Word: smoot
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Dates: during 1930-1939
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...Smoot-Hawley Tariff
...face of these facts Congress passed the Smoot-Hawley tariff. Duties were raised or new ones imposed on commodities whose import value in 1928 was $1,133,000,000, while duties were removed or reduced on articles of import whose total value in 1928 was $214,000,000. This amounted to a demand on our part that the world pay us less in goods and more in gold, despite the huge hoard which we already possessed, the weakness in many currencies and the dire need of debtor nations for a better opportunity to sell goods...
...School, New York City; C. I. Shaptro, Loug Branch Senior High School, Long Branch, N. J.; R. H. Sherry, Erasmus Hall High School, Brooklyn, N. Y.; J. A. Shimer, Derby Academy, Hingham; E. J. Silbermann, Boston Latin School; H. L. Smith, Jr., Central High School, Springfield, Conn.; C. H. Smoot, Jr., Gunney School, Washington; N. J. Sondheim, Brookline High School; G. F. Stork, William Penn Charter School, Philadelphia, Pa.; Jack Stutman, Boston Latin School; E. D. Sullivan, Boston Latin School; Henry Swan, Jr., The Phillips Exeter Academy; L. N. Tritter, Boston Latin School...
...dolefully declared Senator Smoot, chairman of the Finance Committee. "Everyone knows we must raise more money." Senator Watson, Republican leader, was almost tearful when he announced: "Much as I am personally sorry for it, it seems that some form of tax legislation will be necessary." Senator Fess, G. O. P. chairman,* declared: "The budget must be balanced even if we are compelled to take drastic measures such as was done in England." Only die-hard dissenter among important Republicans was ultra-conservative Congressman Hawley, chairman of the last House Ways & Means Committee. Moaned...
...income tax was immediately turned to as the first and easiest source of additional revenue. Conservative Republicans favored an increased normal tax (now 1½, 3% and 5%), reduced exemptions (now $1,500 for single persons. $3,500 for married folk) and a general jumping of surtax rates. Senator Smoot favored an increase in the maximum surtax from 20% to 40%. "Progressive" Senators, probably holding the balance of power, clamored for stiffer surtax rates on incomes above $20,000 per year, opposed any move against small taxpayers. Also discussed were new levies on automobiles, radios, amusement admissions, estates, gifts. Only...