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US History timeline & concept chart: 1860s-1900: Difference between revisions
US History timeline & concept chart: 1860s-1900 (view source)
Revision as of 04:41, 17 May 2021
, 17 May 2021→Tariffs
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=== Tariffs === | |||
* before the 1920s, most Federal revenue was generated by tariffs | |||
* the tariff was a deeply controversial and divisive issue across 19th and mid-20th century politics | |||
* Democrats were traditionally low-tariff advocates and Republicans, from the Whig tradition, advocated "protective tariffs" | * Democrats were traditionally low-tariff advocates and Republicans, from the Whig tradition, advocated "protective tariffs" | ||
** to "protect" domestic products against foreign competition | ** to "protect" domestic products against foreign competition | ||
** l'''ow tariffs''' = pro-consumer, pro-importers (especially agriculture-based economies, exported crops and imported goods) | ** l'''ow tariffs''' = pro-consumer, pro-importers (especially agriculture-based economies, exported crops and imported goods) | ||
** '''high tariff'''s = pro-industry, pro-local production; also called '''protective tariffs''' | ** '''high tariff'''s = pro-industry, pro-local production; also called '''protective tariffs''' | ||
* Europeans used colonial possessions for home markets and protect themselves against competition via protective tariffs | * Europeans used colonial possessions for home markets and protect themselves against competition via protective tariffs | ||
* US industrialization amplified the debates | * US industrialization amplified the debates | ||
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** the tariff became unpopular as it raised the cost of many goods | ** the tariff became unpopular as it raised the cost of many goods | ||
** Republicans lost the House in 1890 and the presidency and the Senate n 1892 largely in opposition to the tariff | ** Republicans lost the House in 1890 and the presidency and the Senate n 1892 largely in opposition to the tariff | ||
* '''Wilson-Gorman Tariff, 1894''' | * '''Wilson-Gorman Tariff, 1894''' | ||
** US overseas trade led to more competition with Europeans across the world | ** US overseas trade led to more competition with Europeans across the world | ||
*** | ** Democratic-controlled Congress passed the tariff with lower rates than the McKinley Tariff | ||
*** imposed a 2% income tax to make up for lost revenue from lower tariffs | *** however, the Senate forced higher and protectionist rates that the House had passed | ||
**** the Supreme Court ruled the income tax | **** especially controversial was a tariff on sugar, which was blamed on the "Sugar Trust" (sugar producers) | ||
**** | *** President Cleveland allowed the bill to go into law but without his signature | ||
**** | **** he called it the product of "party perfidy and party dishonor" | ||
*** domestic sugar interests have up to the present influenced tariff laws for their own protection | |||
** the tariff imposed a 2% income tax to make up for lost revenue from lower tariffs | |||
**** in the landmark case ''Pollock v. Farmers' Loan & Trust Co.'' the Supreme Court ruled that the income tax was an "unapportioned direct tax" | |||
**** = not a "direct tax" since the income tax varied by income | |||
**** the Constitution required that a "direct tax" be equally applied to all citizens | |||
* | * '''Dingley Tariff of 1897''' | ||
** enacted during McKinley's first year in office | |||
*** he had run for president on a promise for a protectionist tariff | |||
** the Dingley tariff marked both the longest lasting and highest overall tariff in US history | |||
*** it was replaced in 1909 by the Payne-Aldrich Tariff of 1909, which was deeply controversial | |||
==== American imperialism ==== | ==== American imperialism ==== | ||