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To: bubman

You do remember that the first 100 years of this country, the federal government was financed almost entirely from tariffs?

Tariffs in United States history have played important roles in trade policy, political debates and the nation’s economic history. The main goal of the tariff was money to pay the federal budget.[citation needed] Controversy arose over whether manufacturing interests were favored and consumer interests hurt by high tariffs. The 1st United States Congress, wanting a straightforward tax that was not too onerous and easy to collect, passed the Tariff Act of 1789. Treasury agents collected the tariff before goods could be landed, and what became the Coast Guard prevented smuggling. Tariffs were the largest (approaching 95% at times) source of federal revenue until the Federal income tax began after 1913. For well over a century the federal government was largely financed by tariffs averaging about 20% on foreign imports.

https://en.wikipedia.org/wiki/Tariffs_in_United_States_history


66 posted on 04/22/2016 7:15:14 PM PDT by Duchess47 ("One day I will leave this world and dream myself to Reality" Crazy Horse)
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To: Duchess47
>Tariffs were the largest (approaching 95% at times) source of federal revenue until the Federal income tax began after 1913. For well over a century the federal government was largely financed by tariffs averaging about 20% on foreign imports.

Please note that by 1910 the US was the worlds largest industrial power and largest exporter of goods with very high Tariffs. On the other hand, free trade has destroyed our ability to produce our own goods. We couldn't beat Nazi Germany today if we had to re-fight WW2 because we don't have the industry.

70 posted on 04/22/2016 7:18:39 PM PDT by RedWulf ((Trump supporter))
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