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Walker Tariff
The Walker Tariff was a set of tariff rates adopted by the United States in 1846. Enacted by the Democrats, it made substantial cuts in the high rates of the " Black Tariff" of 1842, enacted by the Whigs. It was based on a report by Secretary of the Treasury Robert J. Walker. The Walker Tariff reduced tariff rates from 32% to 25%. Coinciding with Britain's repeal of the Corn Laws, it led to an increase in trade and was one of the lowest tariffs in American history. Adoption Democrat James Polk was elected President in 1844 over Henry Clay, a Whig who advocated a high tariff. President Polk declared that reduction of the "Black Tariff" would be the first of the "four great measures" that would define his administration. He directed Walker to work out the details. In 1846, Polk delivered Walker's tariff proposal to Congress. Walker urged its adoption to increase commerce between the US and Britain. He also predicted that a reduction in tariff rates would stimulate trade, incl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. ''Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ad Valorem
An ''ad valorem'' tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ''ad valorem'' tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff). In some countries, a stamp duty is imposed as an ''ad valorem'' tax. Operation All ad valorem taxes are collected according to the determined value of the taxed item. In the most common application of ad valorem taxes, namely municipal property taxes, public tax assessors regularly assess the property owner's real estate in order to determine its current value. The determined value of the property is used to calculate the annual tax collected by the municipality or any other government entity upon the property owner. Ad valorem taxes are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Taxation Legislation
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1846 In The United States
Events from the year 1846 in the United States. In this year, the United States declares war on Mexico, starting the Mexican–American War. Incumbents Federal Government * President: James K. Polk ( D-Tennessee) * Vice President: George M. Dallas ( D-Pennsylvania) * Chief Justice: Roger B. Taney (Maryland) * Speaker of the House of Representatives: John Wesley Davis ( D-Indiana) * Congress: 29th Events * January 4 – The United States House of Representatives votes to stop sharing the Oregon Territory with the United Kingdom. * January 30 – The City of Milwaukee is incorporated in Wisconsin, merging Juneautown, Kilbourntown and Walker's Point following the Milwaukee Bridge War of 1845. Solomon Juneau is elected first mayor. * February 11 – Many Mormons begin their migration west from Nauvoo, Illinois to the Great Salt Lake, led by Brigham Young. * February 18 – In Austin, Texas, the newly formed Texas state government is officially installed. * February ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff Of 1857
The Tariff of 1857 was a major tax reduction in the United States that amended the Walker Tariff of 1846 by lowering rates to between 15% and 24%. The Tariff of 1857 was developed in response to a federal budget surplus in the mid-1850s. The first version was authored by Representative Lewis D. Campbell Lewis Davis Campbell (August 9, 1811 – November 26, 1882) was an American politician as a U.S. Representative for Ohio. Over his political career he was elected as a Whig, Republican, Know Nothing, and Democrat. Early life Campbell was born ... and contained provisions only for an increased number of goods that could be imported without duties being leveed. After protests primarily from agricultural interests, Senator Robert Mercer Taliaferro Hunter introduced a new version of the bill, which in addition to removing duties from some imports decreased all tariffs by between 20% and 25%. The bill was signed into law on 3 March 1857. Support for the bill did not come from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Trade
Free trade is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. Free trade was best exemplified by the unilateral stance of Great Britain who reduced regulations and duties on imports and exports from the mid-nineteenth century to the 1920s. An alternative approach, of creating free trade areas between groups of countries by agreement, such as that of the European Economic Area and the Mercosur open markets, creates a protectionist barrier between that free trade area and the rest of the world. Most governments still impose some protectionist policies that are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warehousing Act
{{Unreferenced, date=December 2009 The Warehousing Act of 1846 was a commercial law that allowed merchants to warehouse their imports into the United States and thus delay tariff payments on those goods until a buyer was found. It established the bonded warehousing system at American ports and spurred the influx of commerce, particularly in New York City. The bonded warehousing system was advocated by Adam Smith and permits merchants to increase their shipping capabilities as they no longer had to carry large sums of cash on hand to make the revenue payments. Prior to the system, merchants often had to sell their cargo on short notice and at reduced prices to obtain the necessary funds for assessed duties. The American Warehousing Act had as a direct model a similar system proposed in England by Sir Robert Walpole a century earlier and implemented in both London and Havana with much success in the early 19th century. Walpole's recommendation was rejected at the time but adopte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oregon Boundary Dispute
The Oregon boundary dispute or the Oregon Question was a 19th-century territorial dispute over the political division of the Pacific Northwest of North America between several nations that had competing territorial and commercial aspirations in the region. Expansionist competition into the region began in the 18th century, with participants including the Russian Empire, Great Britain, Spain, and the United States. After the War of 1812, the Oregon dispute took on increased importance for diplomatic relations between the British Empire and the fledgling American republic. In the mid-1820s, the Russians signed the Russo-American Treaty of 1824 and the Russo-British Treaty of 1825, and the Spanish signed the Adams–Onís Treaty of 1819, by which Russia and Spain formally withdrew their respective territorial claims in the region, and the British and the Americans acquired residual territorial rights in the disputed area. But the question of sovereignty over a portion of the N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alcoholic Beverage
An alcoholic beverage (also called an alcoholic drink, adult beverage, or a drink) is a drink that contains ethanol, a type of Alcohol (chemistry), alcohol that acts Alcohol (drug), as a drug and is produced by Ethanol fermentation, fermentation of grains, fruits, or other sources of sugar. The consumption of alcoholic drinks, often referred to as "drinking", plays an important Drinking culture, social role in many cultures. Most countries have Alcohol law, laws regulating the production, sale, and consumption of alcoholic beverages. Regulations may require the labeling of the percentage alcohol content (as ABV or Alcohol proof, proof) and the use of a Alcohol warning label, warning label. List of countries with alcohol prohibition, Some countries Prohibition, ban such activities entirely, but alcoholic drinks are legal in most parts of the world. The global alcohol industry, alcoholic drink industry exceeded $1 trillion in 2018. Alcohol is a depressant, which in low doses cau ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tobacco
Tobacco is the common name of several plants in the genus '' Nicotiana'' of the family Solanaceae, and the general term for any product prepared from the cured leaves of these plants. More than 70 species of tobacco are known, but the chief commercial crop is ''N. tabacum''. The more potent variant ''N. rustica'' is also used in some countries. Dried tobacco leaves are mainly used for smoking in cigarettes and cigars, as well as pipes and shishas. They can also be consumed as snuff, chewing tobacco, dipping tobacco, and snus. Tobacco contains the highly addictive stimulant alkaloid nicotine as well as harmala alkaloids. Tobacco use is a cause or risk factor for many deadly diseases, especially those affecting the heart, liver, and lungs, as well as many cancers. In 2008, the World Health Organization named tobacco use as the world's single greatest preventable cause of death. Etymology The English word ''tobacco'' originates from the Spanish word "tabaco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luxury Goods
In economics, a luxury good (or upmarket good) is a good (economics), good for which demand (economics), demand increases more than what is proportional as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. ''Luxury goods'' is often used synonymously with ''superior goods''. Definition The word "luxury" originated from the Latin word ''luxuria'', which means exuberance, excess, or abundance. A luxury good can be identified by comparing the demand for the good at one point in time against the demand for the good at a different point in time, at a different income level. When personal income increases, demand for luxury goods increases even more than income does. Conversely, when personal income decreases, demand for luxury goods drops even more than income does. For example, if income rises 1%, and the demand for a product rises ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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