expat_panama
Gold Member
- Apr 12, 2011
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...This nation became the wealthiest nation on earth behind protective tariffs....
No it didn't. This nation became the wealthiest nation on earth with open trade going back to the Washington administration --back they were even working on a trade agreement with China. They stayed clear of 'protective tariffs' and kept rates low enough to maximize revenue.
All taxes --whether on imports, wages, or cigarettes-- can either raise revenue with a low rate or stop the sales with high rates. Low rates then meant a lot of trade. High rates in the 1930's meant low revenue and high unemployment. Low import tax rates now mean high import tax revenue.