Revenue Act of 1862

Revenue Act of 1862

The Revenue Act of 1862 (July 1, 1862, Ch. 119, USStat|12|432), was passed by the United States Congress during the American Civil War and signed into law by President Abraham Lincoln.

Income between $800 and $10,000 was taxed at a 3 percent rate. Higher income was taxed at a 5 percent rate.

The income tax was to be withheld by the employer.

A permanent tax collection agency and the office of the Commissioner of Internal Revenue were established.

Inflation-adjusted numbers

Corrected for inflation by CPI [http://eh.net/hmit/compare/] :


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