Science Fair Project Encyclopedia
Revenue Act of 1862
Income between $800 and $10,000 was taxed at a 3 percent rate. Higher income was taxed at a 5 percent rate.
The income tax was to be withheld by the employer.
A permanent tax collection agency and the office of the Commissioner of Internal Revenue were established.
Corrected for inflation by CPI:
|1862 dollars||2003 dollars|
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