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Tweet. On August 5, 1861, President Abraham Lincoln (1809-1865) signs the Revenue Act of 1861, passed by the U.S. Congress "to provide increased Revenue from Imports, to pay Interest on the Public Debt, and for other Purposes" (Public Acts, 292).
The tax imposed was a flat tax, with a rate of 3% on incomes above $800 ($27,129 in 2023). [3] The Revenue Act of 1861 was signed into law by Abraham Lincoln . The income tax provision ( Sections 49, 50 and 51) was repealed by the Revenue Act of 1862.
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Nov 16, 2009 · 1861. Abraham Lincoln imposes first federal income tax. On August 5, 1861, President Lincoln imposes the first federal income tax by signing the Revenue Act. Strapped for cash with...
By Andrew Glass. 08/05/2009 12:08 PM EDT. On this day in 1861, in order to finance the Civil War, President Abraham Lincoln signed the Revenue Act, imposing the first federal income tax...
In 1862, Abraham Lincoln signed a bill that imposed a 3% tax on incomes between $600 and $10,000 and a 5% tax on higher incomes. The law was amended in 1864 to levy a tax of 5% on incomes between $600 and $5,000, a 7.5% tax on incomes in the $5,000-$10,000 range and a 10% tax on everything higher.
Aug 5, 2013 · Lincoln signed The Revenue Act of 1861 on August 5, 1861, and it taxed imports, provided for a direct land tax, and imposed a tax of 3 percent on individual incomes over $800 (which, in current dollars, is about $18,000). The bill fell far short of its goals.
Credit: Rischgitz/Hulton Archive/Getty Images. Lincoln said that if he waited for an equitable taxation system, "we shall never collect any tax at all." Learn how President Abraham Lincoln funded the Civil War with the Revenue Act of 1861, the first income tax in the United States.
