Tuesday, August 6, 2013

August 5: Lincoln signs Tax Bill

On this date in History .... August 5, 1861:  

Lincoln signs the Revenue Act, imposing a 3% tax on incomes over $800 (comparable to $30,000 +/- in 2010 dollars) to pay for the Civil War.  He asked multiple Cabinet members about his constitutional authority to impose such a tax.  Lincoln’s tax law was repealed in 1871 but was replaced in 1909 by the 16th amendment (ratified in 1913) which set in place the income tax system we all “enjoy” today.

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