Revenue Act of 1861


Revenue Act of 1861

The Revenue Act of 1861, formally cited as " [http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=012/llsl012.db&recNum=323 Act of August 5, 1861, Chap. XLV, 12 Stat. 292] ", was the first Federal income tax statute. The Act provided 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.”

Rates under the Act were 3% on income above $800 (adjusted for inflation: $17,630 in 2005 dollars [http://eh.net/hmit/compare/] ) and 5% on income of individuals living outside the U.S.


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