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- It gave more money to the government.
- It tried to make Americans buy American-Made goods:)
What else can I help you with?
Under Hamilton's financial plan the main source of government revenue was?
Tariffs
Why did Hamilton want new tariffs?
The United States acquired $77 million dollars in debt from the Revolutionary War. In order to pay for it, Alexander Hamilton, as Secretary of Treasury wanted to rely on excise taxes and tariffs to pay it off so there was no need for an income tax.
Why did Alexander Hamilton support the protective tariff?
Alexander Hamilton was Secretary of Treasury when the first tariff was proposed and passed. Hamilton argued that it was very important for the new US government to have steady sources of revenue in order to pay its bills and establish good credit with other nations. Tariffs were easily collected and not an obvious tax to most people. The idea of protecting fledgling US industries was not a major reason for the first tariffs but may have had some benefit.
How did Hamilton propose to encourage Americans to support local manufacturing?
Hamilton's main purpose and method of encouraging the growth of domestic business is by imposing tariffs on manufacturing foreign products across the world.
Who opposed Alexander Hamilton's tariff policy on part because they believed thqt hogh tariffs would cause problems?
Thomas Jefferson and his followers opposed Alexander Hamilton's tariff policy.
What was Alexander Hamilton's justification on protective tariffs?
nothing
How did Hamilton deal with national debt?
tax on whiskey and tariffs
Under Hamilton's plan the main source of government revenue was?
Tariffs
Under Hamilton's financial plan the main source of government revenue was?
Tariffs
What was hamilton' s financial plans main source of revenue?
The main source of revenue was tariffs.
Why did Hamilton support high tariffs - taxes on imports?
Hamilton supported high tariffs on imports as a means to protect burgeoning American industries from foreign competition, particularly British goods. By making imported products more expensive, he aimed to encourage domestic manufacturing and foster economic independence. Additionally, tariffs would generate revenue for the federal government, which was crucial for funding public projects and paying off national debt. Overall, high tariffs were a key component of Hamilton's broader economic vision for the United States.
Why did Hamilton want new tariffs?
The United States acquired $77 million dollars in debt from the Revolutionary War. In order to pay for it, Alexander Hamilton, as Secretary of Treasury wanted to rely on excise taxes and tariffs to pay it off so there was no need for an income tax.
Why did Alexander Hamilton support the protective tariff?
Alexander Hamilton was Secretary of Treasury when the first tariff was proposed and passed. Hamilton argued that it was very important for the new US government to have steady sources of revenue in order to pay its bills and establish good credit with other nations. Tariffs were easily collected and not an obvious tax to most people. The idea of protecting fledgling US industries was not a major reason for the first tariffs but may have had some benefit.
What were main components of Hamilton's economic plan?
The main components of Hamilton's economic plan were to raise tariffs, make states to agree to pay debts and create a national bank. There were different arguments regarding this plan but eventually Hamilton won.
How did Hamilton propose to encourage Americans to support local manufacturing?
Hamilton's main purpose and method of encouraging the growth of domestic business is by imposing tariffs on manufacturing foreign products across the world.
Who opposed Alexander Hamilton's tariff policy on part because they believed thqt hogh tariffs would cause problems?
Thomas Jefferson and his followers opposed Alexander Hamilton's tariff policy.
What are some supporters tariffs said about Hamilton's financial plan?
Supporters of tariffs in the context of Alexander Hamilton's financial plan argued that they would protect emerging American industries from foreign competition, allowing domestic manufacturers to grow and thrive. Tariffs were seen as a means to generate revenue for the federal government, which was crucial for paying off national debt and funding public projects. Additionally, proponents believed that tariffs would help establish a strong, self-sufficient economy, reducing reliance on imports and fostering national pride.
