The law marked a major shift in U.S. fiscal policy by reducing protective tariffs and establishing a graduated income tax as a primary source of federal revenue, enabling progressive economic reforms.
President Woodrow Wilson signed the Revenue Act of 1913 (the Underwood Tariff), cutting tariff rates and re-imposing a federal income tax under the recently ratified 16th Amendment.
The law marked a major shift in U.S. fiscal policy by reducing protective tariffs and establishing a graduated income tax as a primary source of federal revenue, enabling progressive economic reforms.
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Trump officially signs a sanctions bill that expands tariff powers against Russia.
Trump signs a sanctions bill that empowers him to impose significant tariffs on India.
Trump signed a sanctions bill against Russia, enhancing his tariff authority.
Trump officially signs a sanctions bill against Russia, expanding his tariff powers.