Question

What did the Underwood Tariff Act of 1913 do?

Answer 1

The Underwood Tariff reduced and introduced a graduated income tax. It also charged American manufacturers who wanted to sell their goods overseas. At the same time, it required banks to keep a certain level of assets on hand to meet customer demand.(Most importantly, it made it more difficult for private industry to take natural resources from public lands.)

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Answer 2

Reduced taxes on manufactured goods and eliminated duties on raw materials. Lowering these taxes and fees resulted in the concurrent passage of the Sixteenth Amendment, which permitted direct income taxes.