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 Lincoln’s tax law was repealed in 1871 but was replaced in 1909 by the 16th amendment (ratified in 1913) which set in place the income tax system we all “enjoy” today.
Showing posts with label 16th amendment. Show all posts
Showing posts with label 16th amendment. Show all posts
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 Lincoln’s tax law was repealed in 1871 but was replaced in 1909 by the 16th amendment (ratified in 1913) which set in place the income tax system we all “enjoy” today.
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 Lincoln’s tax law was repealed in 1871 but was replaced in 1909 by the 16th amendment (ratified in 1913) which set in place the income tax system we all “enjoy” today.
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