The United States Revenue Act of 1913 re-imposes the federal income tax and lowers basic tariff rates from 40% to 25%.
“Whether a thing is cheap or dear depends upon what we can earn by our daily labor. Free trade cheapens the product by cheapening the producer. Protection cheapens the product by elevating the producer.” – US President William McKinley, 1892
The United States Revenue Act of 1913 re-imposes the federal income tax and lowers basic tariff rates from 40% to 25%. “Whether a thing is cheap or dear depends upon what we can earn by our daily labor. Free trade cheapens the product by cheapening the producer. Protection cheapens the product by elevating the producer.” – US President William McKinley, 1892