Underwood-Simmons Tariff

(noun)

The United States Revenue Act of 1913 also known as the Tariff Act, Underwood Tariff, Underwood Tariff Act, or Underwood-Simmons Act, re-imposed the federal income tax following the ratification of the Sixteenth Amendment and lowered basic tariff rates from 40% to 25%, well below the Payne-Aldrich Tariff Act of 1909.

Related Terms

Examples of Underwood-Simmons Tariff in the following topics:

  • Harding's Policies

    • On September 21, 1922, Harding enthusiastically signed the Fordney-McCumber Tariff Act, which increased the tariff rates contained in the previous Underwood-Simmons Tariff Act of 1913 to the highest level in the nation's history.
    • The act raised tariffs in America in order to protect factories and farms, although the tariffs established in the 1920s have historically been viewed as a contributing factor in the Wall Street Crash of 1929.

  • Promoting Peace Abroad

    • These businesses soon flourished in part due to a raise in tariff rates from 27% to 41% under the Underwood-Simmons Tariff.

  • The Tariff

    • The United States Revenue Act of 1913 (also known as the Tariff Act, Underwood Tariff or Underwood-Simmons Act) re-imposed the federal income tax following the ratification of the Sixteenth Amendment.
    • Additionally, it 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 .
    • Underwood of Alabama guided the Revenue Act of 1913 through the House (where it passed, 281 to 139) and the Senate (where it passed, 44 to 37).
    • The 1913 Act established the lowest rates since the Walker Tariff of 1857.

  • Wilsonian Progressivism

    • Wilson's tariff reform was largely achieved through the passage of the Underwood Tariff Act of 1913.
    • This act lowered tariffs for the first time since the American Civil War, despite the protectionist lobby.
    • Underwood of Alabama guided the Revenue Act of 1913 through the House (where it passed, 281 to 139) and the Senate (where it passed, 44 to 37).
    • The 1913 Act established the lowest rates since the Walker Tariff of 1857.
    • In addition to the Underwood tariff, which seemed to finally resolve the political debate over tariff rates, and the creation of the Federal Reserve, Wilson also supported anti-trust legislation.

  • Anti-Trust Laws

    • In addition to the Underwood tariff, which seemed to finally resolve the political debate over tariff rates, and the creation of the Federal Reserve, Wilson also supported anti-trust legislation.
    • Wilson uses tariff, currency and anti-trust laws to prime the pump and get the economy working in a 1913 political cartoon.

  • The Wilson Administration

    • This included the Federal Reserve Act, the Underwood Tariff, the Federal Trade Commission, the Clayton Antitrust Act, and the Adamson Act.
    • Another landmark of his first term was his effective mobilization of public opinion behind tariff changes, beginning in 1913 with passage of the Revenue Act, better known as the Underwood Tariff, in which revenue lost by lower tariffs was replaced by a new federal income tax.

  • The Idea of Economic Citizenship

    • In the Gilded Age (late Nineteenth century) the parties were reluctant to involve the federal government too heavily in the private sector, except in the area of railroads and tariffs.
    • The Democrats lowered tariffs with the Underwood Tariff in 1913, though its effects were overwhelmed by the changes in trade cause by the World War that broke out in 1914.
    • Wilson proved especially effective in mobilizing public opinion behind tariff changes by denouncing corporate lobbyists, addressing Congress in person in highly-dramatic fashion, and staging an elaborate ceremony where he signed the bill into law.