\ˈɪnkʌm tˈaks], \ˈɪnkʌm tˈaks], \ˈɪ_n_k_ʌ_m t_ˈa_k_s]\
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By DataStellar Co., Ltd
But one income tax has been imposed by the Federal Government, and it arose from the necessities of the Government incident to the Rebellion. August 5, 1861, Congress authorized a tax of three per cent on all incomes over $800 per annum. In July, 1862, an act was passed taxing all incomes under $5000 five per cent, with an exemption of $600 and house-rent actually paid. Incomes in excess of $5000 and under $10,000 were taxed two and one-half per cent additional, and incomes over $10,000 five per cent additional with no exemptions. Further taxes of five per cent on incomes of Americans living abroad and of one and one-half per cent on incomes from United States securities were laid, these expiring in 1865. In 1864 a special tax of five per cent was imposed on incomes above $600. A readjustment the same year imposed a five per cent tax on incomes between $600 and $5000; ten per cent on incomes above $5000.
By John Franklin Jameson
Word of the day
- prostrate or creeping Corsican herb with mosslike small round short-stemmed leaves