2014-08-06_08-11-34

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.

SOURCE: Today in history: The federal income tax is born – The Week.

“The Week” which I believe is British in origin is becoming a daily read for me. Here is a quick quote from them.

Advertisements

The federal income tax is born…