Science Fair Project Encyclopedia
Revenue Act of 1862
The Revenue Act of 1862 was passed by the United States Congress during the Civil War.
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.
Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1862 dollars | 2003 dollars |
|---|---|
| $800 | $14,550 |
| $10,000 | $181,871 |
03-10-2013 05:06:04
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The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details