Dollars to doughnuts.CATHERINE RAMPELL
Dollars to doughnuts.
In 1861, President Abraham Lincoln needed cash to help pay for the Civil War. So, on Aug. 5, 1861, he signed the newly-passed Revenue Act, which imposed the first federal income tax.
The law imposed a 3 percent tax on annual incomes over $800. In today’s dollars, that would refer to an annual income of $20,400.
No comments:
Post a Comment