The Liberals needed to find £15million of extra revenue to provide for the new social services and for the construction of naval warships. Lloyd George’s idea was to tax the rich, especially the rich who were living on inherited money which was not earned. He proposed to increase income tax from one shilling to one shilling and two pence in the pound on incomes over £3000 a year – also a new super tax on incomes over £5000 a year, increased death duties on estates of over £5000 a year and new land taxes. The land taxes were an increase in value that was not the result of improvement by the land
The 1909 budget was the Liberal’s key weapon in instagating social reform, with it’s radical plans to redistribute the burden of tax and the introduction of financial support such as the non-contributory pension. The Budget was quickly rejected by the landed majority in the House of Lords, beginning the first constitutional crisis of the twentieth century. Lloyd George, Chancellor of the Exchequer needed to find £15 million of extra revenue to provide for the new social services and for the construction of naval warships. He set out to tax the rich and especially those living on unearned income. His budget proposed; increased incomes tax on incomes over £3,000 a year, a new super tax on incomes over £5,000 a year, increased death duties on estates of over £5,000 a year,and new land taxes, indirect taxes on luxury goods such as petrol, beer and cars.
US Steel – Andrew Carnegie sold Carnegie Steel in 1900 to a new steel corporation headed by JP Morgan US Steel. First billion dollar company, largest company in the world, owned over 3/5 of the nation’s steel industry 7. Federal Government Aid to RRs – Federal gov’t provided RR companies with huge loans and land grants (170+ acres of land), helped build a transcontinental RR during Civil War (Union Pacific + Central Pacific = Promontory Point), 4 other transcontinental RRs built. Panic of 1893 JP Morgan consolidated smaller RRs into large companies, essentially eliminated competition in RR industry 8. Andrew Carnegie and his Theories of Wealth – “Wealth” – essay arguing the wealth had a god given responsibility to care out charity to benefit society, put over $350M into support for libraries, universities, and other public institutions 9.
Because of the large amounts of profit they were making, they ended up buying more land and equipment on credit. However, when the war ended, the economy was disastrous once again, with farmers having to default onto this credit as a result of a lower amount of profit they were making. To fix these economic problems, Harding implemented a number of economic policies. The Secretary of the Treasury, Andrew Mellon, passed the Fordney-McCumber Tariff Act was passed, which allowed Harding to raise any tariff by 50%. The act also emplaced the Tariff of 1922.
The first presidential debate and both president Obama and Romney agreed that their corporate taxes are too high. So they agree to try and take the percentage down to 25 percent. Obama however is trying to get most of the companies that were shipped oversea to come back to the United States with the incentives that there will be a tax break. They also agreed on boosting America’s energy production however that tides into the extremely high prices of gas that we have had in years. They both have agreed to look at different types of energy
Andy Lai 1/24/12 HIS 146 ESSAY 1 The history of Cuba was first documented with the arrival of Christopher Columbus in 1492 which was then colonized by the Spaniards during the 16th century. Since its colonization, Spanish Cuba’s economy had remained stagnant for centuries. The island’s economy comprised of pastoral pursuits and agriculture; the island of Cuba primarily served as a stopping point for the Spanish fleet in transit between Spain and the New World. A series of events that transpired during the 19th century had awakened Cuba’s economy dramatically. What was once just a mere stopping point for the Spanish fleet had now become the major sugar producer in the world during this time.
In 1848, newly produced gold increased the U.S. money supply. This made U.S. exports more expensive and caused a deficit in the balance of payments. Also, this meant it would raise their discount rates, speed of gold flow, and facilitate a gold outflow. Countries,
Commercial exploitation soon followed in the forms of shipping, whaling and most importantly: sugars cane to quell America’s sweet tooth. As Christianity, and prosperity came, so did disease, displacement, and disenfranchisement of the native population. (Kennedy, Cohen, and Bailey 629) In the late 1880’s, Hawaii was
People began flocking to California when they started hearing stories about the gold rush, dreams of making it rich, gold lying around just waiting for you to grab it. The gold rush began when james w. marshall found some at sutter mill in Coloma californai. He probably shouldn’t have told anybody because after he did about 300,000 people showed up looking for gold, good for making cities out west but bad for james. The effects of the Gold Rush were substantial. San Francisco grew from a small settlement of about 200 residents in 1846 to a boomtown of about 36,000 by 1852.
Population pressures, war and a quest for economic opportunities caused Japanese immigration to the United States to increase dramatically around the turn of the century. 2. Threatened by this competitive success, native white Californians sought ways to exclude Japanese workers were barred from factory jobs and shunted off to agricultural labor in California fields and