Which of the following was NOT a major component of Hamilton’s financial program?
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Correct answer: The establishment of a federal income tax
While Hamilton proposed tariffs, excise taxes, a bank, and debt assumption, a federal income tax was not part of his plan. The first federal income tax in the U.S. was not enacted until the Civil War.
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More Hamilton's Financial Plan questions
- In his 'Report on Public Credit,' Hamilton argued that the United States must pay its debts at 'par' (full value) in order to:
- Which political party formed largely in opposition to Hamilton's financial policies?
- How did the Bank of the United States help regulate the lending of smaller, state-chartered banks?
- What was the duration of the original charter for the First Bank of the United States?
- The 'Report on Manufactures' was unique among Hamilton's reports because it:
- Hamilton's financial plan was influenced most heavily by the economic system of which country?