Friday, November 7, 2008

The Revenue Act of 1861

The Revenue Act of 1861, was the first Federal Income Tax Statute. “There shall be levied, collected, and paid, upon annual income of every person residing in the US 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.”

Rates were 3% on an income above $800.

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