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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 ]
This is a list of United States tariff laws. 1789: Tariff of 1789 (Hamilton Tariff) 1790: Tariff of 1790; 1791: Tariff of 1791; 1792: Tariff of 1792; 1816: Tariff of 1816; 1824: Tariff of 1824; 1828: Tariff of 1828 (Tariff of Abominations) 1832: Tariff of 1832; 1833: Tariff of 1833; 1842: Tariff of 1842; 1846: Walker tariff; 1857: Tariff of ...
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 ...
T. Tariff of 1790; Tariff of 1791; Tariff of 1792; Tariff of 1824; Tariff of 1832; Tariff of 1833; Tariff of 1842; Tariff of 1857; Tariff of Abominations; Tax Adjustment Act of 1966
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%.
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In 1847, he declared: "Give us a protective tariff, and we will have the greatest nation on earth". Once elected, Lincoln implemented a 44-percent tariff during the Civil War—in part to pay for railroad subsidies and for the war effort, and to protect favored industries. After the war, tariffs remained at or above wartime levels.
The Revenue Act of 1913 reduced the average import tariff rates from approximately 40 percent to approximately 25 percent. [13] The Act established the lowest rates since the Walker Tariff of 1857. Most schedules were ad valorem basis, a percentage of the value of the item. The duty on woolens went from 56% to 18.5%.