Way Back When-A Little Tax History

staff report with information provided by irs.gov

March 7, 2017

Americans have been been paying income tax since 1862....

Here is how the first 10 years went.

Don't you long for the day of 3-5% tax on incomes?money-mouth

Historical Highlights of the IRS (courtesy of IRS.gov)

1862 - President Lincoln signed into law a revenue-raising measure to help pay for Civil War expenses. The measure created a Commissioner of Internal Revenue and the nation's first income tax. It levied a 3 percent tax on incomes between $600 and $10,000 and a 5 percent tax on incomes of more than $10,000.

1867 - Heeding public opposition to the income tax, Congress cut the tax rate. From 1868 until 1913, 90 percent of all revenue came from taxes on liquor, beer, wine and tobacco.

1872 - Income tax repealed.

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