The 16^th Amendment to the US Constitution That Provided for an Income

question 51

True/False

The 16^th Amendment to the US Constitution that provided for an income tax was ratified in 1939.

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Definitions:

Price Level

A collective average of prices for goods and services across the board in the economy.

Real Wages

The purchasing power of wages or salaries, adjusted for inflation, reflecting the actual goods and services that can be bought.

Real Annual Wage

The annual income of an individual adjusted for inflation, providing a more accurate measure of purchasing power over time compared to nominal wages.