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Increased import exposure reduces wages in the non-manufacturing sector due to lower demand for non-manufacturing goods and increased labor supply from workers who have lost their manufacturing jobs. Other work by this team of economists, with Daron Acemoglu and Brendan Price, estimates that competition from Chinese imports cost the U.S. as ...
During the war far more revenue was needed, so the rates were raised again and again, along with many other taxes such as excise taxes on luxuries and income taxes on the rich. [30] By far most of the wartime government revenue came from bonds and loans ($2.6 billion), not taxes ($357 million) or tariffs ($305 million).
The Civil War Income Tax and the Republican Party, 1861–1872. (New York: Algora Publishing, 2010) excerpt; Stabile, Donald. The Origins of American Public Finance: Debates over Money, Debt, and Taxes in the Constitutional Era, 1776–1836 (1998) excerpt and text search; Thorndike, Joseph J. Their Fair Share: Taxing the Rich in the Age of FDR.
Monetarists were placated by tight controls of the money supply; cold warriors, especially neoconservatives like Kirkpatrick, won large increases in the defense budget; wealthy taxpayers won sweeping three-year tax rate reductions on both individual (marginal rates would eventually come down to 50% from 70%) and corporate taxes; and the middle ...
If it is assumed that real incomes remained constant in the South during the war (Lerner actually concluded that they fell by about 40% [3]) then the equation implies that for the price level to increase 92 times in the presence of a 20 times increase in money supply, the velocity of money must have increased 4.6 times over (92/20=4.6 ...
However, after the Union defeat at the First Battle of Bull Run in July, Congress passed the Revenue Act of 1861, which imposed the first federal income tax in U.S. history. The act created a flat tax of three percent on incomes above $800 ($27,100 in current dollar terms).
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The pillars of Reagan's economic policy included increasing defense spending, balancing the federal budget and slowing the growth of government spending, reducing the federal income tax and capital gains tax, reducing government regulation, and tightening the money supply in order to reduce inflation. [7] The results of Reaganomics are still ...