Federal Income Tax and Federal Reserve Quiz

What was the primary goal of President Wilson in calling a special session of Congress in 1913?

• To establish a new tax law

• To introduce a new banking system

• To reduce tariffs

• To increase tariffs

What was the Revenue Act of 1913 also known as?

• The Underwood Act

• The Sixteenth Amendment

• The Federal Reserve Act

• The Wilson Act

What did the Sixteenth Amendment legalize in 1913?

• The use of an income tax

• The reduction of tariffs

• The establishment of the Federal Reserve

• The introduction of corporate tax

By 1917, what had become the primary source of revenue for the federal government?

• Income taxes

• Corporate taxes

• Tariffs

• Sales taxes

What was the main purpose of the Federal Reserve Act of 1913?

• To increase the number of banks in the US

• To establish a decentralized banking system under federal control

• To reduce the power of the federal government over banks

• To create a centralized banking system