INCOME TAX
\ˈɪnkʌm tˈaks], \ˈɪnkʌm tˈaks], \ˈɪ_n_k_ʌ_m t_ˈa_k_s]\
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By DataStellar Co., Ltd
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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
