J
justagirl
Guest
...successful? For those who didn’t know, Lincoln signed the first Tax Act into law in order to fund the Civil War in 1862.
“The Tax Act of 1862 was passed and signed by President Lincoln July 1 1862. The rates were 3% on income above $600 and 5% on income above $10,000. The rent or rental value of your home could be deducted from income in determining the tax liability. The Commissioner of Revenue stated "The people of this country have accepted it with cheerfulness, to meet a temporary exigency, and it has excited no serious complaint in its administration." This acceptance was primarily due to the need for revenue to finance the Civil War.”
http://www.taxworld.org/History/TaxHistory.htm
Was Lincoln imposing a punishment on success, stifling American ingenuity and hard work by charging the wealthy more?
I see, so the wealthy are happy paying higher rates than the rest of the community when it's to fund a war?
“The Tax Act of 1862 was passed and signed by President Lincoln July 1 1862. The rates were 3% on income above $600 and 5% on income above $10,000. The rent or rental value of your home could be deducted from income in determining the tax liability. The Commissioner of Revenue stated "The people of this country have accepted it with cheerfulness, to meet a temporary exigency, and it has excited no serious complaint in its administration." This acceptance was primarily due to the need for revenue to finance the Civil War.”
http://www.taxworld.org/History/TaxHistory.htm
Was Lincoln imposing a punishment on success, stifling American ingenuity and hard work by charging the wealthy more?
I see, so the wealthy are happy paying higher rates than the rest of the community when it's to fund a war?