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15 October, 20:43

In 1913, President Wilson proposed a reduction in tariffs. How did Wilson plan to make up for the loss of these revenues by the

federal government?

reducing federal expenditures

introducing a new federal income tax

requiring contributions by state governments

having government ownership of some industries, such as electricity

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Answers (1)
  1. 15 October, 21:14
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    In 1913, President Wilson proposed a reduction in tariffs. Wilson plan to make up for the loss of these revenues by the federal government by introducing a new federal income tax

    Answer: Option B

    Explanation:

    President Wilson ardent believer in peace, free trade and right of self-governance brought certain economic reforms in America to revive the American economy. He created the first central bank of America under the Federal Reserve act.

    He reduced the tariff on finished goods as well as raw materials to make them more accessible to the consumers by signing the Underwood Simmons Act in the year 1913. But for compensating the loss of revenue, he introduced the federal income tax.
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