Word: valorem
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Dates: during 1930-1939
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Stonier-faced were they when he finished, for the O'Daniel panacea turned out to be a repeal of the State's present ad valorem tax in favor of a 1.6% tax on "transactions," a transaction being grandly defined as "any dealing of any kind whatsoever between two or more persons." Such a tax, replacing the State's present ad valorem tax, would net $25,000,000 annually, thought the Governor, to help pay for State old age pensions up to $15 a month (another $15 to come from the Federal Government...
...Florida several years ago the Legislature, by constitutional amendment designed to attract new industries to the State, exempted a list of manufacturers from ad valorem taxes, State, county or local, for 15 years after establishment. Included were manufacturers of "steel vessels." Later Florida's Supreme Court ruled that tin can manufacturers were exempt because a tin can is a steel vessel tincoated. Last week County Attorney J. W. Cone of Tampa ruled the Tampa Shipbuilding & Engineering Co. not exempt from taxation because their RFC-financed, 10,000-ton drydock is not exclusively or chiefly used for the manufacture...
...below any domestic bid. Knowing he had a good case, the President took five minutes out in a press conference to explain why the tariff-pampered steel industry had small ground for complaint. Obliged to bid 15% under domestic producers, to pay a tariff duty of roughly 25% ad valorem, to pay insurance and freight on shipments across the ocean, any foreigner who got PWA business would have to be satisfied with only about half of the fat prices demanded by U. S. producers...
Godfather of the U. S. lace industry was the late Senator Nelson Wilmarth Aldrich of Rhode Island, where 41% of the industry is now located. He it was who wrote into the Tariff Act of 1909 a 70% ad valorem duty on. imported lace. Because the U. S. could not easily build the amazingly complex lace-making machines that British manufacturers had been making for a century, the famed Rhode Island protectionist thoughtfully included a provision that machines might be imported duty free for a period of 18 months. Hundreds of machines were hastily installed. Because U. S. labor could...
...Tariff of 1913 lace duties were cut to 60%, and the whole industry nearly went bankrupt. However, it was saved by the War, which shut off imports from Europe, and in the Fordney-McCumber Tariff Act of 1922 the duty was boosted to the present rate-90%, highest ad valorem duty...