THE PROGRESSIVE ERA 1900 1917
PROGRESSIVE POLITICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Law that set up a system of federal banks and gave government the power to control the money supply
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Law that substantially reduced the tariff; lost revenue was paid for by the graduated income tax created by the 16th Amendment
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Law that weakened monopolies and upheld the rights of unions and farm organizations
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Law that allowed the president to protect areas of scientific or historical interest on federal lands as national monuments
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Detailed explanation-1: -The bill, passed in 1913, sought to promote international trade by lowering import duties (and, to make up for the expected loss of revenue, levied the first federal income tax).
Detailed explanation-2: -The United States Revenue Act of 1913 (also known as the Tariff Act, Underwood Tariff or Underwood-Simmons Act) re-imposed the federal income tax following the ratification of the Sixteenth Amendment. Additionally, it lowered basic tariff rates from 40% to 25%, well below the Payne-Aldrich Tariff Act of 1909.
Detailed explanation-3: -Passed by Congress on July 2, 1909, and ratified February 3, 1913, the 16th amendment established Congress’s right to impose a Federal income tax.
Detailed explanation-4: -The Underwood Tariff Act of 1913 sought to reform and reduce tariffs while providing for an income tax to raise revenue for the government.