During his first term, Wilson presided over the passage of his progressive New Freedom domestic agenda. His first major priority was the passage of the Revenue Act of 1913, which lowered tariffs and implemented a federal income tax. Later tax acts implemented a federal estate tax and raised the top income tax rate to 77 percent. Wilson also presided over the passage of the Federal Reserve Act, which created a central banking system in the form of the Federal Reserve System. Two major laws, the Federal Trade Commission Act and the Clayton Antitrust Act, were passed to regulate and break up large business interests known as trusts. Wilson hoped to become a professor, writing that 'a professorship was the only feasible place for me, the only place that would afford leisure for reading and for original work, the only strictly literary berth with an income attached.' During his time at Johns Hopkins, Wilson took courses by eminent scholars such as Herbert Baxter Adams, Richard T. Ely, and J. Franklin Jameson.