Lincoln imposes the first federal income tax on this day in 1861 by signing the Revenue Act. Almost Penniless during the Civil War, Lincoln and Congress agreed to impose a 3% annual income tax of more than $ 800.
Revenue was defined as any income in the form of a gain, from any professional trade, employment or vocation carried in the United States or elsewhere, derived from any kind of property or from any source whatever, According to the U.S. Treasury Department. Lincoln defined Revenue as this due to his concern with maintaining Federal Authority over collecting the Revenue. Our ForeFather!
Wow 3% of $801 is about $24, so they were at least guaranteed to get about $24 per household.
We're Here to Help
Get advice from our experienced network of financial managers.
If you Value our Blog, We have an ask.
We spend hours researching data to help you understand your finances and taxes, including historical context, issues, and solutions. Our goal is to empower people to improve their relationship with money. Please consider a $3 donation today.
Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.