1913

The 16th Amendment to the United States Constitution was ratified on February 3, 1913, allowing the federal government to impose a direct income tax on citizens. This amendment led to the establishment of the modern federal income tax system.

On December 23, 1913, the Federal Reserve Act was signed into law by President Wilson, creating the Federal Reserve System. This central banking system was designed to provide the U.S. with a safer, more flexible, and more stable monetary and financial system.

In 1913, Henry Ford revolutionized manufacturing by introducing the moving assembly line at the Ford Motor Company. This innovation drastically reduced the time it took to produce a car, making automobiles more affordable and accessible to the general public.