A Lesson on Tariffs and Free Lunches From the American Revolution
==========
The article discusses the history of tariffs in the American Revolution and draws parallels to current debates on tariffs. It mentions Donald Trump's proposal to replace federal income taxes with high tariffs on imports and economists' concerns about the economic consequences. The article highlights the Stamp Act of 1765, a direct tax imposed by the British Parliament on printed materials in the colonies, which led to colonial resistance. The British then replaced the Stamp Act with indirect customs duties, or tariffs, through the Townshend Acts of 1767. The colonists saw these tariffs as another attempt to raise revenue without their consent and exert control over the colonies. The article emphasizes that tariffs are not paid by foreigners but can be shared by foreign sellers lowering prices or importers raising prices. It concludes by stating that protectionism does not come without economic costs. The author of the article is James Pethokoukis.
#Tariffs #AmericanRevolution #StampAct #TownshendActs #Taxes #ColonialResistance #Protectionism
https://www.aei.org/economics/a-lesson-on-tariffs-and-free-lunches-from-the-american-revolution/
American Enterprise Institute /
npub14z…4fwd3
2024-07-03 19:11:45
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wss://relay.nostr.band/allPublished at
2024-07-03 19:11:45Event JSON
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"content": "A Lesson on Tariffs and Free Lunches From the American Revolution\n==========\n\nThe article discusses the history of tariffs in the American Revolution and draws parallels to current debates on tariffs. It mentions Donald Trump's proposal to replace federal income taxes with high tariffs on imports and economists' concerns about the economic consequences. The article highlights the Stamp Act of 1765, a direct tax imposed by the British Parliament on printed materials in the colonies, which led to colonial resistance. The British then replaced the Stamp Act with indirect customs duties, or tariffs, through the Townshend Acts of 1767. The colonists saw these tariffs as another attempt to raise revenue without their consent and exert control over the colonies. The article emphasizes that tariffs are not paid by foreigners but can be shared by foreign sellers lowering prices or importers raising prices. It concludes by stating that protectionism does not come without economic costs. The author of the article is James Pethokoukis.\n\n#Tariffs #AmericanRevolution #StampAct #TownshendActs #Taxes #ColonialResistance #Protectionism\n\nhttps://www.aei.org/economics/a-lesson-on-tariffs-and-free-lunches-from-the-american-revolution/",
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