from Sovereign Man:
On August 5, 1861, facing rapidly deteriorating economic conditions and a horrible defeat at Bull Run, President Abraham Lincoln signed the Revenue Act of 1861 into law.
It was the first time in US history that the federal government would charge an income tax on its citizens. But Lincoln felt that it was vital to fund what would become one of the most unconscionably costly conflicts in US history.
The original law in 1861 set a flat tax rate of 3% on incomes above $800. (Using the gold price as a benchmark, this is equivalent to 42.26 ounces, or roughly $50,500 in today’s dollars. Not that there’s any inflation.
The income tax was tweaked occasionally throughout the war, and it lasted for a few years afterwards to help fund reconstruction.
Please follow SGT Report on Twitter & help share the message.