What was the first income tax that was passed in 1862 created to fund?
1 Answer
Dec 18, 2017
Explanation:
The Revenue Act of 1862 was the bill the United States Congress passed to help fund the American Civil War. President Abraham Lincoln signed the act into law on July 1, 1862.
In addition to establishing an income tax the act also established the office of the Commissioner of Internal Revenue, a department in charge of the collection of taxes, and levied excise taxes on most items consumed and traded in the United States. This is what is known today as the IRS or Internal Revenue Service.
The act also introduced the United States' first progressive tax with the intent of raising millions of dollars for the Union.
