Taking office one month after the ratification of the 16th Amendment of the Constitution permitted a federal income tax, he helped pass the Revenue Act of 1913, which reintroduced a federal income tax to lower tariff rates. Other major progressive legislations passed during Wilson's first term include the Federal Reserve Act, the Federal Trade Commission Act of 1914, the Clayton Antitrust Act, and the Federal Farm Loan Act. While the passing of the Adamson Act — which imposed an 8-hour workday for railroads - he averted a railroad strike and an ensuing economic crisis. Taking office one month after the ratification of the 16th Amendment of the Constitution permitted a federal income tax, he helped pass the Revenue Act of 1913, which reintroduced a federal income tax to lower tariff rates. The purchase of bonds, along with other war-time pressures, resulted in rising inflation. However, this inflation was partly matched by rising wages and profits, as farmers, laborers, and business owners benefited from the stimulative effect of government spending.
rising inflation.
rising inflation.