To: RKV
"We tried that before and it didnt work. Learn from history."
I know you would like to focus on SmootHawley, but let's dig a little deeper into history and take a look at tariffs in some of the 141 years preceding SmootHawley. I am going to assume you knew that the federal income tax was not implemented until 1913, and that "taxes" were levied on foreign goods via tariffs.
From wikipedia:
The Tariff Act of 1789 imposed the first national source of revenue for the newly formed United States. The new Constitution allowed only the federal government to levy tariffs, so the old system of state rates disappeared. The new law taxed all imports at rates from 5 to 15 percent. These rates were primarily designed to generate revenue to pay the national debt and annual expenses of the federal government.
The founding fathers were a smart and visionary bunch. What would they think of the country they founded in its current state? And would they consider bringing back tariffs to save the Nation?
67 posted on
02/13/2011 6:16:58 PM PST by
saltlick
To: saltlick
I have done so, having studied economics at graduate level. Not so sure you can say the same. Don’t make assumptions. I know my economic history and know that the the percent of gdp which was consumed by the federal government was generally around 5% prior to ww1. I am well aware of how the gov was funded prior to the 16th amendment. My family has been in the americas since 1620, so the history thing goes with the turf. On your part you have no idea what shutting down what export industries we have left would do - make 10% unemployment much worse is the simple version. Better to send 10 million plus illegals home to Mexico (or elsewhere). That and repeal about a bajillion job killing regulations and make government employee unions illegal.
68 posted on
02/13/2011 7:03:25 PM PST by
RKV
(He who has the guns makes the rules)
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