What was the Wilson-Gorman Tariff of 1894?

The Revenue Act or Wilson-Gorman Tariff of 1894 (ch. 349, §73, 28 Stat. 570, August 27, 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.

What is Wilson’s gradual federal income tax?

Wilson signed the bill into law on October 3, 1913. The Revenue Act of 1913 lowered average tariff rates from 40 percent to 26 percent. It also established a one percent tax on income above $3,000 per year; the tax affected approximately three percent of the population.

What was the aim of the Underwood tariff?

Congress passed The Underwood Tariff Act in 1913. Its purpose was to reduce levies on manufactured and semi-manufactured goods and to eliminate duties on most raw materials.

What was the Wilson-Gorman Tariff Act of 1894?

The Wilson-Gorman Tariff of 1894 (also called the Income Tax Act of 1894) was a bill passed by Congress that reduced the Tariffs on certain imports into the United States. The final version lowered duties slightly, but added a number of other provisions. One of these was a 2% federal income tax.

What did the Wilson-Gorman Tariff do to Cuba?

Wilson-Gorman Tariff This tariff passed by Congress in 1894 restricted US sugar imports. The tariff led to an economic downturn in Cuba, and in turn helped to increase the anger of Cuban natives against colonial Spain.

Why was the Tariff Act of 1893 a disaster?

In response to the 1893 depression, the Wilson-Gorman Tariff Act reduced tariff rates and instituted an income tax. It was ultimately a disaster. Read about the Act and test yourself.

Why was the tariff reduction of 1875 short lived?

1875 The tariff reduction of 1872 proved short-lived. Protectionists in Congress managed to repeal it three years later, citing the reduction in Customs revenue induced by the Panic of 1873. Because the initial reductions had been across the board, they were relatively simple to reverse.