 was signed into law by Abraham Lincoln. This Act introduced Federal income tax as a flat rate tax.
Nelson Dingley Jr. was a journalist and politician from the U.S. state of Maine.
The Tariff of 1833, enacted on March 2, 1833, was proposed by Henry Clay and John C. Calhoun as a resolution to the Nullification Crisis. Enacted under Andrew Jackson's presidency, it was adopted to gradually reduce the rates following southerners' objections to the protectionism found in the Tariff of 1832 and the 1828 Tariff of Abominations; the tariffs had prompted South Carolina to threaten secession from the Union. This Act stipulated that import taxes would gradually be cut over the next decade until, by 1842, they matched the levels set in the Tariff of 1816—an average of 20%. The compromise reductions lasted only two months into their final stage before protectionism was reinstated by the Black Tariff of 1842.
The Revenue Act of 1913, also known as the Tariff Act, the Underwood Tariff, the Underwood Act, the Underwood Tariff Act, or the Underwood-Simmons Act, re-imposed the federal income tax after the ratification of the Sixteenth Amendment and lowered basic tariff rates from 40% to 25%, well below the Payne-Aldrich Tariff Act of 1909. It was signed into law by President Woodrow Wilson on October 3, 1913 and was sponsored by Alabama Representative Oscar Underwood.
The tariff history of the United States spans from 1789 to present. The first tariff law passed by the U.S. Congress, acting under the then-recently ratified Constitution, was the Tariff of 1789. Its purpose was to generate revenue for the federal government, and also to act as a protective barrier around newly starting domestic industries. An Import tax set by tariff rates was collected by treasury agents before goods could be unloaded at U.S. ports.
The presidency of William McKinley began on March 4, 1897, when William McKinley was inaugurated and ended with his death on September 14, 1901. He is best known for leading the nation to victory in the Spanish–American War, taking ownership of Hawaii, purchasing the Philippines, Guam and Puerto Rico, restoring prosperity, and promoting pluralism among all groups. It includes the 1897 Dingley Tariff to protect manufacturers and factory workers from foreign competition, and the Gold Standard Act of 1900 that rejected free silver inflationary proposals. Rapid economic growth and a decline in labor conflict also marked the presidency.
Tariff Act can refer to the following:
Protectionism in the United States is protectionist economic policy that erected tariff and other barriers to trade with other nations. This policy was most prevalent in the 19th century. It attempted to restrain imports to protect Northern industries. It was opposed by Southern states that wanted free trade to expand cotton and other agricultural exports. Protectionist measures included tariffs and quotas on imported goods, along with subsidies and other means, to ensure fair competition between imported goods and local goods. In today's age the US is still highly protectionist, according to Global Trade Alert the US has adopted over 1000 protectionist measures since the Global Economic Crisis in 2008, more than any other country since.
Protective tariffs are tariffs that are enacted with the aim of protecting a domestic industry. They aim to make imported goods cost more than equivalent goods produced domestically, thereby causing sales of domestically produced goods to rise; supporting local industry. Tariffs are also imposed in order to raise government revenue, or to reduce an undesirable activity. Although a tariff can simultaneously protect domestic industry and earn government revenue, the goals of protection and revenue maximization suggest different tariff rates, entailing a tradeoff between the two aims.