Revenue Act of 1861 Guide, Meaning , Facts, Information and Description
The Revenue Act of 1861 proposed that "there shall be levied, collected, and paid, upon annual income of every person residing in the U.S. whether derived from any kind of property, or from any professional trade, employment, or vocation carried on in the United States or elsewhere, or from any source whatever." This was the first federal income tax.
The 1861 Tax Act was passed but never put in force. Rates under the Act were 3% on income above $800 (equivalent to $115,000 in 2002 dollars), and 5% on income of individuals living outside the U.S.
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