How did the Underwood tariff affect the rich?

The Underwood Tariff, enacted in 1913, significantly reduced tariffs on imported goods, which aimed to lower consumer prices and promote competition. While it benefitted the general public by making goods more affordable, it adversely affected wealthy industrialists and manufacturers who relied on high tariffs to protect their businesses from foreign competition. As a result, the rich faced decreased profits and had to adjust to a more competitive market environment. Ultimately, the tariff marked a shift towards a more progressive tax system, emphasizing income taxes over tariff-based revenue.