Aug. 5, 1861: Needing cash to finance the Civil War, President Abraham Lincoln signed the Revenue Act — imposing the first federal income tax. Lincoln and Congress agreed that all incomes over $800 would be taxed at a 3 percent rate. Lincoln knew that taxes would be unpopular. But he recognized that America needed to pay for its wars.
Politico - Aug. 5, 1861
Showing posts with label 1861. Show all posts
Showing posts with label 1861. Show all posts
Monday, August 5, 2013
Subscribe to:
Posts (Atom)