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What law did Peel established which spurred the creation of modern banking system?
The Income Tax Act 1842
The National Debt Act 1823
The Bullion Act 1816
The Bank Charter Act 1844
Answer
The Income Tax Act of 1842, introduced by Sir Robert Peel, revolutionized banking by laying the groundwork for modern income taxation. It established a fair and equitable system for collecting taxes from individuals based on their income levels. This act provided a stable source of revenue for the government, enabling increased investment in infrastructure, public services, and economic development.
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Who described Robert Peel as "in the first rank of 19th century statesmen"?
What was Peel's role in the Conservative Party's founding?
In which year did Robert Peel enter the House of Commons?
Which political party did Peel represent?
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