Showing posts with label 1861. Show all posts
Showing posts with label 1861. Show all posts

Monday, August 5, 2013

152 years ago, the widely loathed federal income tax was born

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