CultureCitizen
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- Jun 1, 2013
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In theory abolishing tariffs is good for the economy. Nevertheless, the US became an industrialized country in spite ( or maybe because of) tariffs. During the first half of the XIX century Great Britain was the most industrialized country.
"Tariffs were the main source of all Federal revenue from 1790 to 1914. At the end of the American Civil War in 1865 about 63% of Federal income was generated by the excise taxes, which exceeded the 25.4% generated by tariffs. In 1915 during World War I tariffs generated only 30.1% of revenues. Since 1935 tariff income has continued to be a declining percentage of Federal tax income."
...
"The lack of imported goods relatively quickly gave very strong incentives to start building several U.S. industries in the Northeast. Textiles and machinery especially grew."
It is notable that the average tariff was particularly high during the gilded age, one of the periods during which the US experienced one of fastest growing rates. During that period the average tariff was 32%.
Tariffs in United States history - Wikipedia the free encyclopedia
"Tariffs were the main source of all Federal revenue from 1790 to 1914. At the end of the American Civil War in 1865 about 63% of Federal income was generated by the excise taxes, which exceeded the 25.4% generated by tariffs. In 1915 during World War I tariffs generated only 30.1% of revenues. Since 1935 tariff income has continued to be a declining percentage of Federal tax income."
...
"The lack of imported goods relatively quickly gave very strong incentives to start building several U.S. industries in the Northeast. Textiles and machinery especially grew."
It is notable that the average tariff was particularly high during the gilded age, one of the periods during which the US experienced one of fastest growing rates. During that period the average tariff was 32%.
Tariffs in United States history - Wikipedia the free encyclopedia