Word: bill
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Dates: during 1920-1929
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...epitome of the strained feelings engendered by the tariff bill which the Senate Finance Republicans last week finished drafting. Best Democratic comment was by Representative McClintic of Oklahoma: "The working man may worry because his shoes will cost a dollar or two more but truffles for his paté de foie gras are on the free list. . . . His sugar bill goes up as does his milk bill and his meat bill but he can get Gobelin tapestries for his humble home duty free...
Such sallies caused no flicker of a smile on Senator Smoot's worn face. Like a litany he repeated the statistics of the new bill: "... 431 changes . . . 177 increases ... 254 decreases ... 13% of all increases in agricultural schedules. . . . Revenue under present law: $516,581,344; under the House bill: $646,014,545; under the Senate bill...
With rates finished, the Finance Committee Republicans last week wrote the administrative features of the new bill. Chief changes...
...wholesale quantities." The committee's purpose was to change the system of valuation without changing the scale of protection. The Tariff Commission was ordered to calculate the conversion and submit to Congress the new ad valorem rates (percentages) necessary to maintain the tariff level established by this bill. Then Congress would have to vote again to put them into effect...
Chief advantage of domestic valuation: to prevent fraudulent undervaluation of imports. Example: A shotgun sells abroad for $18.18. Its U. S. selling price is $43.30. The duty in the present bill is $6 plus 45% ad valorem. Valued at its foreign selling price, it will pay a duty of about $14.18. By applying U. S. valuation ($43.30) and maintaining the duty at $14.18, the ad valorem rate would be scaled down to about 18.89%. The remoteness, the complexity, the juggling opportunities of this valuation plan weighed heavily against its ultimate adoption...