In this video, the federal income tax is instituted and Woodrow Wilson establishes the Federal Reserve.
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The Federal Income Tax and the Federal Reserve
In hopes of further weakening the power of big business, Wilson worked diligently at convincing Congress to lower tariffs. In 1913 he called a special session of Congress to plead his case for significantly reducing tariffs for the first time since the Civil War. This meeting established the precedent of the president delivering the State of the Union Address to Congress in person.
