Posted by 4Danielle on November 18, 2009 at 3:19pm
Payne-Aldrich Tariff ),Underwood Act (Wilson) income taxes, the Federal ReserveThe house passed the Payne Bill. The payne bill was a thing where they lowered rates on goods that were entering the U.S. The bill lowered cuts and many rates went up.The Payne-aldrich tariff was in 1909, it was passed by the US government. It started in the United states house of representatives. The tariff bill was sponcered by Sereno E. Payne.The impact of this bill made the people such as the proponents and opponents. At the time William Haword Taft was the president and the proponets were getting mad at him and starting not to support him.
underwood act, was in the 1913's it would reduce tariff rates for the first time since the Civil War.lowered tariffs about 15%income taxes, before the progressives they didn't have any income taxes. They wanted to use income taxes because of the underwood act. Once they lowered the tarrifs the government couldn't make enough money because the tariffs were there main source of income. Then they passed the sixteenth ammendment.sixteenth ammendment allowed income taxes.federal reserve system. it was created in the 1913basically it's a bank for banks. That means that when banks ran out of money, they had to close. But the federal reserve system loans banks money to stay open.the four main functions;it conducts the monetary policy,supervises and regulates the banking institutions,maintainins stability of financial system, and it provides financial services to be deposited in institutions.sources;
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