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Trade Pitt (consolidation act 1787 (one tax on all imports, makes…
Trade Pitt
consolidation act 1787
one tax on all imports
makes collection of taxes easier
more efficient
smuggling not worthwhile and reduces
Hovering act
Right to search ships 4 miles from shore
confiscate smuggled goods
Smuggling reduces
Old method Tariffs
Encourages smuggling
Reduces government revenue
Pitt removes/ simplifies customs duties
E.G. wines spirits tobacco
Result
Legitimate trade ^
income from taxation (overall) reduces
Pitt = pro free trade
inspired by Adam smith
Excise bill
Tobacco wine spirits
Enter untaxed
Stored bonded warehouses
Re-exported tax free