Impact
It is impossible to offer a meaningful judgment on the impact of the Underwood-Simmons Tariff because the entire international economic picture was soon upset by the outbreak of World War I. American products were in great demand throughout the world, making the question of protectionism moot. The next reordering of national tariff policy would not occur until after the war ended in the Fordney-McCumber Tariff of 1922. However, the top marginal rate of 7% was mentioned in Ronald Reagan's remarks on the South Lawn of the White House on October 22, 1986, when he said that the top rate was for multimillionaires.
Read more about this topic: Revenue Act Of 1913
Famous quotes containing the word impact:
“If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldn’t be here. It’d still be waiting for an environmental impact statement.”
—Ronald Reagan (b. 1911)
“One can describe a landscape in many different words and sentences, but one would not normally cut up a picture of a landscape and rearrange it in different patterns in order to describe it in different ways. Because a photograph is not composed of discrete units strung out in a linear row of meaningful pieces, we do not understand it by looking at one element after another in a set sequence. The photograph is understood in one act of seeing; it is perceived in a gestalt.”
—Joshua Meyrowitz, U.S. educator, media critic. “The Blurring of Public and Private Behaviors,” No Sense of Place: The Impact of Electronic Media on Social Behavior, Oxford University Press (1985)
“As in political revolutions, so in paradigm choice—there is no standard higher than the assent of the relevant community. To discover how scientific revolutions are effected, we shall therefore have to examine not only the impact of nature and of logic, but also the techniques of persuasive argumentation effective within the quite special groups that constitute the community of scientists.”
—Thomas S. Kuhn (b. 1922)