FUN FACT FRIDAY
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Tariffs revenue impact then vs. now<\/strong> \u2013 Before the introduction of income tax in 1913, tariffs were the primary source of revenue for the U.S. government. The Tariff Act of 1789 was the first major law passed by the U.S. Congress, designed to raise revenue and protect domestic industries.\n<\/p>\n

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• 1790s \u2013 1860s:<\/strong> Tariffs made up 80\u201395%<\/strong> of total federal revenue.<\/li>\n
• 1870s \u2013 Early 1900s:<\/strong> Tariffs still accounted for over 50%<\/strong> of federal revenue.<\/li>\n
• 1910:<\/strong> Tariffs contributed about 30%<\/strong> of federal revenue as other taxes, like excise taxes, became more significant.<\/li>\n
• 1913:<\/strong> The 16th Amendment<\/strong> was ratified, allowing for a federal income tax<\/strong>, significantly reducing the reliance on tariffs.<\/li>\n
• By the 1930s:<\/strong> Tariffs contributed less than 10%<\/strong> of federal revenue.<\/li>\n<\/ul>\n

  Today<\/strong> tariffs make up less than 2%<\/strong> of federal revenue, with income and payroll taxes being the dominant sources. This is due to several factors including the income tax in 1913, a more globalized economy, and the rise of payroll taxes for Social Security and Medicare.<\/p>\n

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  The Treasury Secretary just confirmed what I\u2019ve been saying all along\u2026<\/p>\n","protected":false},"author":3,"featured_media":17616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1038],"tags":[],"mobile_app_tag":[1649],"class_list":["post-17615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-of-the-day","mobile_app_tag-active-trading"],"acf":[],"yoast_head":"\n