The US Congress passed the first federal income tax on August 2nd 1862. The tax was for 3% on any earnings of six hundred to ten thousand dollars with a higher rate for those making more. This tax known as the Revenue Act of 1862 was to be used to help pay for the war. It took ten years before the tax was repealed. In 1866 this tax collected over three hundred million dollars.
Sunday, August 2, 2009
Income Tax
The US Congress passed the first federal income tax on August 2nd 1862. The tax was for 3% on any earnings of six hundred to ten thousand dollars with a higher rate for those making more. This tax known as the Revenue Act of 1862 was to be used to help pay for the war. It took ten years before the tax was repealed. In 1866 this tax collected over three hundred million dollars.
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