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)
“Too many existing classrooms for young children have this overriding goal: To get the children ready for first grade. This goal is unworthy. It is hurtful. This goal has had the most distorting impact on five-year-olds. It causes kindergartens to be merely the handmaidens of first grade.... Kindergarten teachers cannot look at their own children and plan for their present needs as five-year-olds.”
—James L. Hymes, Jr. (20th century)
“Conquest is the missionary of valour, and the hard impact of military virtues beats meanness out of the world.”
—Walter Bagehot (1826–1877)