TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

realitista@lemm.ee · 2 days ago

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

HubertManne@piefed.social · 2 days ago

I would not even say it worked once in 83. Lower rates are one possible reason but like anything with the economy there are plenty of factors including cyclical changes that could explain it.

RowRowRowYourBot@sh.itjust.works · 2 days ago

By all indicators more money was moved back into the USA from abroad and tax revenues were up. That seems to suggest the idea has some degree of merit

HubertManne@piefed.social · 2 days ago

I mean that sounds more like a tax haven situation. Honestly to stop that I think countries should require companies meet their tax rate globally where they can deduct what they pay elsewhere.

RowRowRowYourBot@sh.itjust.works · 2 days ago

Yes the money was moved out of the tax havens because it was preferable to have here after the top rates were reduced. That’s why it is considered to be a viable notion

HubertManne@piefed.social · 2 days ago

See. to me. we became the tax haven.

RowRowRowYourBot@sh.itjust.works · 2 days ago

That’s a fairly accurate reading of an unintended result of this.

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

Smoot–Hawley Tariff Act - Wikipedia

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