Search results
Results from the WOW.Com Content Network
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%.
President James K. Polk made the revival of the independent treasury and a reduction of the tariff the two pillars of his domestic economic program, and pushed both through Congress. He signed the Independent Treasury Act on August 6, 1846, one week after signing the Walker tariff .
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%. [ 1 ] [ 2 ] The Tariff of 1857 was developed in response to a federal budget surplus in the mid-1850s. [ 2 ]
The Tariff of 1842 returned the tariff to the level of 1832, with duties averaging between 23% and 35%. The Walker Tariff of 1846 essentially focused on revenue and reversed the trend of substituting specific for ad valorem duties. The Tariff of 1857 reduced the tariff to a general level of 20%, the lowest rate since 1830, and expanded the free ...
Continue reading ->The post Tariffs: Definition, Examples, Issues and More appeared first on SmartAsset Blog. Tariffs, which are taxes placed on imports and exports between two countries, have ...
The Walker Tariff actually increased trade with Britain and others and brought in more revenue to the federal treasury than the higher tariff. The average tariff on the Walker Tariff was about 25%. While protectionists in Pennsylvania and neighboring states were angered, the South achieved its goal of setting low tariff rates before the Civil War.
What are America's top retailers talking about? Tariffs, and what they mean for them and for consumers. That's the topic everyone was buzzing about at a Washington, D.C., event with major U.S ...
Robert James Walker (July 19, 1801 – November 11, 1869) was an American lawyer, economist and politician. An active member of the Democratic Party, he served as a member of the U.S. Senate from Mississippi from 1835 until 1845, as Secretary of the Treasury from 1845 to 1849 during the administration of President James K. Polk, and briefly as Territorial Governor of Kansas in 1857.